You may designate MOHI to receive a portion or all of your assets after your lifetime in the following ways:
In your will or revocable living trust, you may name MOHI as a beneficiary, either by designating a percentage or dollar amount. Your estate may be able to receive a charitable deduction for the value of the bequest.
You may designate MOHI as a beneficiary for a percentage or all of your life insurance death benefit. Additionally, you could transfer ownership of an existing life insurance policy to MOHI. When ownership is transferred, you may receive tax benefits in two ways. First, you may be able to receive a tax deduction for ongoing premiums paid. Second, you may be able to receive a tax deduction in the year of ownership transfer for the cash value amount.
You may name MOHI as a beneficiary for a portion or all of your retirement accounts such as IRAs, 401(k)s, 403(b)s and other qualified plans. The amounts transferred to MOHI after your lifetime may be free of estate and income tax.
Please note you should discuss these designations with your financial, estate, and tax advisor to determine how such a designation could be beneficial to you and/or your estate.
Interested in donating a your assets?