You can name Mass General as a beneficiary of the following accounts by completing a beneficiary designation form with the financial institution holding your account.
Retirement Plan Assets
Naming the hospital as the sole, partial or contingent beneficiary of a retirement plan, such as a 401(k), 403(b), IRA, Keogh or pension plan, is an easy and tax-wise way to make a gift. Your estate receives an estate tax charitable deduction for the value of the gift, and Mass General is not taxed on the income from the plan.
You can name Mass General as a beneficiary of your donor-advised fund. Contact the institution managing your fund and complete a form recommending that Mass General be considered as the successor beneficiary of your fund.
You can name Mass General as a beneficiary of your savings, checking or money market account by completing a form with your bank stating that the funds are to be distributed to Mass General at your death.
Life Insurance Policy
You can use life insurance to make a gift to the hospital by naming Mass General as the beneficiary of your policy. The hospital receives the proceeds at your death, and your estate receives a charitable income tax deduction. Or you can name the hospital as owner and beneficiary of a paid-up policy.
To learn more about how to name the hospital as a beneficiary of your retirement plan, contact us