Beneficiary Designations
Give beyond your bank account.
Did you know your retirement account, such as your IRA, 401(k), 403(b) pension or other tax-deferred plan, can support the future of Children’s Health patients and their families?
While retirement accounts used to serve great benefits to heirs, estate and income tax burdens, distribution penalties, and mandatory liquidation timeframes can cause unwanted stressors. Instead, adding Children’s Medical Center Foundation as a charitable beneficiary to your account(s) can make life better for children for generations to come.
Benefits:
Avoid estate tax implications
Update beneficiaries at any time for no cost
Continue to use your account during your lifetime
Unlike heirs, Children’s Health pays no income tax
Make life better for children
Looking for additional tax strategies?
Legacy IRA Act
Transfer a one-time gift of up to $55,000 per donor (as of 2026, adjusted annually for inflation) directly from your retirement account to a charity to fund a Charitable Gift Annuity (CGA) and receive secure lifetime income in return. To learn more about how CGAs may work for you, visit our page on CGAs.
Qualified Charitable Distribution
Make a qualified charitable distribution (QCD) from your IRA directly to charity at any time to avoid income taxes on required minimum distributions at the age of 70 ½ or older. To learn more about how QCDs may work for you, visit QCD page.
You can also make Children’s Medical Center Foundation a beneficiary of other accounts:
Checking accounts
Savings accounts
Life Insurance policy
Add a charitable beneficiary today.
To leave your retirement assets to Children's Medical Center Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. When you let us know about your gift, we will include you as a member of our Bradford Legacy Society!
If you have any additional questions about making life better for children through a beneficiary designation, please reach out to 
giftplanning@childrens.com or 214-456-8360.
Important Considerations
Before pursuing this giving method, donors should be aware of the following:
Retirement assets are often the most tax-efficient gift: Because heirs pay income tax on inherited retirement account distributions, leaving retirement assets to charity — while directing other assets to heirs — can maximize both the charitable impact and after-tax inheritance.
Beneficiary designations supersede your will: Regardless of what your will says, account assets transfer directly to the named beneficiaries. It is critical to keep beneficiary designations current and coordinated with your overall estate plan.
Designations are free and revocable: Naming Children's Medical Center Foundation as a beneficiary can be changed at any time at no cost by contacting your financial institution or plan administrator.
QCDs must come during your lifetime: A Qualified Charitable Distribution (QCD) — which provides a tax exclusion from income — can only be made while you are living and must be transferred directly to the charity from the IRA. It cannot be made from an inherited IRA to a charity beneficiary. See our Smart Giving page for more information
Notify Children's Health of your plans: Once you've added Children's Medical Center Foundation as a beneficiary, please let us know by completing the Bradford Legacy Society form. This ensures we can properly steward your legacy.
This information is not intended as tax, legal, or financial advice. Consult your personal financial advisor for information specific to your situation.
Key Rules and Guidelines
The following IRS rules, limits, and requirements apply to this giving method:
No charitable estate tax deduction without proper designation: To receive an estate tax charitable deduction, Children's Medical Center Foundation must be correctly named as a beneficiary on the account. The legal name is 'Children's Medical Center Foundation,' Federal Tax ID: 75-2062015.
Income tax exclusion for charity beneficiaries: When a qualified charity is named the beneficiary of an IRA or other retirement account, no income tax is owed on the distribution — unlike individual heirs who pay ordinary income tax on distributions. This makes retirement accounts particularly tax-efficient to leave to charity.
Beneficiary designation forms required: Beneficiary designations must be made using the official form provided by your plan custodian or financial institution. A reference in your will not transfer retirement account assets.
Rules and limits referenced above reflect current law. Tax law is subject to change. Please consult a qualified tax or legal professional for advice specific to your situation.
Interested in learning more?
Reach out to our Legacy & Gift Planning team today to learn about ways to make a tax-smart gift.
Let us know
If you have been so generous as to already include Children’s Medical Center Foundation in your plans, please complete our recognition form to join our Bradford Society.
