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By Kenneth D. Chapel, Pi Phi, 2001
Legacy Lessons is a recurring educational column by Brother Ken Chapel, CFP®, RICP®, CEPA®, exploring estate and charitable planning concepts to help Brothers make informed decisions about the legacy they hope to leave.
Financial planning is about more than accumulating wealth. It’s about making thoughtful decisions that reflect the values, people, and organizations that have shaped our lives. Legacy Lessons is a new educational series that will introduce practical estate and charitable planning concepts to help Brothers better understand the opportunities available to them as they consider the legacy they hope to leave.
Some planning strategies are complex. Others are surprisingly simple. Our first lesson begins with one of the easiest places to start: your beneficiary designations.
Retirement accounts, life insurance policies, and many investment accounts allow you to name the individuals or organizations that will receive those assets upon your death. Because these designations generally supersede the instructions in your will, they are an important, and often overlooked, part of an estate plan.
You can name a charitable organization as the beneficiary of all or just a percentage of an account, allowing you to retain complete control of your assets during your lifetime while directing any remaining balance to support a cause that has been meaningful to you.
For many individuals, retirement accounts can be especially tax-efficient assets to leave to charity. While family members may owe income tax on inherited retirement accounts, qualified charitable organizations generally receive those assets income tax free, allowing other assets to pass to heirs in a more tax-efficient manner.
Beneficiary designations should be reviewed periodically, especially after major life events such as marriage, divorce, retirement, or the birth of a child. A form completed years ago may no longer reflect your wishes today.
If this article prompts questions about your own legacy plans, I hope you’ll reach out. Throughout my career as a financial planner, I’ve had the privilege of helping families think through these decisions, and I’m happy to share that experience with Brothers who simply want to better understand their options. Whether your plans ultimately include Alpha Chi Rho, another charitable organization, your family, or all three, thoughtful planning begins with a conversation. Consider this an open invitation to start one.
2 Comments
Thanks for this great start on educating our grad brothers on their ability to set legacy plans. I really appreciate your thoughtful approach. It reads very well. Regards, Ken.
How do we set up a Crow scholarship? And can we do it specifically for members of my chapter – Phi Zeta Chi?
Currently I’ve created a student scholarship at my college – SUNY Geneseo. Earlier this year I directly donated $12.5K from my Inherited IRA towards my SUNY Geneseo scholarship. Next year I’ll do the same by directly donating another $12.5K for a total of $25K. So I’m looking forward to 2028 to set up a Crow scholarship. What would be the minimum amount to create an AXP scholarship? And can its creation be split into two payments instead of one?