Bank Accounts & Savings Bonds

Bank Accounts & Savings Bonds

 

When you opened your checking and savings account at your bank, you signed paperwork describing how the bank account will work. Do you remember what will happen to the bank accounts after you pass away?

 

P.O.D. is short for “Payable on Death.” The P.O.D. form tells the bank who will receive the funds remaining in the bank account when the account owner passes away. Your loved ones and/or St. Anthony’s may be listed on the P.O.D. form. This is a meaningful way to begin your charitable legacy. It also keeps your bank accounts from becoming part of your estate, which may have to be administered by the probate system in your state.

How It Works

 

  • Contact your bank to complete or update your P.O.D. (Payable on Death) form for your checking, savings accounts, and jointly-held accounts.
  • Designate St. Anthony’s to receive the remaining account balance after your passing.

Benefits

 

  • You maintain control and use of the account balance during your lifetime.
  • Receive a charitable deduction, which will reduce any estate or inheritance taxes.
  • St. Anthony’s receives the balance of the accounts to use according to your wishes.

Jointly Held Accounts

 

You may have made a loved one a joint owner of the account. The joint owner may make deposits and withdrawals during your lifetime. The joint owner may also have “rights of survivorship,” meaning that he/she will automatically inherit the account when you pass away. Even if you have a joint account, you should complete the P.O.D. form to assure that the bank knows what to do with the remaining assets when both account holders have passed away. This step will also assure that the account may not become part of a time consuming and costly probate process.

 

You can still designate and donate to our nonprofit, even if you have a loved one as a joint account owner.

How It Works

 

  • Contact your bank to complete or update your P.O.D. (Pay on Death) form for your checking and savings accounts.
  • Designate St. Anthony’s to receive the remaining account balance after the joint account owners have passed away.

Benefits

 

  • Receive a charitable deduction that will reduce any estate or inheritance taxes.
  • St. Anthony’s receives the balance of the accounts after the joint account owners have passed away.

United States Savings Bonds

 

Gift savings bonds to St. Anthony’s through your estate plan, and save your heirs from excess taxation.

 

You can donate savings bonds to St. Anthony of Padua Catholic Church by designating us as a beneficiary of the bonds. By including a provision in your will, we can become the owner after your passing. By doing so, your estate will not owe income taxes when we cash them in. It’s another great way to save on taxes and support our mission.

 

There are many types of savings bonds so be sure to speak with your financial advisor or contact us for more information.

The gift planning information presented on this site is intended as general. It is not to be considered tax, legal, or financial advice. Please consult your own personal advisors prior to any decision.