Did you know you can name Honor Flight Chicago as the beneficiary of your bank accounts, certificates of deposit or brokerage accounts?
The process is simple:
Payable on death (POD).*
A POD designation on your bank account or certificate of deposit (CD) means that you assign one or more people or charities as beneficiary of all funds once you, as the account owner, pass away. The beneficiary does not retain any rights to the funds until you are deceased. Until then, you control all funds in the account or CD and are to use the money in the bank account, adjust the beneficiary or close the account.
Transfer on death (TOD).*
A TOD designation on your brokerage or investment account indicates a specific percentage of the account will be paid to one or more people or charities after your lifetime. Just like with a POD account, the beneficiary of a TOD account does not retain rights to any funds in the account until after your lifetime. You also are able to use the money in the account, update the beneficiary or close the account.
*State laws govern payable on death accounts and transfer on death accounts. Please consult with your bank representative or investment advisor if you are considering these gifts.
- Contact Honor Flight Chicago’s administrative office at 773-227-VETS (8384) for additional information.
- Seek the advice of your financial or legal advisor.
- If you include Honor Flight Chicago in your plans, please use our legal name and federal tax ID.
Legal Name: Honor Flight Chicago
Address: 938 West Montana St., Chicago, IL 60614
Federal Tax ID Number: 26-1978570
The information on this website is not intended as legal or tax advice. Please consult an attorney or tax advisor for such advise.