Transferable on Death (TOD) Gifts
Harold: We wanted to make sure that they have the means to flourish for years to come.
Jeanne: We talked to our investment advisor about planning goals and explained that we wanted to support this cause. Our advisor suggested a simple solution — naming our parish as a beneficiary of one of our mutual funds.
A Catholic Foundation gift planning consultant suggested that Harold and Jeanne use a "transferable on death" or "TOD" form. He explained that because Harold and Jeanne jointly owned the account, the TOD beneficiary designation form would ensure that they can benefit from the mutual fund during their joint lives, that the survivor of the two of them would continue to own the mutual fund for the rest of the survivor's life, and that after both pass away, the mutual fund would be transferred to directly to their named parish.Jeanne: We talked to our investment advisor about planning goals and explained that we wanted to support this cause. Our advisor suggested a simple solution — naming our parish as a beneficiary of one of our mutual funds.
Jeanne: Making a TOD gift was simple to set up and will let us continue to use the mutual fund to meet our needs in retirement.
Harold: I like knowing that if I pass away, Jeanne will have enough to meet her needs. We both like knowing that our parish will receive the mutual fund tax free, after both of us pass away. We couldn't be happier with our giving strategy.
Harold: I like knowing that if I pass away, Jeanne will have enough to meet her needs. We both like knowing that our parish will receive the mutual fund tax free, after both of us pass away. We couldn't be happier with our giving strategy.
Is a transferable on death (TOD) gift right for you?
If you own stocks, bonds or mutual funds and would like to make a gift to leave a legacy to support a parish, school, ministry, or a fund within CFNEK, consider a transfer on death gifting strategy. If you have questions about transfer on death giving strategies, please contact us. We would be happy to assist you and answer any questions that you have.
*Please note: The name and image above is representative of a typical donor and may or may not be an actual donor. Since the benefits of a TOD gift may differ depending on your personal circumstances, please consult with your legal, tax or financial advisor. The Catholic Foundation of Northeast Kansas offers a Catholic Advisors Network. For a list of Catholic estate planning, financial planning, charitable gift planning advisors, etc. please Contact us.
