Harold and Jeanne married after meeting at an event. They worked together to maximize their investments and how to make a planned gift to their parish.
Harold: Jeanne and I have always been faithful Catholics and have seen how their parish has grown through the start of new ministries and they wanted to make sure that after their death, the ministries could continue.
Jeanne: We talked to our investment advisor about planning goals and explained that we wanted to support not only our parish ministries but ministries in the Archdiocese of Kansas City in Kansas. Our advisor suggested a simple solution naming a particular ministry as a beneficiary of one of our mutual funds.
Marcus, who was Harold and Jeanne's investment advisor, suggested that Harold and Jeanne use a "transferable on death" or "TOD" form. Marcus 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 the named ministry. Marcus provided the proper TOD beneficiary designation form, and Harold and Jeanne were easily able to complete the paperwork before they left Marcus's office.
Jeanne: We really liked Marcus's idea. 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 we are sharing our love for our neighbors through the mutual fund we will be transferring upon our deaths. 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 and support ministries in the Archdiocese of Kansas City in Kansas, 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 to our organization. Since the benefits of a TOD gift may differ depending on your personal circumstances, please consult with your legal, tax or financial advisor.