Harold and Jessica wanted to leave a legacy gift that would support the Jewish and secular community through JCF's Spring and Fall Grants Cycles.
Harold: Jessica and I have always felt a strong connection to the Jewish Community Foundation and their work. Over the years we have seen the organization grow and help so many people. We wanted to make sure that they have the means to continue to grow for years to come.
Jessica: We talked to our investment advisor about planning goals and explained that we wanted to support JCF. Our advisor suggested a simple solution naming JCF as a beneficiary of one of our mutual funds.
Marcus, who was Harold and Jessica's investment advisor, suggested that Harold and Jessica use a "transferable on death" or "TOD" form. Marcus explained that because Harold and Jessica 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 Jewish Community Foundation, Inc.. Marcus provided the proper TOD beneficiary designation form, and Harold and Jessica were easily able to complete the paperwork before they left Marcus's office.
Jessica: 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, Jessica will have enough to meet her needs. We both like knowing that JCF will receive the mutual fund after both of us pass away. This money will be endowed and generate annual grants for the community in future years. 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 Jewish Community Foundation, Inc., 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 typical donors and may or may not be actual donors 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.