Retirement Plans & Life Insurance

Retirement Plan Assets
People who have planned carefully for their retirement may find that the assets in their IRAs or other qualified plans exceed their needs.

Under present law, your Required Minimum Distribution (RMD) from retirement accounts can be directed to a fund at TCF, if it is other than donor-advised.
You can designate that after your death, assets remaining in the plan are contributed to a go to a fund named at TCF
This is far more advantageous than including assets in your taxable estate or leaving them to heirs, as income and estate taxes can easily consume over 65% of the account balance at death.
No estate tax is due on the retirement plan assets that pass to TCF.

Life Insurance
For those whose need for life insurance has decreased, making a gift of an unneeded policy can be a convenient and effective way of meeting your charitable goals.

Transferring ownership of a cash value policy to TFC makes you eligible for a charitable tax deduction based on its current value. You also reduce estate taxes, since the value of the policy is removed from your estate.
You can make life insurance part of your estate planning by naming the Foundation as a partial and/or contingent beneficiary of any insurance policy’s death benefit.