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.
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.