Jim and Patti married after meeting at an event Hartnell College Foundation held for our donors. They wanted to leave a legacy gift that would support our mission and ensure that we remain financially strong well into the future.
Jim: Patti and I have always felt a strong connection to Hartnell College 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.
Patti: We talked to our investment advisor about planning goals and explained that we wanted to support Hartnell College Foundation. Our advisor suggested a simple solution naming Hartnell College Foundation as a beneficiary of one of our mutual funds.
Marcus, who was Jim and Patti's investment advisor, suggested that Jim and Patti use a "transferable on death" or "TOD" form. Marcus explained that because Jim and Patti 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 Hartnell College Foundation. Marcus provided the proper TOD beneficiary designation form, and Jim and Patti were easily able to complete the paperwork before they left Marcus's office.
Patti: 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.
Jim: I like knowing that if I pass away, Patti will have enough to meet her needs. We both like knowing that Hartnell College Foundation will receive the mutual fund 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 and support Hartnell College Foundation, 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.