One of the easiest ways to make a legacy gift to Texas Methodist Foundation is a “beneficiary designation” for your financial account or other financial asset. It can be as simple as checking a box on a form directing that the remainder of your account be given to TMF at the end of your lifetime. You can direct the entire account to TMF or just a portion with the rest going to your family or heirs.
Accounts and other financial assets you may consider designating to TMF include:
Retirement accounts: These include IRAs and most other “Qualified Retirement Plans” such as 401(k) and 403(b) plans. Your plan administrator can provide you with a form to designate TMF to receive either a percentage of your retirement account or specific dollar amount at the end of your lifetime.
From a tax standpoint, a gift of assets remaining in your retirement account is an excellent choice. Retirement accounts that you leave to someone else can trigger very high taxes because most distributions from a retirement account are subject to income taxes and possibly estate taxes too. However, you completely avoid these taxes when you leave your retirement account to TMF.
Life insurance policies: Your insurance company can provide a simple form that allows you to designate TMF to receive all or a portion of the death benefit from your life insurance policy.
Thank you for considering a legacy gift to TMF. We’re here to help, please call Justin Gould at 512-583-1944.