Planned Giving Tip of Week: T.O.D.

Just in time for March Madness, CFO is continuing its frenzied full court press for planned giving. The Foundation’s board of directors has challenged the organization to enlist at least one new Legacy Society member from each affiliate and 20 new members from metropolitan Springfield during this fiscal year. Between now and the end of March Madness you will receive a weekly tip on how to make a simple planned giving commitment. These commitments are important; they truly will make a difference down the road and they encourage others to think about giving back to their communities. This week tip is:

A charitable beneficiary designation through a T.O.D.

A T.O.D. (Transfer on Death) is similar to a P.O.D. in that it allows you to make a planned giving free throw by naming your local foundation or favorite charity as the beneficiary of an asset you own. The difference is that a T.O.D. allows you to designate an item of personal property, like a car or boat, to benefit a charity upon your death. Like a P.O.D., these beneficiary designations take effect only upon your death (or the death of the survivor of you and your spouse). Also, it is important to note that you are able to maintain full independence and control of these assets during your lifetime and can change arrangements at any time.

You receive no income tax advantages with these techniques, but the assets will pass to the charity at your death without the necessity of probate and will qualify for a charitable deduction for estate tax purposes.

Please remember that the Community Foundation of the Ozarks staff stands ready to assist you in this effort. A major part of our website (www.cfozarks.org) is dedicated to planned giving, and we have a simple form that signifies your charitable planned giving commitment. In these challenging economic times, this is something that all of us can do to support the community foundation movement. Please contact Gary Funk or Winter Skelton at (417) 864-6199 if you would like to discuss this planned giving option.

As always, thanks for all that you do for the Ozarks!

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