Payment on Death (POD) or Transfer on Death (TOD)

Transfer on Death (TOD): Greg and Marcia's Charitable Decision

Greg and Marcia had always been a giving couple. Greg, a retired software developer, and Marcia, a former school counselor, shared a deep commitment to their community. As they approached their golden years, they wanted to continue their legacy of generosity while ensuring a stable income for their retirement.

Greg and Marcia had saved diligently and now had a significant amount of cash they were unsure how best to use. Marcia, always the researcher, had recently read about transfer-on-death (TOD) designations, which seemed like the perfect solution.

"What if we could designate a portion of our cash assets to go to The Salvation Army upon our passing?" Marcia suggested. The Salvation Army had been a constant presence in their lives, providing meals, shelter, and hope to countless individuals in their community and several of their family members. They both admired its mission and wanted to make a lasting impact. Intrigued by the idea, Greg nodded. "Let's explore this further."

A few days later, they met with Paula, their financial advisor. Paula explained how TOD designations worked: by specifying The Salvation Army as the beneficiary of their bank accounts and stock investments upon their passing, they could ensure a seamless transfer of assets. This approach also offered potential estate tax benefits. "This allows you to continue supporting yourselves during your lifetime while contributing to a cause you deeply care about," Paula explained. "It's a powerful way to leave a lasting legacy."

Greg and Marcia felt a sense of relief and excitement. They appreciated the simplicity and impact of this approach. Paula assisted them in setting up the TOD designations, ensuring all necessary details were carefully considered and documented. Each time Greg and Marcia receive a financial statement, they are reminded of the positive impact of their gift on The Salvation Army's efforts in their community.

Note: This story's details represent typical donors and may not reflect an actual donor to our organization.