Life Insurance, Retirement Plans and IRA's

“I opened my IRA early on when I started teaching. I put in $50 a paycheck for about 20 years and just left it there. After I had been a volunteer for FMC for several years, I decided I wanted to make a gift, but I also didn’t want to risk putting myself in a financial bind during my retirement years. By naming FMC the beneficiary of my IRA, I utilized one of the easiest and most cost effective ways to make a charitable gift that would not affect my current way of living. Now that I’m over 70, I am required to take out a certain percentage of the interest. I take the smallest amount required, and roll the rest over into the IRA so that it continues to grow for the benefit of future patients.“ Jean Fannin

Need to preserve your assets during your lifetime?  Consider Jean Fannin.  Naming a beneficiary allows most people to realize an opportunity to give an even larger gift than originally thought possible. It is as simple as completing the form (many are now online), and the cost is often zero or minimal. You don’t need a large estate to make a significant gift to us. In addition to life insurance policies, 401Ks, other retirement plans as well as tax deferred annuities are all ideal assets for leaving a legacy through designation of beneficiary.

Gifts From Your Retirement Plan 

How It Works
Name FMC as a beneficiary of your IRA, 401(k), or other qualified plan.
Designate FMC to receive all or a portion of the balance of your plan through your plan administrator.
Once your generous gift has been received by FMC it will benefit our patients and community for many years to come.
Avoid the potential double taxation your retirement savings would face if you designated these savings to your heirs.
Continue to take regular lifetime withdrawals.
Maintain flexibility to change beneficiaries if your family's needs change during your lifetime.

Gifts Of Life Insurance 

How It Works
You transfer ownership of a paid-up life insurance policy to FMC.
FMC elects to cash in the policy now or hold it.
Purchase a separate life insurance policy for the Center and receive taxable deduction for policy premiums.
Make a gift using an asset that you and your family no longer need. 
Make a larger gift to the Center than you could with current income.
Receive an income tax deduction.