Retirement Plans & Life Insurance

Retirement plans can incur taxes at a high rate when passed on to heirs.  Not only is the amount of the plan reduced by any estate taxes, but the recipient must pay income taxes on the plan.

If you plan to make a legacy gift to Tohono Chul Park you may want to consider naming the Park as the beneficiary of your 401(k), pension or other retirement plan and leaving other assets to your family. Naming Tohono Chul Park the primary beneficiary avoids all income and estate taxes on the retirement plan.

To make the designation, advise your plan administrator of your decision and complete and sign the appropriate form.

Life Insurance
If you have life insurance policies whose benefits you no longer need, you may want to consider naming Tohono Chul Park as the beneficiary and assigning the Park ownership of the policy. In doing so, you will receive a charitable deduction; and in removing the life insurance policy from your estate, you may reduce your estate taxes.

As with any planned gift, please be sure to consult with your own financial advisor and attorney before making a gift.

For more information, please contact

Deborah Duffy
Director, Development and Marketing
deborahduffy@tohonochulpark.org