How to designate TMI as the owner/beneficiary

How to designate TMI as the owner and/or beneficiary of a life insurance policy or a qualified retirement plan (IRA, 401(k), 403(b), SEP, or other similar plan)

  1. Secure a beneficiary designation form from a representative of the insurance company or the manager of your retirement plan.

  2. Name TMI as a beneficiary of the policy or plan (if you are changing beneficiaries only, you can name TMI as the beneficiary of a percentage of the assets or as a 100% beneficiary).  You also retain the right to change beneficiaries in the future.

  3. If you name TMI as the owner of a life insurance policy, you can do so on the same form (or on an accompanying form if the company requires it).

  4. If you name TMI as the owner of a life insurance policy, you receive an income tax deduction for approximately the cash value of the policy.  You will need a third party appraisal to determine the exact deduction value.

  5. TMI will send you an acknowledgement and receipt for the gift.  

  6. At the end of your lifetime, you know that TMI will receive a direct benefit without the costly delays of probate.

IMPORTANT HINT:
Unless you are over 72 and are rolling over a gift directly from your IRA to TMI, retirement plan assets may not make a tax-wise gift during your lifetime since they will generate an income tax liability to you, although giving retirement assets that you withdraw from your plan will generate an off-setting income tax deduction for you.  If you designate TMI as the beneficiary of your retirement plan after your death, however, your estate will avoid both income and estate taxes, if any are owed.  

Have Questions?

For more information on ways to give to TMI or to find out how you can submit your gift to TMI, please contact our Advancement Department, at advancement@tmi-sa.org.

Please remember that when making a financial decision, you should always seek the opinion of your professional tax adviser or legal counsel.
 
MISSION: TMI provides an exceptional education with values based on the teachings of Jesus Christ that challenge motivated students to develop their full potential in service and leadership.
Notice of Non-Discrimination

Based on receipt of federal financial assistance through a Paycheck Protection Program loan administered through the U.S. Small Business Administration (SBA) under the CAREs Act, the School acknowledges its obligation to prohibit discrimination, harassment, or retaliation on the basis of race, color, age, national origin, sex, citizenship status, genetic information, handicap or disability in admissions, access, employment, tuition assistance, educational policies, or other school administered student and employee programs and activities. Questions regarding the School’s compliance with the application and administration of the School’s nondiscrimination policies should be directed to Matt Duke, Chief Business Officer, (210) 564-6140, m.duke@tmi-sa.org, 20955 W. Tejas Trail, San Antonio, TX 78257, or to the U.S. Department of Education's Office for Civil Rights (OCR) or to the SBA. Please refer to the School’s SBA Non-Discrimination Compliance Policy on the School’s website for information on how to file complaints with OCR or the SBA.

This notice will remain in effect until the School has satisfied and paid off the SBA Paycheck Protection Loan.
TMI Episcopal
20955 W. Tejas Trail
San Antonio TX 78257
phone (210) 698-7171
fax (210) 698-0715