Planned Giving - Growing a Legacy
In addition to current gifts, donors may also establish or add to a fund at The Community Foundation through a planned gift. A donor can leave a charitable legacy for their family and their community using the following types of planned gifts. Click here for Suggested Language to Create Various Funds or for Suggested Language for a General Bequest.
Bequest Designation
A bequest can be made by naming The Community Foundation as a charitable beneficiary in a new will, or adding a codicil to an existing will. The bequest can be in the form of a stated dollar amount or specific property, a percentage of the estate, or a portion of or the entire residue.
Retirement Plan Beneficiary Designation
Retirement plans payable to anyone other than your spouse may be subject to estate taxes at death, followed by income taxes as funds are withdrawn to pay estate taxes. Naming the Community Foundation as the beneficiary or as the alternate beneficiary can avoid this double taxation.
By naming the Community Foundation as the beneficiary, your retirement account will pay neither income nor estate taxes. 100% of your retirement savings will be used to support your charitable goals.
Life Insurance Beneficairy Designation
If you no longer need as much life insurance as you did when you were younger, you can donate the policies to the Community Foundation and establish a Fund in your name by simply naming the Foundation as the owner and irrevocable beneficiary of the policies. If the policies are fully paid up, you can take a tax deduction for either the replacement value or your cost, whichever is less. If the policies are not paid up and you continue paying the premiums, the payments are deductible as charitable contributions. In either case, you get an immediate tax deduction and you may save estate taxes later.
Charitable Remainder Trusts
A Charitable Remainder Trust (CRT) allows a donor to establish a trust for the ultimate benefit of his or her fund at the Foundation, retain a lifetime income generated by the contributed assets, receive a current income tax deduction and defer the capital gain recognized on the sale of the contributed asset. A CRT may help you eliminate capital gains taxes, reduce or eliminate gift and estate taxes, improve lifetime cash flow and when coupled with an asset replacement trust, provide for heirs as well. Read more
Life Estate Designation
If a donor owns valuable property and is interested in using it during his or her lifetime but makes arrangements to give it to The Community Foundation upon death, he or she may receive a current income tax deduction and future estate tax deduction.
Information about our Investment and payout policies and our fee sturcture can be found in the Donor Resources Section.
For more information contact President/CEO, Dan Baldwin or call 831.375.9712 x115
Confirmed in Compliance with National