The word “Legacy” truly embodies our soul’s desire to carry on that which is important to us. Whether it is remembering people we’ve loved, causes that matter, giving back to others, benefiting a church or the local community… to leave a legacy is to see a future where a piece of ourselves will always live on.
Many individuals choose to create a charitable legacy through planned giving or an estate gift. When you make such a commitment, today or in the future, it can be one of the most meaningful, joyous, and lasting decisions you can make.
Using a Community Foundation to make these arrangements offers some wonderful benefits, and peace of mind that your hard-earned assets will be used according to your wishes; reflects your values and interests; supports causes important to you; and provides an opportunity for your children and grandchildren to carry on a tradition of giving.
Gifts by Bequest
You can establish or add to your named fund by adding specific bequest language to your will. With your gift, you can:
- Allow your children to continue their involvement in grantmaking by guiding future gifts in your name;
- Create an endowment to support a specific organization or area of interest;
- Provide flexible funds to address the most pressing needs in the region
Retirement Plan Assets
A retirement plan is one of the best types of assets to transfer to a charity because it produces taxable income. Most assets an heir inherits are free from income tax. However, an heir will pay income tax on disbursements from a decedent’s retirement plan such as a profit-sharing plan, Section 401(k) plan or IRA. If you are going to make a charitable bequest, it is usually better to transfer the taxable assets subject to income tax to a tax-exempt charity — such as a community foundation — and to transfer the assets not subject to income tax to heirs.
Life Income Plans
Certain planned gifts provide a simple way for you to support your favorite causes or charities, while generating income for life for you or other family members. The Community Foundation can collaborate with you and your advisor on any of the following:
So many things drive us to invest in a future that can be changed and improved by our having lived, loved, and been part of the community-at-large. We invite you to talk with us about creating a legacy that sends a message of hope and continuity well into the future.
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Our staff is experienced in the use of these giving vehicles to support your legacy and is eager to work with you and your advisor in this process. You are encouraged to seek additional information from your financial advisor, CPA or lawyer when considering planned giving options.
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