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Many donors have chosen to work with attorneys and accountants to make a gift to the community through the Foundation. These gifts can be very important ways to minimize taxation while improving the community and taking care of family. Many families can benefit from one or more of these techniques, and in the process become philanthropists in ways that they never believed possible.
Bequests are the most common way to make lasting gifts. Simply list the Community Foundation as a beneficiary in your client(s)' estate plan. This is usually done through a will or a trust. Donors and their professional advisors are encouraged to consult with our staff when preparing the estate plans to insure that the Foundation is able to carry out the donors' wishes. Many times we complete a fund agreement for the donor that will be funded with a bequest and/or remainder of a charitable trust or gift annuity. View sample will language
Assets may be used to leave a legacy simply by naming the Community Foundation as a beneficiary. This is a very important opportunity for many families to consider because these plans can have very serious negative tax consequences if they are passed on to anyone other than a spouse. The exciting thing about some of these plans is the ability to provide a lot of assets to children and still be able to support the community in ways that your client never thought possible.
Life insurance can be used as a planned gift by making the Community Foundation a beneficiary. This needs to be done through the donor's insurance agent.
Some donors can realize substantial tax benefits by gifting their residence of farm to the Foundation and retaining the right to use the property for as long as they live. At the end of the donor's life the property is sold and the proceeds used to establish a fund that carries out the donor's charitable wishes.
Many donors have found Charitable Remainder Trusts exciting ways to make great improvement in the family asset management plan as well as helping to further charitable dreams in the community. Some fantastic savings can occur when using a Charitable Remainder Trust with a qualified retirement plan.
Any of these gifts, in any amount, automatically qualifies the donors for membership in our Legacy Society. To talk with us about any of these plans call us at (800) 964-0508, or e-mail us at firstname.lastname@example.org. We are always glad to work with professional advisors as they assist their clients with charitable gifts and planned giving.