|GIVING THROUGH AN ESTATE
Frequently individuals choose to provide a gift to charity in their will or another part of their estate plan. There are several options that may be customized to fit your goals and situation.
You may not be able to take it with you, but the community can keep it forever.
Disclaimer: Nothing within this website should be construed as legal advice. The following wording is for information only and should be discussed with your attorney.Bequest in a Will
A very common way to leave a gift that establishes or adds to a charitable fund after death is by incorporating bequest language in a will. Typically, an individual makes provisions in their will for surviving family or friends and then specifies one or more charitable organizations to receive a portion or the remainder of their estate.
Note: The legal name to include the CFSC as a beneficiary or in a bequest of any kind is: The Community Foundation of Shelby County, an Ohio nonprofit corporation.Suggested Bequest Language
General Purpose Bequest
I give, devise and bequeath to The Community Foundation of Shelby County, an Ohio nonprofit corporation, _____________________________ (percentage of estate, specific dollar amount, marketable security, tangible personal property, remainder of estate, etc.). This gift shall be devoted to the general charitable purposes of the Community Foundation of Shelby County as set forth in its governing instruments, as amended from time to time.
Specific Bequest to Create a Charitable Fund (minimum of $25,000)
Specific Bequest to Add to an Existing Charitable Fund
I give, devise and bequeath to The Community Foundation of Shelby County, an Ohio nonprofit corporation, _________________________________ (percentage of estate, specific dollar amount, marketable security, tangible personal property, remainder of estate, etc.) to be added to the ______________________________ Fund. Should this fund no longer exist, the Foundation in its sole judgment, may direct the application of the distributions of said fund to a general purpose of the Foundation closely associated with the intended purpose of ___________________________________________________________.IRA or Retirement Plan
At death, IRAs and retirement plan balances are included when calculating estate and income taxes, reducing the amount your beneficiaries will receive. Reductions can be as high as 85% of the balance you had hoped to pass to loved ones. When given to the Community Foundation, the gift is made with pre-tax dollars, preserving the balance to benefit the community.
Naming the Community Foundation as a primary or secondary beneficiary of a life insurance policy is a great way to fund a gift to support the future of our community or as a ‘Plan B’ if the primary beneficiary is deceased. If ownership of the policy is transferred, a current income tax deduction is possible.Charitable Gift Annuity
Those donors over age 55 who want a combination of a charitable deduction and steady payments for life may consider the Charitable Gift Annuity. Fixed payments are made back to the donor or to others for life. The payments are based on age and the amount of the gift and are at a rate much higher than most low-risk investments. View details on the Charitable Gift Annuity.
Another type of a payment arrangement, a Charitable Remainder Trust provides income for life or for a fixed term. In this case, the charitable gift is placed in a trust. At the end or the donor’s life or the fixed term, the remaining assets are placed in a charitable fund at the Community Foundation. The tax deduction is based on the trust’s charitable portion.
Have you included the Community Foundation of Shelby County in a deferred gift or your estate plan? Please contact Marian Spicer so she can have an understanding of your plans for the gift. You may also be included in our Legacy Society. Requests for confidentiality are always honored.