Planned Giving
Remainder Gifts
Many donors choose to leave charitable assets upon their deaths. After assuring that their loved ones have been cared for, donors can use a variety of assets, such as pension plans, life insurance or the proceeds from the sale of a house, for charitable purposes. We encourage you to work with your lawyer or financial advisor as you consider these options.
Bequests
One of the simplest planned giving tools is a bequest in your will or trust that directs specific assets or a percentage of your estate to establish a fund or add to an existing fund.
Pension Plan Beneficiaries
You can add to a current fund or create a fund at the Community Foundation by making us the beneficiary of a retirement plan, such as an IRA.
Life Insurance Beneficiaries
By naming the Foundation as the irrevocable beneficiary of a life insurance policy, the gift is eligible for an immediate tax deduction in the amount of the policy’s cash value. Insurance premiums paid thereafter are deductible as charitable gifts.
Charitable Gift Annuities
A simple contract guarantees you a fixed income for life in exchange for a gift to the Community Foundation in support of your favorite cause or charitable organization.
Charitable Remainder Trust or Charitable Lead Trust
A more detailed contract provides an income stream for life and a tax deduction for the value of the charitable interest. The charitable remainder annuity trust or unitrust interest will be valued, and this value will be taken as a charitable deduction. For a charitable lead annuity trust or lead unitrust, the present value of the income stream is a deduction for estate tax purposes.
There is so much more we’d like you to know.
For more information and ideas on ways to integrate charitable giving with a financial plan, ask your financial advisor or contact the Community Foundation at 269.695.3521 or info@mgcf.org. We will be happy to work with you and/or your advisor to determine the most effective ways to accomplish your charitable goals.