Plan Your Legacy

The Community Foundation practices planned living, an approach to estate planning on your life. Planned living helps you recall and assess what has been important to you and considers the impact you want to make in your life as well as understand ways to involve future generations.

This can be accomplished in a variety of ways, through a variety of vehicles. Planning a multi-pronged approach that involves your values, your team and charitable vehicles. Below you will find some resources related to these:

• Bequests in Wills and Trusts
• Individual Retirement Account (IRA)
• Life Insurance
• Life Estate Gift
• Charitable Gift Annuity
• Charitable Remainder Trust

To learn more about establishing a fund at GGCF, contact Melissa Spain, CEO/Executive Director at 252-756-8549 or Charlene Silver, Donor Services Manager at 252-756-8549.

Bequests in Wills and Trusts
Perhaps the simplest form of planned giving, a donor makes a provision in a Will or Trust for a gift to the Community Foundation.

Individual Retirement Account (IRA)
A donor may designate the Community Foundation as the beneficiary of an IRA, a way to use an asset that might otherwise be heavily taxed (up to 78%) as part of an estate.

Individual Insurance
A donor names the Community Foundation as owner and beneficiary of a new or existing insurance policy and receives a current income tax deduction.

Life Estate Gift
A donor may donate his or her home to the Community Foundation, but retain the home for the rest of his or her life. A gift of the home now, with retained life receipt gives the donor the same estate tax benefits as a gift by Will. Plus, the donor receives the income tax deduction. Upon the donor's death, or if the donor gives up the right to the home, then the home will revert to an endowment to carry out the donor's charitable intent.

Charitable Gift Annuity
A donor irrevocably transfers assets to the Foundation in exchange for a community foundation to pay the donor, or beneficiaries designated by the donor, a specified time or year for life. Annuity payments can either begin immediately or be deferred when specified by the donor. Donors realize an immediate income tax deduction for a minimum contribution to establish a CGA is $10,000.

Charitable Remainder Trust
A charitable Remainder Trust provides income for the donor, and additional beneficiaries if desired, while allowing an income tax deduction in the year the trust was created. After the death of the donor and beneficiaries, the Community Foundation will ensure the remainder of the trust assets will benefit the charities the donor designated during his or her lifetime by placing the assets in an endowment. The minimum contribution to establish a CRT is $50,000.

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