Leaving a Legacy

Dozens of area residents have included the Community Foundation in their estate plans. If you are not able to make a substantial gift now, but eventually you want to leave some or all of your estate for charitable purposes, consider including the Foundation in your will for a specific amount or a percentage of the residue of your estate.

A gift by will to the Foundation can be unrestricted, designated for a special field of interest or specific institution(s). A number of our donors have established funds during their lifetimes and add to them as circumstances allow. Many have also provided for an addition to their funds by will at the time of their death.

As an alternative to amending your current will, consider naming the Community Foundation a beneficiary of your retirement plan. Simply contact your plan administrator for a change of beneficiary form and designate the Foundation for a percentage of the assets in your IRA, pension plan or an existing or new life insurance policy. This assignment of benefits can be the most tax advantaged way to give.

Types of Bequests

Outright Bequest - You may bequeath a specific item, a specific dollar amount, or a percentage of your estate. Be sure to consult with your advisors to determine the types of assets that are best given to charity and best given to heirs (such as “income in respect of a decedent”, or “IRD” assets which include IRAs, interest on savings bonds and CDs, and other income earned).

Residual Bequest - You may bequeath the remainder of your estate to the Foundation after you have made provisions for your family and other heirs.

Contingency Bequest – You may bequeath a gift under certain terms or conditions, e.g., only if you outlive your spouse. Charitable bequests can be carefully designed to permit the most favorable tax treatment under a variety of circumstances.

The Legacy Society was established in 1997 to recognize friends of the Community Foundation who have made, or intend to make, planned gifts to the Foundation. Bequests, trusts, and gift annuities are the most common vehicles used to make such gifts. Listed below are our friends and neighbors who have informed us of their plan to make a testamentary gift to the Foundation. We are honored to be the stewards of their philanthropy.

Legacy Society Members

Lewis Century Society