Planned Giving Vehicles
The Fairfield County Community Foundation accepts a variety of planned gifts left by generous individuals who want to leave a lasting mark in their community.
Your clients can make a gift of cash, stocks, bonds, real estate or other assets. Their gift qualifies for maximum charitable benefit under state and federal law.
Any of these gifts qualify your clients to join our Legacy Society:
Bequests The simplest way for your clients to leave a planned gift to benefit their community is to make a bequest including specific language in their will or living trust naming Fairfield County Community Foundation as the recipient of a testamentary gift.
Their will or living trust can include gifts in the form of cash, securities or personal property. They may contribute a specific dollar amount, a percentage of their estate or the residual of their estate. Their estate will receive a charitable deduction for the full donation, so their heirs will not pay estate tax on these assets.
We are happy to provide sample language to include in their will or trust, as well as guidance and a thorough review of our policies regarding such a gift.
Charitable Gift AnnuityCharitable gift annuities allow clients to make a significant gift to benefit their community while receiving fixed payments for life, regardless of the economic climate.
A charitable gift annuity is a simple contract between them and the Community Foundation. In exchange for their contribution, the Community Foundation agrees to make fixed payments for the life of one or two beneficiaries. The payments are based on the age of the beneficiary(s) and are insured by the full assets of the Community Foundation.
A portion of the initial gift is tax-deductible and a portion of the fixed payments are tax free. When the contract ends, the remainder is used to support the work of the Community Foundation and the charitable causes and organizations that are important to your clients.
Charitable Remainder TrustBy transferring assets to establish a Charitable Remainder Trust, your clients receive an immediate tax deduction and lifetime income for them or their named beneficiary. They also reduce or avoid capital gains taxes associated with the gifted asset.
Eventually, when the trust's term is complete, the remaining assets pass on to the Community Foundation.
The Community Foundation will accept gifts from a variety of CRTs including standard unitrusts, net income unitrusts, net income with a makeup provision unitrusts, and charitable remainder annuity trusts. The Fairfield County Community Foundation has the capacity and expertise to act as trustee.
Charitable Lead TrustWhen you create a Charitable Lead Trust, the CLT makes regular income-tax-deductible gifts to the community foundation as the income beneficiary. When the trust terminates, the entire principal is returned to you or to your family.
Retirement Plan DonationsA simple and effective way for your clients to benefit their community while avoiding significant, often unanticipated tax penalties is to name the Fairfield County Community Foundation as a beneficiary of their retirement funds, such as an IRA, 401k or 403b.
Their retirement plan is tax-deferred only until death. The remainder of these assets are subject to multiple taxes when included in their estate, resulting in a tax rate of 60 percent or more. Donating retirement accounts can reduce or eliminate these taxes completely and make a significant impact on the community.
IRA Charitable RolloverThere may be opportunities for your clients to use their IRA’s required annual distribution to make a charitable gift. Because of possible changes to legislation, please contact us to learn about current rules and regulations surrounding their IRA.
Life Insurance DonationsAmong the many ways to donate life insurance, the simplest is to designate the Fairfield County Community Foundation as a beneficiary of the policy.
Your clients may also transfer ownership of a paid-up policy to the Community Foundation, or donate insurance policy dividends. Or, they may also choose to name the Community Foundation as designated owner and beneficiary, making annual gifts to the Community Foundation in the amount of the annual premium. In this arrangement, the premium would be paid by the Community Foundation.
How To Get Started
Please contact Juanita T. James, President & CEO, 203.750.3200.
|
|
|
|
