For Advisors: Ways to Give : Bequest by Will

Bequest by Will

A legacy of giving.
Including a charitable bequest in your will is a simple way to make a lasting gift to your community. When you make this gift through your Community Foundation,we establish a special fund that benefits the community forever and becomes your personal legacy of giving.

How it works:

You include the Community Foundation in your will as a bequest; we can help you or your attorney with recommended language.
You determine the type of fund you would like to establish with your gift.
Upon your death, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose.
Your charitable gift is excluded from your assets for estate tax purposes.
Our professional program staff considers your charitable wishes and determines the areas of community need that would be most impacted by grants from your gift.
Our board issues grants in the name of the fund you establish (if you prefer, grants can be made anonymously).
We handle all the administrative details.
Your gift can be placed into an endowment that is invested over time.

Earnings from your fund are used to make grants addressing community needs. Your gift — and all future earnings from your gift — is a permanent source of community capital, helping to do good work forever.

More benefits.
Making a bequest to your community foundation is an easy way to transfer assets to charity. And, you can decide to do it at any age by adding to an existing will or drafting a new one. In doing so you leave a legacy to your community, while enjoying the assets you need to maintain your current lifestyle. Plus, you are able to distribute some or all of your assets, tax free.

You can give cash, appreciated stocks, or other assets. Some of the most tax-efficient asset types to give through your will come from retirement plan accounts, since heirs would be taxed on the income in respect of the decedent (IRD). You can choose to give a stated dollar amount, a specific property, a percentage of your estate, the remainder after distributions to other beneficiaries, or you can make your gift contingent on certain events.

The Gift of a Lifetime
Irene Hoover and her husband owned a bakery and enjoyed a great deal of success and prominence in their hometown. After her husband passed away two years ago, Irene decided it was time for her to update her will. Part of her plan was to give something back to the community the Hoovers had loved as both residents and business owners. "Not only did Jim and I love our town, but we felt as though we owed it a lot for the success of our business," says Irene. With the help of her professional advisor, Irene revised her will to include an inheritance for the Hoovers’ college-age niece, with the remainder creating the Hoover Bakery Fund, a Field of Interest Fund designed to support community development efforts. Because it will be endowed, her gift will provide a growing source of community funding for festivals, neighborhood revitalization, publicly accessible artwork, and other community improvements. "I like knowing that when I’m gone, our legacy will be one of helping others strengthen our community," says Irene.