Today’s designation as Giving Tuesday serves as a good reminder to think not just about giving now, but also giving later.
Many people who aren’t able to make substantial charitable gifts during life can include support for favorite causes in their estate plan. Here are some ways to do it that you may not have considered:
- Ask your heirs to give a gift in your memory. A charitable fund established at the Community Foundation can provide a structure for receiving and distributing those gifts according to your documented intentions. A future fund allows you to put the fund in place now with a gift of $1,000 or more.
- Give what remains in your IRA or retirement plan. You can name the Community Foundation or another charity as beneficiary of your retirement savings without reducing the amount by income taxes or possibly estate taxes your heirs would have to pay. The money goes tax-free to a qualified tax-exempt charity.
- Designate the remainder in a savings or stock account for charity. It is possible to rename a bank account as “in trust for” a charity of your choosing (the arrangement is revocable by you). A stock account can be converted into a TOD (transfer on death) account. See your broker or banker to arrange one of these options.
- Name a charity as beneficiary of an existing life insurance policy. The Community Foundation or another 501(c)3 charity can be the primary or secondary beneficiary (in the event the primary has died) of an insurance policy. Your agent can help you arrange it.
With any of these choices, we invite you to become a member of our Himebaugh Legacy Circle. It’s a way for us to say thank you now for gifts you plan to leave after your lifetime. Contact Bob Ellis at 920-702-7622 or [email protected] for assistance.
Read our annual Report to the Community at www.cffoxvalley.org/CommunityReport.