Racine Community Foundation: Planned Gifts

National research suggests only 6-10% of people have included a charity in their will or estate plan. That’s shocking to many who work for charitable organizations because a far greater percentage of people contribute with time, talents and treasures during their lifetimes.

As you develop your will or estate plan, please consider including a gift to the Racine Community Foundation or one of its funds.

Your attorney, accountant or financial advisor can help you establish a planned gift that will benefit you, your heirs and your community. Your options for planned gifts include:

Bequests
Charitable Lead Trusts (CLT)
Charitable Remainder Trusts (CRT)
Life Estate
Life Insurance
Property

Bequests

You can include a gift of cash or property to the Racine Community Foundation in your will. The Foundation acts as a steward for the funds to ensure a donor’s charitable goals are met. The funds can be directed to an existing fund or, in the case of a bequest of $10,000 or more, can be used to establish a new charitable fund. If a new fund is established, a donor can choose the fund’s name. One service we can provide is to help your lawyer with the will language making the bequest, to ensure that what you intend will in fact work after you have died.

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Charitable Lead Trust

A Charitable Lead Trust (CLT) is a sophisticated device used to create an income stream to the foundation first, for a term of years, after which the remainder is distributed, typically, to a younger generation. They require careful guidance from your advisor(s).

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Charitable Remainder Trust

A Charitable Remainder Trust (CRT) provides you (and a beneficiary, if you choose) with income during your lifetime(s). After, the remaining value is transferred to the Community Foundation for the purposes you choose.

Establishing a Charitable Remainder Trust carries with it many benefits, including accompanying partial tax-deductions for the gift that establishes the Trust. Such gifts are deductible to the full extent allowed by law.

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Life Estate

Perhaps you wish to use your home as a charitable gift. With a Life Estate, you can donate the home to charity—and continue living there.

A Life Estate allows you to deed property, typically a home or farm, to the Community Foundation but continue to use it for his or her lifetime. After your lifetime, the Community Foundation can use the property for its charitable aims.

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Life Insurance

You can name the Racine Community Foundation as the beneficiary of an existing life insurance policy or take out a new policy, naming the Racine Community Foundation as the beneficiary. Premium payments are tax-deductible. This gift vehicle often gives you the opportunity to leverage a larger charitable gift than might otherwise be possible.

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Property

Charitable donations can include much more than just cash. Individuals often choose to donate property, which can be divided into two categories: real and personal. Real property includes land and land improvements: things that can’t be moved. Personal property includes moveable property, both tangible, such as cars and clothing, and intangible – property represented by paper, such as insurance policies and stocks.

Thank you for considering a gift to the Racine Community Foundation in your will or estate plan. The tax implications of these gifts vary. Call us for more information at (262) 632-8474.

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