The Community Foundation encourages gifts designed to establish a personal legacy or support a fund by assisting with a variety of giving methods tailored to your unique personal situation.
- Gifts of cash. This is the easiest approach to giving. However, there may be substantial additional tax benefits from making gifts of appreciated stocks, real estate or other property.
- Bequest. A bequest in your will (or revocable trust) is a simple and powerful way to leave a portion of your estate to the Community Foundation. Such a bequest may also designate a field of interest or a specific nonprofit organization to be benefited.
- Life Insurance. You may use life insurance to make a gift, either by designating the Community Foundation as the beneficiary or a contingent beneficiary, or by donating the policy itself. If the policy is donated, you will normally be entitled to an income tax deduction for the current value of the policy and for any premiums you continue to pay.
- Retirement Account. Make a charitable gift directly from your individual retirement account without incurring the heavy income or estate tax costs otherwise resulting from retirement account withdrawals.
Other more complex giving techniques include gifts of real estate with retained use for life, charitable gift annuities and charitable remainder trusts. We welcome questions about these possibilities and look forward to working with your professional advisors if one of these techniques is the best way to meet your needs. Contact us for more information or to start planning your legacy to the people of the Wet Mountain Valley.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You are encouraged to consult your own tax, legal and accounting advisors before engaging in any transaction.
