There is a number of giving opportunities that can be tailored to meet your client's philanthropic goals and unique situations. Some donors are interested in establishing funds during their lifetimes while others are interested in including the Foundation in their estate plans.
Donors can . . .
GIVE NOW. Donors may establish, and later add to, any of the Richland County Foundation’s various fund types by contributing a variety of types of assets during their lifetime. Current gifts generate the most beneficial charitable income tax deduction available under the law while at the same time removing the contributed assets from the donor’s estate for estate tax purposes.
GIVE LATER. Donors may also establish or add to a fund at Richland County Foundation through a planned gift. A donor can leave a charitable legacy for their family and their community using the following types of planned gifts:
Bequest by Will or Trust
When you make plans for a gift to Richland County Foundation through your estate plan you become a member of the Legacy Society. A bequest to Richland County Foundation can be easily made through a simple designation in a will or trust to establish a fund or add to an existing fund. You may also establish a fund in your name that will go into effect after your lifetime.
Charitable Gift Annuities
A Charitable Gift Annuity provided by the Richland County Foundation allows you to make a gift to the community while at the same time providing you with a guaranteed income stream. It is an ideal plan for those who would like to make a significant gift during their lifetime but depend on the income from their assets.
Charitable Gift of IRAs
Available, also, for IRA account holders age 70 1/2 and older is the tax provision allowing for annual tax-free direct transfers from the IRA to charity during one’s lifetime. The transfers are limited to $100,000 annually. This special type of distribution normally results in more favorable tax treatment versus a normal distribution and a corresponding charitable gift deduction. Under the latter, the charitable gift deduction may be subject to limitations and various other negative tax attributes may come into play once the distribution is included in gross income.
Charitable Remainder Trust
You can place cash or property in a trust that pays an annual income to you (or another named beneficiary) for life. After your death, the remainder of the trust transfers to your community foundation and is placed into a charitable fund you have selected. You receive income tax benefits the year you establish your trust.
Charitable Lead Trust
You can place cash or property into a trust that pays a fixed amount to your community foundation for the number of years you select. Once this period ends, the assets held by the trust are transferred to the beneficiaries you name. In some cases, you receive a substantial reduction in federal gift and estate taxes.
Life Insurance Beneficiary
Life insurance provides a simple way for you to give a significant gift to charity, with tax benefits that you can enjoy during your lifetime. By naming the Foundation only as beneficiary, you retain ownership of the policy and have access to the cash value as well as the right to change the beneficiary. This type of contribution allows you to give to your favorite charity after you die, even if you don't have the liquid assets right now. While you retain ownership of the policy, there is no charitable deduction for the value of the policy when you designate the Foundation as the beneficiary or for subsequent insurance premiums. However, any proceeds payable to the Foundation at your death will not be subject to federal estate taxes.