| Include RCF in Your Will or Trust |
| Bequests After providing for your loved ones, you can establish or add to a named fund in your will or trust through a bequest to Richland County Foundation. Your gift can be used to accomplish almost any charitable goal, including establishing a scholarship fund, an endowment for a particular charity(ies) that you supported during your lifetime, or leaving a family legacy which allows children to continue their involvement in charitable grant making. 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. The Foundation accepts bequests in several forms, including specific sums or assets, a percentage of the residue of the estate, and contingent bequests.
You are encouraged to work with your lawyer or financial advisor to explore the many options we offer to help meet your charitable objectives and provide for beneficiaries.
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Other Types of Remainder Gifts Life Income Plans
Some planned gift arrangements, like CHARITABLE GIFT ANNUITIES, offer the benefit of a current tax deduction in exchange for the commitment of funds to a charitable purpose or purposes at some later date. The result may be an increase in current spendable income for you and your family. At a later date, a fund will be established at the Richland County Foundation.
The following planned gift arrangements can be used to create funds: remainder interests in real estate, charitable remainder trusts, charitable lead trusts, and charitable gift annuities.
Pension Plan Beneficiaries
If you plan to make a charitable bequest, a retirement plan is one of the best types of assets to transfer to a charity because it produces taxable income. Most assets that an heir inherits are free from income tax. However, an heir will pay income tax on disbursements from a decedent's retirement plan such as a profit sharing plan, Section 401(k) plan or IRA. If you are going to make a charitable request, it is usually better to transfer the taxable assets subject to income tax to a tax-exempt charity — such as Richland County Foundation — and to transfer the non-taxable assets not subject to income tax to heirs.
For a taxable estate over $3 million, the combination of estate and income taxes will frequently exceed 75 percent of the total amount — even more if the generation skipping transfer taxes are triggered. At a cost to your heirs of only 25 percent of the fair market value of these type of assets, you could apply 100 percent of the assets to a named charitable fund at the Foundation to accomplish your specific charitable objectives.
Life Insurance Beneficiaries
Perhaps you would like to contribute the proceeds of a life insurance policy help the community through to the Foundation, but you are not ready to give up ownership of the policy. 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.
Please contact Pam Siegenthaler by e-mail or by phone, 419. 525.3020, for more information on how to include Richland County Foundation in your gift planning. |
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