Tools for Planned Giving
You can add to your fund at the Foundation – or even establish new funds – later as a component of your estate planning. Those gifts might include assets such as cash, bonds, IRAs, realized insurance policies, appreciated stock, and income-producing tools like charitable gift annuities.
Your assets will flow directly into the charitable funds you designate.
And, as always, we are happy to work with you and your professional advisor, free of charge to both of you.
Bequest by Will or Trust
When you make plans for a gift to Richland County Foundation through your estate let us know so you can 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. Sample language to include in your will or trust.
Charitable Gift IRAs or Retirement Plans
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. Sample letter to your IRA Administrator
If you would like to make a transfer from your IRA, please contact Vice President of Finance & Operations Bob Barrett at 419-525-3020 or firstname.lastname@example.org
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.
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 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.