Join the Legacy Society
Make a difference that lasts for generations.
Join the Legacy Society
Make a difference that lasts for generations.
The Legacy Society celebrates the vision and generosity of individuals who have included the Richland County Foundation in their will. By making a planned gift, you’re not just giving, you’re building a brighter future for our community. This thoughtful decision ensures your values live on, creating a meaningful impact for years to come.
Planned gifts can also offer practical benefits, such as favorable tax advantages, allowing you to maximize your giving while aligning with your financial goals.
If you’re considering including the Foundation in your estate plan, we encourage you to consult your professional advisor to ensure your wishes are properly fulfilled.
Want to learn more about the Legacy Society or how to join? Contact Maura Teynor, our Chief Advancement Officer, at 419-525-3020 for a personal conversation or fill out the Legacy Society Application below.
LEGACY GIVING OPTIONS
Charitable Gift IRAs or Retirement Plans
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 gift, 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 email Director of Finance Rachel Weber or call 419-525-3020
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 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.
Legacy Society Application
The Legacy Society provides a way for the Richland County Foundation to recognize generous individuals who have included the Foundation in their will, trust, or estate plan. Those donors understand that a planned gift is a simple way to contribute to the future of our community, and in some cases, to create a favorable tax situation.
