Planned
Gifts
Planned giving is a thoughtful and strategic way to support the causes you care about into the future while also supporting the long-term mission of the Huron County Community Foundation.
By incorporating charitable gifts into your financial and estate plans, you can make a lasting impact on our community while achieving your personal, financial, and philanthropic goals.
Why Make
Planned
Gifts?
Whether you're passionate about supporting a specific nonprofit, vibrant communities, health and wellness, the arts, or other community initiatives, planned giving offers a meaningful way to leave a lasting impact and create positive change in your community.
Support a Cause You Care About
Planned gifts to the community foundation allow you to support the causes and organizations that are important to you, ensuring that your philanthropic goals are fulfilled even after you're gone.
Create a Lasting Legacy
By making a planned gift, you leave a lasting legacy that reflects your values and priorities, benefiting future generations and making a meaningful impact on your community.
Maximize Charitable Impact
Planned gifts often enable donors to make larger contributions than they could through outright donations, allowing them to have a more significant impact on the community's well-being.
Tax Benefits
Many planned giving options offer significant tax benefits, including income tax deductions, limiting capital gains tax, and estate tax reduction, allowing you to maximize the value of your charitable contributions.
Financial Planning
Planned giving strategies should be integrated into your overall financial and estate planning, helping you achieve your philanthropic goals while also providing potential financial benefits for yourself and your family.
Flexible Giving Options
Community foundations offer a variety of planned giving options to accommodate donors' individual financial circumstances and philanthropic goals, allowing you to choose the method that best suits your needs.
Honor Loved Ones
Making a planned gift in memory or honor of a loved one is a meaningful way to celebrate their life and values, ensuring that their legacy lives on through your charitable contributions.
Engage Family Members
Planned giving can be a way to engage and involve family members in philanthropy, instilling values of giving back and community service in future generations.
Make a Difference
Ultimately, making a planned gift to a community foundation allows you to make a difference in the lives of others, contributing to the well-being and prosperity of your community both now and in the future.
Types of
Planned
Gifts
Bequests
You can make a bequest in a will or trust by including the foundation as a beneficiary. Bequests can specify a percentage of the estate, specific dollar amount, residual estate, or specific accounts to be donated upon your passing. Charitable bequests are a simple planned gift that can make a big impact and leave a lasting legacy. Bequests may help lessen tax burdens for your heirs. Making charitable bequests to a community foundation fund can also make settling the estate more efficient because bequests provide clear instructions on the organizations or type of organizations to be supported.
Life Insurance Policies
You can donate a fully paid life insurance policy by naming the foundation as the beneficiary and/or owner. This allows the foundation to receive the policy's benefits upon your passing. You may receive potential tax deductions for premium payments and reduce the size of your taxable estate.
Charitable Lead Trusts (CLTs)
You can transfer assets to a trust that pays income to the foundation for a specified period, with the remainder passing to your heirs. This can help you reduce estate and gift taxes for your heirs while supporting the foundation's work during your lifetime.
Charitable Gift Annuities (CGAs)
You can donate assets to the foundation in exchange for a fixed income stream for life, with the remainder benefiting the foundation after your passing. You can receive an immediate charitable deduction and potentially reduce capital gains tax on appreciated assets.
Personal Property
You may also donate valuable personal property, such as artwork, antiques, or collectibles, to the foundation. Upon the foundation accepting the gift, you can receive immediate charitable deduction based on the fair market value of the donated items.
Retirement Plan Assets
You can name the foundation as a beneficiary of retirement accounts, such as IRAs, 401(k)s, or pensions. You may lessen income and estate tax burden on retirement assets by directing them to the foundation.
Charitable Remainder Trusts (CRTs)
You can transfer assets to a trust that pays income to you or your designated beneficiary for a specified period, with the remaining assets going to the foundation. This tool allows you to enjoy immediate tax benefits, help eliminate capital gains tax, and potentially reduce estate tax while providing lifelong income for you and lasting support for the foundation.
Real Estate
You can donate property by transferring ownership of real estate, such as a home, vacation property, or land, to the foundation. Upon the foundation accepting the gift, you can receive an immediate charitable deduction based on the property's fair market value and potentially avoid capital gains tax on appreciated assets.
Next
Steps
If you have any questions or would like to inquire about making a Planned Gift contact Mackenzie, HCCF Executive Director at (989) 269-2850 or by email at mackenzie@huroncounty.com.
All gifts and funds are subject to HCCF policies, including the Gift Acceptance Policy and required fund minimums.