As we age, we think about the many plans we need to put in place, but one we often overlook is our plan for giving. You have a passion for helping, caring for our community and want to keep that going now and after you are gone. One of the best ways to set up a long term strategic giving plan is with the help of a community foundation. A community foundation allows you to set up your own charitable fund, giving as much as you want, to whom you want, for as long as you want.
What does planned giving through a community foundation do for you?
Community foundations have the resources and expertise to help guide your through the entire process of starting your charitable giving strategy and make it easy with three simple steps.
Step One: Determine the assets you wish to use to start your fund. Examples include cash, publicly traded or closely held securities, real estate or personal property, or life insurance policies. These assets can be given at any time… now, ongoing, or through your will.
Giving to your fund through any of these assets accomplishes two important tax objectives: a charitable income tax deduction in the year of the gift and the reduction of the gross estate for future estate planning purposes. In addition, donors eliminate capital gains taxes for gifts of appreciated property. Establishing a fund allows you to give more to what you love and less to taxes and fees.
Step Two: Choose a name for your fund. Many choose to name their fund after themselves or their families for example “The Johnson Family Fund.” It is a great way to continue your family legacy and encourage a life of philanthropy for generations. You can also choose to name your fund for a specific passion or area of interest you care deeply about or even remain anonymous.
Step Three: Choose what you would like to support and for what length of time. You decide what charities, organizations or specific areas of interests you are most passionate about and want to support for lifetimes to come. Do you love the arts, have a passion for helping children, value education and leadership, whatever pulls at your heart, we can help you fund that entity or interest area.
These three basic steps are the building blocks for creating a fund to begin your long term strategic giving plan. There are a variety of types of funds, avenues of giving, ways to grow your assets, and tax breaks and incentives that can be taken advantage of as you set up your fund. To get more personalized information and dive deeper into a strategic giving plan that is specifically designed for you, contact your regional community foundation to set up an appointment.
The Community Foundation of Grand Forks, East Grand Forks, and Region and can be reached at 701-746-0668 or firstname.lastname@example.org.
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