Legacy Giving
LONG LIVE YOUR VALUES
Your will tells a story – it’s a testament to your lifetime of accomplishments, and it ensures your values live on. Your charitable giving reflects your values today, and with the assistance of Blue Grass Community Foundation, your estate plan can incorporate these values to ensure the charitable causes you care about continue to receive your support in the future.
Blue Grass Community Foundation offers several simple solutions to ensure your philanthropic values live on. Creating a charitable legacy fund, or amending the succession plan of your existing fund at the Community Foundation, allows you to customize the many options for distributing your charitable assets after your lifetime.
We’d be happy to help you with the following:
- establish a permanent charitable endowment to support causes in perpetuity
- distribute your assets within a set timeframe
- name another family member to take over advisory grantmaking privileges
- list specific nonprofits to receive a charitable payout
- support a specific field of interest or geographic area
To date, Blue Grass Community Foundation has documented more than $100 million in expected legacy gifts! These gifts include direct bequests, charitable trusts, life insurance policies, real and tangible property, retirement accounts and charitable gifts that produce lifetime income for the donor.
No matter your estate size or tax situation, BGCF is here to work with you and your professional advisor to create a simple and effective way to ensure continued support for the causes and organizations that you care about long into the future.
We offer many options to incorporate charitable giving into your estate plan, and we’re here to help you determine your philanthropic goals, achieve tax advantages and establish your legacy.
Bequest by Will or Trust
A bequest made through a will or trust is a popular, flexible way to continue your charitable giving beyond your lifetime. A bequest to add to an existing fund or to create an endowment can be in the form of cash, securities or personal property. Because the bequest is a charitable gift, there are no tax consequences on the donated assets.
Charitable Gift Annuity
A charitable gift annuity is a contract between you and the Community Foundation that provides you with tax benefits and a fixed income stream for life in exchange for a sizable charitable gift of cash, securities or other assets to a fund. Upon termination of the annuity, the remaining assets are used to establish a charitable fund or added to an existing fund of your choosing.
Charitable Remainder Trust
A charitable remainder trust lets you make a gift to the community, receive income and take advantage of a substantial charitable income tax deduction. The trust will pay a fixed or variable income to your named beneficiaries, either for life and/or a fixed term (not to exceed 20 years). When the term expires, the remaining assets are added to an existing charitable fund or used to establish a new charitable fund.
Life Insurance
Transfer your life insurance policy to the Community Foundation to fund your charitable legacy, with the possibility of receiving tax advantages for the policy’s cash value. You can also purchase a new life insurance policy in combination with Endow Kentucky Tax Credits to create a meaningful, permanent charitable legacy.
Retirement Plans
Naming the Community Foundation as beneficiary of your IRA or other retirement plan can be one of the most tax-advantageous means of supporting a charity through your estate. Consider making a charitable rollover during your lifetime to avoid income taxes on required minimum distributions.
Suggested Wording for Bequests and Trusts
Blue Grass Community Foundation is pleased to provide suggested wording for bequests and trusts for a variety of giving situations. Please contact Halee Cunningham for more information.
