By making plans now, you can be intentional about the legacy you will leave for the organizations and causes you love.
We know philanthropy is a very personal decision. We can help you create the framework now for giving to your favorite causes after you are gone by filling out a simple legacy fund agreement. Once established, that agreement can easily be updated throughout your lifetime to reflect your changing interests – at no charge. You can work with your legal and/or financial advisors to determine which asset you plan to give to once your estate is settled.
The Community Foundation has created a special designation – the Legacy Society – for donors who have included the Foundation in their estate plans with a planned gift and who are creating a legacy of philanthropy that will continue to support our community in perpetuity.
Including a gift in your will or estate plans allows you to feel good about your contribution now while parting with your assets after your lifetime. When planning a gift through your will, it is sometimes difficult to determine what size donation will make sense. You need to make sure your family is financially taken care of first, and emergencies do happen. Making a bequest of a percentage of your estate ensures that your gift will remain proportionate no matter how your estate’s value fluctuates over the years. Our staff will be happy to work with you or your advisor to establish a fund during your lifetime to receive assets at death. By working together ahead of time, we can ensure your bequest will carry out your charitable goals beyond your lifetime.
The official bequest language is very simple: “I, [name], of [city, state, ZIP], give, devise and bequeath to [my fund] at the Community Foundation of Greater Huntsville [particular asset/fixed dollar amount/percentage of the estate or description of property] for its unrestricted use and purpose.” Your legacy fund with the Foundation will spell out the exact details of your plans for giving.
To name a Donor Advised Fund at the Community Foundation of Greater Huntsville as a beneficiary of a will or trust, life insurance policy or retirement plan account, the following may be helpful in completing estate planning documents or beneficiary designation forms. After describing what will be left to the fund (i.e., a percentage of the estate/trust/account or a specific dollar amount), simply say it will pass "to the Greater Community Foundation of Greater Huntsville for the [name of your fund]."
As a reminder, the Community Foundation of Greater Huntsville is a 501(c)(3) public charity. Our tax identification number (EIN) is 26-3750673.
There are many reasons to give through a bequest:
- Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
- You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to us.
- Tax Relief.
- Your estate is entitled to an estate tax charitable deduction for the gift’s full value.
Retirement Plan Assets
When you name your fund at the Foundation as the beneficiary of all or part of your retirement plan assets, such as a 401k, you don’t part with a single penny today – and you protect your estate from taxes later. If a charitable organization like the Foundation receives your retirement funds as a gift, income taxes are eliminated. If, instead, you leave these assets to your family, up to 35 percent of their value could be eroded by income taxes. So instead of supporting your community, you will be “donating” to the IRS.
Your life insurance policy can become a charitable asset when you name your fund at the Foundation as the beneficiary of all or a portion of the policy’s death benefit. It’s a simple and generous way to fund the causes that are important to you.
To name a fund at the Community Foundation of Greater Huntsville as a beneficiary of a life insurance policy or retirement plan account, the following information may be helpful in completing beneficiary designation forms.
Community Foundation of Greater Huntsville is a 501(c)(3) public charity. Our tax identification number (EIN) is 26-3750673. We are located at 303 Williams Ave SW, Suite 1031, Huntsville, AL 35801. Phone number: 1 256 489 3525