You can leave a lasting legacy to support CFOC by making a gift to the foundation through appropriate estate planning. You can accomplish this through your will, a living trust, charitable trusts, retirement plans, or a life insurance policy. The CFOC will gladly work with your legal and tax advisors to realize your philanthropic goals. For further information regarding the options summarized below, please contact Harry Levine at email@example.com
Include a Gift in Your Will
A bequest to CFOC can be made through amendment to a will or trust to establish a fund or add to an existing fund. CFOC will work with your financial and legal advisors to accomplish this. There can also be tax efficiencies in making a bequest to CFOC. For example, if you plan to make a charitable bequest, certain retirement plans can provide tax-efficient sources of charitable contributions because distributions are taxable income. Most assets that your heirs inherit would be free from income tax. However, they will be subject to income tax on disbursements from retirement plans such as a Section 401(k) plan or a traditional IRA. A tax-exempt charity such as CFOC would not be subject to income tax. Therefore, it is often advisable to transfer the taxable assets subject to income tax to a tax-exempt charity and to transfer the non-taxable assets not subject to income tax to heirs.
Name CFOC as a beneficiary
You can also include CFOC in your estate plans without making any changes to your will or trusts by naming CFOC as a beneficiary to receive all or part of your retirement plan, life insurance policies or other accounts. You simply fill out a form provided by the relevant financial institution that is entirely separate from your will. This option also has the advantage of being flexible – you can revisit and amend your choice of beneficiaries whenever you wish.
CFOC is also ready to work with you and your advisors to implement plans that use certain various trust and other vehicles recognized by the tax code, which are briefly described below.
Charitable Gift Annuities
A Charitable Gift Annuity allows you to make a gift to the community while at the same time providing you with a guaranteed income stream. This is a very attractive option for CFOC supporters who would like to make a significant gift during their lifetime but depend on the income from their assets.
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 CFOC and is placed into a charitable fund managed under the same investment policies and guidelines as apply to other assets managed on behalf of CFOC that you have selected. You receive income tax benefits the year you establish your trust.
Charitable Lead Trust
You can place cash or property into a trust that pays a fixed amount to CFOC for the number of years you select. Once this period ends, the assets held by the trust are transferred to the beneficiaries you name. In some cases, you receive a substantial reduction in federal gift and estate taxes.