Asking your clients to include a charitable bequest in their will is an easy way for them to make a lasting gift to the community. When they make this gift through the Community Foundation of South Lake County, we establish a fund that benefits the community in perpetuity. Not only does this bequest become your client’s personal legacy of giving, but they continue to enjoy the assets they need to maintain their current lifestyle. Finally, they are able to distribute some or all of their assets tax free.
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Establishment of a Charitable Gift Annuity allows your clients to create a generous gift to the community while also providing them with a new income source that can be counted on for the rest of their lives. Charitable Gift Annuities can be established with cash or securities. As is the case with outright gifts, donations of appreciated stocks and bonds bypass capital gains taxes. We set up a contract with your client(s) that combines immediate annuity payments with a deferred charitable gift. In return, they receive a fixed income source, regardless of market conditions. Upon their death, we set up a charitable fund on their behalf.
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Creation of a Charitable Remainder Trust gives your clients income for the rest of their lives. Any remaining balance will benefit the community. You transfer their assets into a trust, and the trust pays your clients, or a beneficiary of their choosing, regular income payments. Any remaining assets in the trust transfer to the community foundation of South Lake County after either the beneficiary's death or a predefined period of years.
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A Charitable Lead Trust helps your clients remove assets from an estate and build a charitable fund with the Community Foundation of south Lake County during the trust's term. When the trust terminates, the remaining assets are transferred to either your clients or their heirs. There are often significant transfer-tax savings to this approach. It shelters investment earnings from tax, and it provides other gift, estate, and generation-skipping tax benefits. For example, trust assets are removed from an estate for estate tax purposes. You may also capture future gift tax deductions for your clients through this approach. However, at the time the trust is established, your clients may owe gift tax on the present value of the gift to the final beneficiary.
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Simply ask your client(s) to identify the property that they would like to donate. They will be responsible for providing an appraisal that will help determine market value. We then assess the property for compliance with our acceptance policies. This gift of real estate can be used to establish any of the fund types that we offer.
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Giving through life insurance is one of the simplest ways to make a significant contribution to the community and establish your client’s legacy of giving. A gift of life insurance, for example can be made when it is no longer needed for personal wealth replacement. There are a number of tax benefits, including reduced income taxes and estate taxes. Moreover, if your clients choose to continue paying premiums through The Community Foundation of South Lake County, they will be entitled to a charitable contribution of up to 50 percent of their adjusted gross income.
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