The Community Foundation understands that many people choose to live life to the fullest, provide for their family and make a charitable gift upon their death.
This can be accomplished in a variety of ways:
Bequests in Wills and Trusts
Individual Retirement Account (IRA)
Life Insurance
Life Estate Gift
Charitable Gift Annuity (CGA)
Charitable Remainder Trust (CRT)
To learn more about establishing a fund at CFHC, click here to email Kathryn McConnell, Vice President for Community Philanthropy, or click here to contact McCray V. Benson, President/CEO.
Either Kathryn or McCray can be reached by phone at 828-697-6224.
PhilanthroCalc is your quick and easy planned giving calculator that we host free of charge for our donors and local advisors. Just click on the button below to start using their automated tools to help you plan your giving.
Perhaps the simplest form of planned giving, a donor makes a provision in a Will or Living Trust for a gift to the Community Foundation.
A donor may designate the Community Foundation as the beneficiary of an IRA, an excellent way to use an asset that might otherwise be heavily taxed (up to 78%) as part of the donor’s estate.
A donor names the Community Foundation as owner and beneficiary of a new or existing life insurance policy and receives a current income tax deduction.
A donor may donate his or her home to the Community Foundation, but retain the right to live there for the rest of his or her life. A gift of the home now, with retained life residency, gives the donor the same estate tax benefits as a gift by Will. Plus, the donor receives a current income tax deduction. Upon the donor’s death, or if the donor gives up the right to live in the home, then the home will revert to an endowment to carry out the donor’s charitable wishes.
A donor irrevocably transfers property to the Foundation in exchange for a commitment by the Foundation to pay the donor, or beneficiaries designated by the donor, a specified amount each year for life. Annuity payments can either begin immediately or be deferred to a later date specified by the donor. Donors realize an immediate income tax deduction for their gift. The minimum contribution to establish a CGA is $10,000.
A Charitable Remainder Trust provides life income for the donor, and additional beneficiaries if desired, while allowing an income tax deduction in the year the trust was created. After the death of the donor and beneficiaries, the Community Foundation will ensure the remainder of the trust assets will benefit the charities the donor designated during his or her lifetime by placing the assets in an endowment. The minimum contribution to establish a CRT is $50,000.
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