The desire to give reveals the best in each of us – our greatest motives as members of a community and our finest values as individuals. For 25 years, thousands of people just like you have provided for the future of Hancock County by making gifts to The Community Foundation. Guided by our fiscally responsible fund management, visionary community leadership and knowledge of the art and science of giving, you are well on your way toward making a difference in the lives of others.Give Online >
One of the most tax-efficient ways to give back to your community is by designating The Community Foundation as a beneficiary of your retirement plan, whether it is a 401(k), 403(b), IRA (individual retirement account), or other qualified retirement program. These assets could be taxed at rates as high as 70 percent upon your death. Estate taxes may be due in addition to the taxes your heirs may pay on the income in respect of the decedent. For these reasons, your advisor may recommend retirement plan assets as the first to be designated for charitable purposes.
In addition to beneficiary designations, you may be eligible to make a gift during your lifetime from your IRA. This gift is referred to as an IRA Charitable Rollover or Qualified Charitable Distribution (QCD). In order to make a QCD:
Giving life insurance through the Community Foundation is one of the simplest ways to make a significant contribution to your community and establish your legacy of giving.
You can make a gift when life insurance is no longer needed for personal financial wealth replacement. You may receive a number of tax benefits, including reduced income taxes and estate taxes. And, if you choose to continue paying premiums through the Community Foundation, you will be entitled to a charitable contribution deduction of up to 50 percent of your adjusted gross income.
You can replace the dollar value of an asset transferred to the Community Foundation with a life insurance policy. Or you can use regular payments from a Charitable Gift Annuity or Charitable Remainder Trust to establish an irrevocable life insurance trust. The trust can purchase insurance on your life to benefit your heirs. This way, you can make a gift to your community foundation and replace the value of this gift within your estate with life insurance proceeds.
By giving stock through the Community Foundation, you can avoid capital gains taxes that would be due as a result of its sale and establish a charitable fund that benefits the local causes and organizations you care about most. With gifts of appreciated stock, your stock market earnings translate into community impact, so you get a more rewarding return on your portfolio. Your gains are put to good use. Your gift of stock is reinvested in your community, and it qualifies for an immediate tax deduction based on the full fair market value.
A gift of real estate releases potential that has been tied up for years, enables you to make a bigger charitable difference than you may have thought possible, helps you avoid estate taxes, and minimizes or eliminates burden placed on your heirs. Charitable gifts of real estate range from personal residences and vacation homes to rental properties, farmland and commercially developed land. You may choose to give real estate outright and receive an immediate tax deduction or retain the use of the property during your lifetime and make a planned gift to the Community Foundation.