More and more people are including charitable gifts in their estate plans. Why? Because it’s a simple, tax-friendly way to make a positive impact on the causes, charities or community that matter most to you. Planned giving does not require a large income or vast estate. It only requires a thoughtful intention to make a difference by identifying the Cortland Community Foundation in your will or estate plan.
There are many ways to make a planned gift and the information below can help get you started. However, we encourage you to seek professional estate planning and legal advice when deciding the most effective way for you to give. Foundation staff and board members are available to meet with you and your professional advisor to discuss your areas of interest, the Foundation’s vision, and options for giving. Please contact Jackie McCloskey, Executive Director, at 607-218-6500 or CCF@twcny.rr.com to make arrangements.
Click here to download our Estate Planning brochure.
Ways to Give
The Cortland Community Foundation offers many options for planned giving, depending on whether you want to give now or in the future. Some options even allow you to make charitable contributions while preserving economic security for yourself and your loved ones. Giving options include:
- Bequest: Naming the Cortland Community Foundation in your will or trust is a popular way to support the community and your charitable interests. A charitable bequest can designate a specific amount, a percentage of your estate or what remains after other bequests are fulfilled.
- Charitable lead trust (CLT): Enables you to make significant charitable gifts in the near term while eventually transferring the remainder of the trust back to you or to your named beneficiary. This strategy benefits those who want to leave an inheritance for children or grandchildren while minimizing gift and estate taxes.
- Charitable remainder trust (CRT): Allows you or your designee/s to receive an income for the life of the trust, with the remainder passing to the Cortland Community Foundation to support a cause or fund/s that you’ve identified. Benefits can include capital gains avoidance, reduced income taxes and provisions for your spouse or heirs.
- Life insurance: If your need for life insurance has decreased, transforming the policy into a gift can help you meet your philanthropic goals while realizing income tax savings and estate tax advantages. Transferring ownership of a cash value policy to the Cortland Community Foundation allows you to receive a tax deduction based on its current value, plus additional tax deductions based on the annual premiums you continue to pay.
- Retained life estate: You can deed real estate to Cortland Community Foundation, save taxes now with a current deduction and enjoy the property for the rest of your life. Proceeds from the eventual sale of the real estate will help leave your legacy and carry out your charitable intentions.
- Retirement assets: If you find that the assets you’ve set aside for your retirement in an IRA or other qualified plan exceed your needs, you may elect to name the Cortland Community Foundation as the beneficiary. Retirement assets can be the ideal way to meet philanthropic goals because they’re heavily taxed if left to heirs, but tax-free if designated for charity.