Part 2: Planning Your Charitable Legacy.
Creating your legacy through planned giving enables you to have a lasting impact on the organizations about which you care so much. Below are some of the ways to achieve your charitable legacy goals.
Bequest: Through a will or trust. This is the most popular planned giving method and the simplest.
Charitable Gift Annuity: A simple contract between you and the Foundation in which you make an irrevocable gift of cash or securities in exchange for guaranteed payments for life. Part of the payments are tax-free. After your lifetime, your chosen organization(s) receives the remainder of the funds.
Charitable Lead Trust: A trust established with your attorney. Receive an income tax deduction upon creation, provide your favorite organization income for a fixed term and the remaining assets return to you or other named family members.
Charitable Remainder Trust: A trust established with your attorney that provides you with lifetime income and an income tax deduction upon creation. The remainder of the trust is distributed to your favorite organization(s). Useful for complex assets, such as real estate.
Endowment Fund: A permanent fund that supports your favorite organization(s) in perpetuity. Distributes a fixed percentage of the fund to your chosen organization(s) each year.
Life Insurance: Name your favorite organization(s) or the Foundation as partial or sole beneficiary of your policy. Leverage your giving by naming a new policy or transferring an existing policy to the Foundation to be designated to your favorite organization(s). You may receive an immediate and future income tax deduction for the premiums paid or value of the transferred policy.
Retirement Plan/IRA Assets: Most types of retirement plans are heavily taxed at death so they are advantageous assets for giving. Name your favorite organization(s) or the Foundation as beneficiary while avoiding income and estate tax for your heirs.
The Jewish Community Foundation offers Legacy Planning services free of charge, with the utmost confidentiality. Contact them at: (858) 279-2740. www.jcfsandiego.org
