Ways to Give
There are many ways individuals can give back to their
community. Each of these gift options provide donors an opportunity to
fulfill their charitable goals while providing incentives and financial
benefits:
Foundation staff is available to discuss what method of
giving is right for you. Contact the Foundation via phone 513-874-5450
or email info@wclfoundation.com for more information. Click on the following links
for more information about each option:
Cash Gifts
This option is simple, fast and flexible. Contributions
can be made by check, credit card (Visa or Master Card) or wire transfer.
All cash contributions offer immediate tax deductions. Checks should be
delivered to:
The Community Foundation of West Chester/Liberty
5641 Union
Centre Drive
West Chester, OH 45069
Gifts can now be accepted online through
our secure Give Now, giving center.
Gifts of Appreciated Assets
When designated as a gift, the donation of securities
or real property can often provide important tax advantages. The full market
value of your gift can generally be deducted without recognizing income
on the gain from your real cost. Contributions of appreciated property
owned more than one year may be deducted up to 30% of your adjusted gross
income with any unused amount carried over for up to an additional five
years. Please contact the Foundation's office at 513-874-5450 for
more information on the transfer of stocks and delivery instructions.
Bequest by Will
This gift alternative takes a variety of different
forms. As an enduring symbol of your generosity, a bequest supports the
changing needs of our community for generations. A bequest can be a specific
lump sum of money willed to one of the Foundation's endowment funds or
your own named endowment fund. It can also take the form of a percentage
of your estate or a piece of property. In addition, the Foundation can
be identified as the residual beneficiary of your estate, as the recipient
of a specified gift, a contingent beneficiary or as the ultimate recipient
of the assets of a charitable remainder trust.
IRA or Qualified Plan
At death, retirement plan or IRA balances are included
for estate and income taxes - often up to 85 percent. Funding a charitable
bequest with an IRA or retirement plan prevents the bequest from becoming
a liability of your estate, and the gift is made with pre-income tax funds.
Charitable Remainder Trust
This planned giving strategy is ideal for donors
who want to provide a life income for themselves, their spouse or children.
The tax benefits for this type of trust are substantial. Upon the donor's
death, the assets go to the Foundation and benefit the community for years
to come.
"Loans" of Assets
With a charitable lead trust, the assets transferred
to the trust are eventually returned to the donor or, more typically, to
the donor's children. Income is paid to the Foundation annually while the
assets are in the trust. Such trusts can be created during lifetime or
at death with significant savings in gift or estate taxes possible because
of the "temporary" gift to the Foundation.
Charitable Gift Annuity
A gift annuity is a life annuity for one or two lives,
issued by the Foundation in exchange for gift property, with the Foundation
guaranteeing the annuity payment to the annuitant(s). It offers a charitable
tax deduction for the value of the remainder gift, the basis is recovered
tax-free over your lifetime, and the Foundation receives your capital gift
when income needs end.
Life Insurance Policy
Many overlook the value of a life insurance policy
later in life. It is actually a creative avenue for charitable giving and
can be an inexpensive way to make a substantial contribution to the Foundation.
Name the Foundation as the owner and beneficiary and you are entitled to
a tax deduction equal to the value of the policy. Any future insurance
premiums are also deductible as charitable gifts.
Real Property with Lifetime Use
A gift of real estate can be made to the Foundation
while providing the donor with lifetime use of the property. At time of
death, the property is an asset of the Foundation and is excluded from
the donor's estate. Gifts to The Community Foundation are tax deductible
to the fullest extent allowed by law.
Termination of Private Foundation
A private foundation termination into
a component fund at The Community Foundation is fairly simple. A private
foundation will be terminated if it distributes all of its net assets to
a component fund. There is no need to notify the IRS in advance. However,
there is a final income tax return that the private foundation must file.
The transfer must be of all rights, title and interest to all of its net
assets.
If the private foundation is liable for any taxes,
the liability carries over to The Community Foundation. While the contribution
to The Community Foundation cannot have any material restrictions, it
is not a material restriction for The Community Foundation to pay these
taxes. (see section 507 of the Internal Revenue code and related Treasury
Regulations). Consequently, the component fund at The Community Foundation
established with the transfer of the private foundation's net assets
can be charged with any taxes or other obligations associated with the
private foundation. |
