You have your own goals for your mission. The Community Foundation offers tools to assist you with creating the right investment mix so you can meet those long-term goals for your fund. CFCC offers tools and services that can help you plan, budget and forecast the needs of your fund to prolong the success of your mission, and provide ongoing maintenance and care.
By partnering with an investment firm that serves successful individuals, families, business owners, and executives we can help you define your fund’s financial goals, help you craft a plan in pursuit of those goals, and help make your aspirations for your mission a reality.
Are you a financial professional or are you working with a financial planner? The Community Foundation of Carroll County can work with your financial professional to help you create your legacy. Please click here to learn how the Community Foundation of Carroll County works with financial planners and professionals.
Outright Gift During Lifetime
You want to make a gift now. You establish your own fund or contribute to an existing fund.
You want to make decisions on a Will. You have taken care of all the usual details, assigned sentimental possessions, and provided for relatives.
You provide that all remaining assets go to Your Fund, significantly reducing the taxes otherwise payable by your estate. Your Fund will support community needs in your name permanently.
Or, you simply write a “codicil” (amendment) to your existing Will. You state that in addition to or instead of certain provisions of that Will, you would like to leave the remaining assets or a specific dollar amount, to the Community Foundation. Your lawyer can assist you in making this change.
You have achieved a fairly comfortable accumulation of assets. You would like an income for yourself, your spouse, or other beneficiaries for the rest of your lives. Ultimately you want charity to benefit from your estate.
You establish a charitable remainder trust with the remainder going to Your Fund. You receive a substantial income tax deduction for up to six years, and estate taxes will be reduced upon your death. You and your beneficiaries will receive an income for life. During this time, the trust is treated as a “deferred” fund of the Community Foundation.
If you prefer, you can establish a charitable remainder trust in your Will, providing a life income for your surviving beneficiaries. Because of the charitable estate tax deduction, the surviving beneficiaries may receive a larger income than would otherwise be possible. There are two types of charitable remainder trusts:
A fixed income trust from which you or your beneficiaries will receive a set amount each year.
A variable income trust from which you or your beneficiaries will receive a percentage of the trust’s assets.
Changes in the asset value of the trust will affect the level of your income each year.
The minimum amount recommended for the charitable remainder trust is $50,000.
Charitable Lead Trust
You have provided for your children, even though estate taxes will take a big bite out of what you leave. but there will be much, much less left for your grandchildren, when increasingly large tax bites are taken out of your children’s estates.
You can set up a charitable lead trust. You donate part of your estate to the trust now, and the income goes to Your Fund for a designated period of years. Your estate taxes are reduced, and the property is not taxed to your children. When your grandchildren reach maturity, the trust terminates, and the assets go to their benefit. Charity benefits during all those years and your grandchildren receive much more than they would otherwise.
Assignment of Trust Fund Income
You are currently the beneficiary of a trust which pays you a regular income. You give some of this income to charity but do not receive maximum tax benefits.
You assign to Your Fund a portion of this annual income for the benefit of charity. You pay no further tax on this income. In addition, you may take an immediate income tax deduction for the value of this assignment. If this deduction is more than you can use in the year of the assignment, the excess may ordinarily be deducted over the five succeeding years.
The information featured on this website is intended for educational and informational purposes only. Nothing on this website should be considered as the rendering of legal, accounting or other professional advice. Always consult your legal, tax or other professional advisor(s) before implementing a planned gift to charity.