Fairfield Community Foundation
An Affiliate of Hamilton Community Foundation
Planning your Legacy
How do you want to be remembered? What type of impact do you want to have on the causes that matter to you? How will you leave your mark on the community?
As you plan for the future, these are important questions to consider. And, if you are like many others in our community, a planned gift may be part of your response. A planned gift offers you a way to make a gift to Fairfield Community Foundation during or after your lifetime as part of your overall financial and estate planning. It’s also a way for you to make a much larger charitable gift than you could make from your ordinary income.
From simple to very complex, there is a planned giving option for every situation, and the Fairfield Community Foundation can help.
Types of Planned Gifts
Every individual’s situation is unique and each planned giving option offers its own features and benefits.
BEQUEST BY WILL OR TRUST
The simplest way to make a lasting gift to the causes that are important to you during your lifetime is to make a bequest through your will or trust. By simply including information in your estate planning documents, you can easily establish a charitable fund (or add to an existing fund) at the Fairfield Community Foundation that speaks to your charitable intentions. The bequest can be for a specific dollar amount, a percentage of your estate or residue of your estate.
Naming the Fairfield Community Foundation as a beneficiary of your retirement plan — such as an IRA, 401(k) and 403(b) — is an opportunity to avoid income and estate tax penalties while benefiting your community. These assets are the most heavily taxed; therefore, it may be more effective for you to transfer assets to a tax-exempt organization, such as the Fairfield Community Foundation, and leave assets not subject to income tax to your heirs.
By naming the Fairfield Community Foundation as a beneficiary of your life insurance policy, you can make a much larger gift than what you possibly could make during your lifetime. There are a number of different ways you can gift a life insurance policy.
You can irrevocably name the Foundation as the owner of an existing policy, deduct a calculated value of the policy as a charitable gift or choose to name the Foundation as the beneficiary of a life insurance policy that you continue to own. Charitable gifts made to the Fairfield Community Foundation to pay any future premiums are eligible for a tax deduction in the year the gifts are made to the Foundation.