BEQUESTS BY WILL
Last Fall, we had three donors who requested bequest information. Since many of us are now considering a will, we want you to know that including a charitable bequest in your will is a simple way to make a lasting gift that benefits the community forever and becomes your personal legacy of giving.

BENEFITS
Making a bequest to your community foundation is an easy way to transfer assets to charity. You can decide to do it at any age by adding to an existing will or drafting a new one. In doing so, you leave a legacy to your community, while enjoying the assets you need to maintain your current lifestyle. Plus, you are able to distribute some or all of your assets tax free.

You can give cash, appreciated stocks, or other assets. Some of the most tax-efficient asset types to give through your estate plan come from retirement plan accounts, since heirs would be taxed on the income in respect of the decedent (IRD). Through your will, you can choose to give a stated dollar amount, a specific property, a percentage of your estate, the remainder after distributions to other beneficiaries, or you can make your gift contingent on certain events.

HOW IT WORKS

• You include the community foundation in your will as a bequest.
• You determine the type of fund you would like to establish with your gift.
• When the foundation receives the bequest, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose.
• Your charitable gift is excluded from your assets for estate tax purposes.
• LCCF, following your charitable wishes, determines the areas of community need that would be most appropriate for grants from your gift. Our board then issues grants in the name of your fund or, if you prefer, grants can be made anonymously.
• Another alternative is to specify that your gift be placed into the Foundation’s General Unrestricted Fund. All future earnings from your gift is a permanent source of community capital, helping to do good work forever.