Planned gifts encompass several different areas of charitable giving and can be funded with cash, equity, property and more. Find information below regarding planned gifts options offered by the Chester County Community Foundation.
Bequests are the most popular form of planned giving. A donor names an already existing fund or a new fund at the Chester County Community Foundation to receive a percentage, dollar amount or the remainder of a donor’s estate. Bequests enable donors to reduce estate taxes while supporting the community.
Gifts of Retirement Assets
Retirement plans are considered “income in respect of a decedent” at your death: assets that would have been taxable to you if you had lived. You can help preserve the funds you have saved for retirement by leaving more heavily taxed retirement assets to the Community Foundation, and leaving more favorably taxed assets in your estate to your heirs.
Charitable Gift Annuities
A Charitable Gift Annuity allows donors to contribute assets to the Chester County Community Foundation, receive an income tax charitable deduction, and receive a guaranteed income for life.
Gifts of Life Insurance
Donors may gift a life insurance policy that is no longer needed, take out a new policy, or name the Community Foundation or a fund of the Community Foundation as a beneficiary of an existing policy. A gift of life insurance may provide valuable income and estate tax savings.
Gifts of Real Estate
A donor may give appreciated real property to a fund at the Chester County Community Foundation. The donor continues to retain the use of the property during their lifetime. For the year the gift is made, it is considered a charitable contribution. This may result in a substantial charitable income tax deduction. After the tenancy terminates, the Community Foundation becomes the owner of the property. When property is sold, the proceeds are added to the designated endowed fund at the Community Foundation.
Charitable Lead Trusts
Charitable Lead Trusts allow donors to provide income to a fund at the Community Foundation for a specified number of years. The remainder is then returned to the donor or their named beneficiaries. Benefits may include the transfer of assets to others with a minimum of estate, gift and income taxes.
Charitable Remainder Trusts
A donor transfers cash or equities irrevocably to a trust. When no longer needed by the donor, the remainder goes to a fund at the Community Foundation, as designated by the donor.
Charitable IRA Rollover
A Charitable IRA Rollover allows donors 70½ years and older to direct up to $100,000 from their traditional IRA to a charitable fund. The Charitable IRA Rollover counts towards the Required Minimum Distribution, the amount a person over 72 years of age must withdraw from an IRA each year.
Ben Franklin Legacy Society
The Ben Franklin Legacy Society recognizes all those who have included a fund of the Community Foundation in their will or other deferred giving plan.
The Society derives its name from the Benjamin Franklin Trust, which Ben himself set up in the 1790’s, to be distributed 200 years after his death. Two centuries later in 1996, Chester County Community Foundation’s first planned gift was a portion of this original trust.