Bequests & Lifetime Gifts

Leaving a Legacy: Bequests & Lifetime Gifts

Want to make a lasting impact on our community? With thoughtful planning, you can leave a meaningful legacy to your favorite charities. A popular way to make a legacy gift is through a charitable bequest in your will or trust. Your gift can support a beloved charity, augment your current giving, or even be used to establish an endowment fund at the Chillicothe-Ross Community Foundation.

Bequests: Giving Through Your Will

A bequest is a gift made through your will or trust. It’s a powerful way to ensure your values live on. The savings in state and federal death taxes resulting from a gift to the foundation can be dramatic, and your charitable bequest can benefit your family’s inheritance.

Form of Gift:

Bequests can take a variety of forms. You can leave the foundation a stated sum of money, securities or even your home.

• Types of Bequests:

  • Specific Sum: A specific dollar amount.

  • Contingent Bequest: The Chillicothe-Ross Community Foundation receives the gift only if other beneficiaries are no longer living.

  • Named Gift: You can name the gift after yourself or someone else, or add it to an existing fund.

  • Unrestricted or Restricted: You choose whether the gift is used for any purpose or a specific charitable cause.

The Benefits of Bequests

• • Establish your own charitable fund at the Chillicothe-Ross Community Community Foundation through your will or living trust
  • Enables you to make a significant future gift
  • Life income gifts and lead trusts may be made in testamentary form
  • Use of assets during your lifetime

Example Bequest Language:

“I give to the Chillicothe-Ross Community Foundation, Chillicothe, Ohio, $[amount] [or % of estate] to be used for its general charitable purposes [or for the benefit of [specific fund or cause]].”

Disclaimers in Favor of Charity: A Smart Strategy

Consider including a “disclaimer” provision in your will. This allows your heirs to choose to pass certain assets (like valuable collections) to the Chillicothe-Ross Community Foundation. This can reduce estate taxes and ensure the assets benefit our community.

• How it Works: Your will states that if your heir disclaims (declines) an asset, it goes to the Chillicothe-Ross Community Foundation.

• Tax Benefits: The disclaimed asset isn’t included in your taxable estate, resulting in potential tax savings.

Lifetime Gifts: Giving Today

You don’t have to wait to make a difference! Lifetime gifts offer immediate benefits to the Chillicothe-Ross Community Foundation and potential tax advantages for you.

• Cash: Simple and straightforward. Deductible up to 60% of your adjusted gross income (AGI), with a five-year carryover for excess amounts.

• Appreciated Securities (Stocks & Bonds): Avoid capital gains taxes and deduct the fair market value (up to 30% of AGI, with a five-year carryover).

• Stock in a Small Business: Can be advantageous, especially if you’re planning to sell the business.

• Real Estate: The Chillicothe-Ross Community Foundation can accept marketable real estate free of environmental issues.

Important Note: We always recommend consulting your financial or legal advisor to determine the best giving strategy for your individual circumstances.

Ready to discuss your options? Contact us today to explore how you can leave a lasting legacy through the Chillicothe-Ross Community Foundation!