Planned Giving
The Pros of Planned Gifts
Including a gift to Barberton Community Foundation in your estate plan is an easy way for you to make a significant impact on Barberton’s needs and create a legacy that lasts forever. Typically, planned gifts are established through a will, trust, or retirement plan, enabling a much larger gift than you might be able to make during your lifetime. Some planned gifts, such as naming a charity as beneficiary of your will or retirement plan, can be changed or even revoked while you are living. Others may not be revocable, but they can provide immediate financial benefits such as tax savings or additional income.
In some cases, a planned gift must be drawn up by an attorney. Others may not require an attorney, but you should always consult your legal, tax, or financial advisor before you proceed. Like most community foundations, Barberton Community Foundation is not able to offer legal or tax advice. However, we are happy to work with you and your advisor to provide information about your giving options and the community nonprofit landscape.
Types of Planned Gifts
Planning today can help those in the future have the quality of life we would all treasure. The types of planned charitable gifts include (among others):
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Bequest
A bequest can be made by naming the Foundation as a charitable beneficiary in a new will, or by adding a codicil to your existing will. Your bequest can take the form of a stated dollar amount or specific property, a percentage of your estate, or a portion of or the entire residue.
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Life Insurance
You may give a life insurance policy you no longer need, take out a new policy, or name Barberton Community Foundation as a beneficiary of an existing policy. A gift of life insurance may provide you with valuable income and estate tax savings.
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Charitable Remainder Trust
A Charitable Remainder Trust (CRT) allows you to establish a trust for the ultimate benefit of your fund at the Foundation, retain a lifetime income generated by your contributed assets, receive a current income tax deduction, and defer the capital gain recognized on the sale of the contributed asset. A CRT may help you eliminate capital gains taxes, reduce or eliminate gift and estate taxes, improve your lifetime cash flow, and when coupled with an asset replacement trust, provide for your heirs as well.
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Retirement Accounts
Your retirement plan accounts and IRAs may be subject to layers of taxation, including both estate and income tax.
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Estate
If you own property that is valuable and wish to continue using it during your lifetime, you can make arrangements to give it to the Foundation upon your death. In doing so, you may receive a current income tax deduction and a future estate tax deduction.
Information for Professional Advisors
There are a variety of ways for your client to give to Barberton Community Foundation, from outright gifts to planned giving strategies designed to help them make charitable gifts while enjoying tax benefits, maintaining their financial security, and caring for loved ones.
As a community foundation, we provide a vehicle through which individuals, families and companies can make gifts, immediate or deferred, to establish charitable funds that benefit Barberton forever. The Foundation is permanent and flexible, assuring donors that the spirit of their philanthropy will endure.
Set up a meeting with our planned giving strategist to learn how a partnership with the Foundation can build legacy and meaning into your client’s lives.
Resources
Barberton Community Foundation is providing this Quick View Tax Guide as a helpful resource for donors, community members, and partners who want a simple, reliable way to understand upcoming federal tax changes. Many individuals and families use tools like this when planning for retirement, preparing for tax season, or considering year-end charitable giving.
Retirees will find clear information on Social Security, Medicare premiums, and Required Minimum Distributions. Small business owners and self-employed individuals can quickly reference payroll tax updates and business-related deductions. Financial planners, accountants, estate professionals, and nonprofit partners may also find this overview useful in supporting their clients and organizations.
While the Foundation does not give tax advice, we know that accessible information helps people make confident, informed decisions, especially when personal financial planning intersects with philanthropy.
If reviewing this guide prompts you to think about your own charitable plans, we welcome conversations about starting a fund, contributing to the Foundation’s endowment, or making a gift today. You can make a donation to any of our funds at barbertoncf.org/donate/.