Planned Giving
We envision an improved quality of life for Barberton residents, now and forever.
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):
Bequest
A bequest can be made by naming the Foundation as a charitable beneficiary in a new will, or adding a codicil to an existing will. The bequest can be in the form of a stated dollar amount or specific property, a percentage of the estate, or a portion of or the entire residue.
Life Insurance
Donors may give a life insurance policy no longer needed, take out a new policy or name Barberton Community Foundation as a beneficiary of an existing policy. A gift of life insurance may provide valuable income and estate tax savings.
Charitable Remainder Trust
A Charitable Remainder Trust (CRT) allows a donor to establish a trust for the ultimate benefit of his or her fund at the Foundation, retain a lifetime income generated by the 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 lifetime cash flow and when coupled with an asset replacement trust, provide for heirs as well
Retirement Accounts
Retirement plan accounts and IRAs may be subjected to layers of taxation – both estate and income tax.
Charitable Lead Trust
This allows donors to provide income to their fund at the Foundation for a specified number of years. The remainder is then returned to the donor or his or her named beneficiary. Benefits may include the transfer of assets to others free of estate, gift and income taxes.
Life Estate
If a donor owns property that is valuable and is interested in using it during his or her lifetime but makes arrangements to give it to the Foundation upon death, he or she may receive a current income tax deduction and 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.
