You can design several ways to remember worthy causes. Legacy Society donors provide so much (examples below) to perpetually benefit Tompkins County residents in need.
When you tell us about your future support, you become a Legacy Society member of the Community Foundation. We are very grateful for the deep commitment from each Legacy Society member.
Who is giving? Go to this Link. Members have the joy of being honored now knowing they will help local communities thrive in the future.
Designing your gifts to include the Community Foundation in your will (a bequest) is one way. Other options are life income agreements including Pooled Income Funds, trusts, real estate with retained life use or without, retirement funds and life insurance designating the Community Foundation as beneficiary. A matrix below explains a little more about how you can support us and other charities to solve issues that are important to you.
Your gift doesn’t have to be cash. Assets of stock, bonds, life insurances, IRA proceeds, real estate, shares of closely held businesses, and more offer tax advantages than giving cash. Legacy Society donors make often larger gifts than they could make from their income because they leave a gift in their will or estate.
Examples of Gifts that Match Your Goals
|Financial Goal||Then You Can||And Your Benefits Are|
|Support the Tompkins County community||Put a bequest in your will to benefit the Annual Fund, Tompkins Today & Tomorrow Fund or a Field of Interest Fund of the Community Foundation||Your generosity benefits Tompkins County forever as the community changes and new needs emerge. The Community Foundation can manage your bequest to address these issues; you receive estate tax deductions and keep your assets in your name during your lifetime.|
|Prioritizing heirs’ inheritance while benefiting the Community Foundation and Tompkins County||Name the Community Foundation as a beneficiary of your retirement plan; leave other assets to your family||Reduced estate and income tax.|
|Secure a life income while minimizing taxes||Establish a Pooled Income Fund or Charitable Remainder Trust with the Community Foundation||Income for life (or two lives), immediate tax benefits and often a boosted rate of return from assets.|
|Reduce gift and estate taxes on assets you pass to your children and grandchildren||Create a Charitable Lead Trust that pays income to the Community Foundation for a specific term of years||A gift or estate tax deduction. Your family keeps the assets.|
|Make a large gift with little or no cost||Give a life insurance policy you no longer need||Current and future income tax deductions|
|Make a revocable gift during your lifetime||Name the Community Foundation as the beneficiary of assets in a living trust||Full control of the trust and its assets during your lifetime|