Planned Gifts

Future giving, through planned or "deferred" gifts, is vital to our endowment. In fact, we were established in 1952 in response to a sizeable bequest to benefit the community.

Through estate planning, donors (and their heirs) can realize substantial savings and make significant donations by structuring gifts to take advantage of existing tax laws. The Foundation offers these strategies for donors who are considering an estate plan for financial security – now and in the future.

Gifts By Last Will & Testament. The simplest way to make a deferred gift is to name The Community Foundation of Herkimer & Oneida Counties, Inc. as a beneficiary, after providing for loved ones and others.

 

See:

(Will Language for Unrestricted)

(Will Language for Field of Interest)

(Will Language for Scholarship)

(Will Language for Designated Use)

Life Insurance. The Foundation can be named as a beneficiary or the policy can be assigned to the Foundation which becomes the owner. The donor can then make tax-deductible gifts to the Foundation to cover the premium payments and a fund is eventually created which can support the donor’s charitable goals in perpetuity.

Charitable Remainder Trust. The donor establishes an irrevocable trust with a gift. The donor chooses to receive either a fixed or variable income from the trust, for life or for a limited number of years. After the end of the predetermined period of time, the Foundation receives the "remainder" – for unrestricted use or to honor the donor’s wishes through a fund. (Donor first – charity later.)

Charitable Lead Trust. The donor funds a trust which pays out either a fixed amount, or a percentage of the annual value of the trust, to the Foundation. At the donor’s death, the remainder is paid out to the beneficiaries – usually family members. (Charity first – individuals later.)

Individual Retirement Accounts (IRAs). If these assets are passed on to heirs, they are heavily taxed. Naming the Foundation as beneficiary of an IRA removes the asset from the donor’s estate and reduces inheritance taxes.

Life Estate. A person may donate a residence, farm, or property as a planned gift and continue using the property throughout his/her lifetime. The donor receives a partial income tax deduction and reduced estate taxes.

To learn more about planned giving or to discuss your concerns, contact the Foundation Office. Always, we recommend consultation with a professional financial advisor when making these life decisions.

The Community Foundation wishes to honor and recognize those who have included The Community Foundation of Herkimer & Oneida Counties, Inc. in their charitable estate plan. We have established a Legacy Society as a tribute to these donors. Kindly advise the foundation, personally or through your financial advisor, of your interest in our future. Thank you.

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