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The Internal Revenue Service has authorized several ways that you can make
gifts to The Peninsula Community Foundation of Virginia that will benefit
our community in the future and also provide benefits for yourself. To
learn more about planned giving at The Peninsula Community Foundation, contact
Jana Murphy Kast, Executive Director.
Bequests
Designating The Peninsula Community Foundation of Virginia as a
beneficiary of your Will or living trust is a straightforward way of
creating a fund. You can designate a specific amount, a percentage of your
estate or the residue and remainder of it. Through the type of fund you
establish you can support specific organizations, address general
charitable causes, help students with scholarships or benefit an array of
nonprofit needs.
Click here
for suggested language to share with your legal counsel.
Charitable Gift Annuity
A Peninsula Community Foundation of Virginia Charitable Gift Annuity (CGA)
can generate immediate or deferred income for the life of one or two
designated individuals. It can provide a partially tax-free income and an
income tax deduction for you and allow remaining assets to be used to
support your favorite charities and charitable causes.
The Peninsula Community Foundation offers CGAs to donors who are at least
60 years old. The minimum contribution is $50,000. Payments are based on
your current age; rates are established by the American Council on Gift
Annuities.
Current Gift Annuity Rates* |
5.7% |
6.0% |
6.5% |
7.1% |
8.0% |
9.5% |
| Age Rate |
60 |
65 |
70 |
75 |
80 |
85 |
*Rates are for a single life and are subject to change; information current as of September 2007, and remains valid through June 30, 2008.
More information is available from our staff . For general information on
charitable gift annuities and the most current rates visit
www.acga-web.org.
Beneficiary
Designation
Many people are just now reaching the age where they can tap into
Individual Retirement Accounts and other retirement funds. Often a portion
of these assets will remain after their lifetimes. If you plan to pass
these retirement assets on to anyone but your spouse, they will be subject
to significant taxation – as much as 80 cents or more on the dollar.
Making The Peninsula Community Foundation of Virginia the successor
beneficiary to a spouse for those remaining assets gives the full dollar
value to support your charitable goals while removing the assets from your
estate for tax purposes.
Whether you decide to support specific nonprofit organizations or to
create a scholarship fund to help students, the Foundation will provide
ongoing stewardship to ensure your wishes are fulfilled.
Charitable Remainder Trust
A charitable remainder trust (CRT) permits you to make an irrevocable gift
and receive an income in return. Moreover, if appreciated assets are used
to fund your trust, you will not be subject to capital gains taxes. You
will also be entitled to an income tax charitable deduction.
There are two types of CRTs: Unitrusts and Annuity Trusts. In both cases,
the term may be for life or a period of years up to a maximum of 20 years.
The minimum annual percentage payout is 5%.
The Peninsula Community Foundation of Virginia offers a great deal of
flexibility as the charitable remainder man of a CRT. The Foundation can
provide a list of financial organizations that can serve as trustee. By
using the Foundation, you can use trust assets to establish a fund that
will support specific organizations, general charitable causes or create
scholarship programs. As the recipient of the remainder trust, the
Foundation will receive the assets at the end of the trust term and
provide ongoing stewardship of your charitable wishes.
Charitable Lead Trust
Often described as the reverse of a CRT, a Charitable Lead Trust
distributes income to your charitable fund for a period of years or
throughout your lifetime. Then the assets return to you or, more
typically, to surviving family members. The result is gift and estate tax
savings. If planned correctly, a CLT will allow you to make a significant
gift to charity and transfer assets to family members with reduced or no
gift and estate taxes.
An Invitation to Join
When you make a gift to charity in your will or other estate plans,
you leave a legacy for those who come after you. Seldom are you
acknowledged for this selfless gift, as the charity doesn't learn of the
gift until it is too late to thank you. You are eligible to join
the Virginia Peninsula Legacy Society if you have made formal
arrangements for a planned gift to the Peninsula Community Foundation of
Virginia, Inc.
If you are interested in becoming a member of the Foundation's Legacy
Society please contact us.
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