Charitable Lead Trust is a sophisticated device used to create an income stream to the Foundation first, for a term of years, after which the remainder is distributed, typically to an individual(s) or an organization of your choice.
Charitable Remainder Trust provides you, and a beneficiary, if you choose, with income during your lifetime(s). Afterward, the remaining value is transferred to the Foundation for the purposes you choose. Establishing a Charitable Remainder Trust carries with it many benefits, including accompanying partial tax-deductions for the gift that establishes the Trust. Such gifts are deductible to the full extent allowed by law.
Life Estate allows you to deed property, typically a home or farm, to the Foundation, but allows you to continue to live there. After your lifetime, the Foundation can use the property to continue its mission and fulfill its charitable aims.
Life Insurance allows you to name the Racine Community Foundation as the beneficiary of an existing, or a new, life insurance policy. Premium payments are tax-deductible. This giving option may provide the opportunity to leverage a larger charitable gift than might otherwise be possible.
Property Gift is a way for individuals to donate property which can be divided into two categories: real and personal. Real property includes land and land improvements (things that cannot be moved). Personal property includes moveable property, both tangible (such as cars), and intangible property, represented by paper (such as stocks).
Let us help you define your legacy to Racine County. Contact Liz Powell (Executive Director) at: 262-632-8474.
Since its founding in 1975, the Racine Community Foundation has welcomed donors who seek a dynamic, yet highly respected home for the creation of their personal legacies. They are legacies, large and small, that support programming for education and work preparedness, feed hungry people, shelter the homeless, support environmental initiatives, reduce infant mortality and bring music to our schools, to name just a few. They are legacies that enhance the quality of life for everyone who lives and works in Racine County.
As you develop your estate plan, the Foundation, along with your attorney, accountant or financial advisor, can help you find a planned gift that will best benefit you, your heirs and your community - while allowing you an opportunity to create an on-going testament to what is most important to you.
Some options for planned gifts include:
Your will can include a gift of cash or property to the Racine Community Foundation. The Foundation acts as a steward for the funds to ensure your charitable goals are met. The funds can be directed to an existing fund or, in the case of a bequest of $10,000 or more, can be used to establish a new charitable fund. If a new fund is established, a donor can choose the fundâ€™s name. Sample Bequest Language.
IRAs make wonderful charitable gifts to the Racine Community Foundation. Unlike most assets, IRAs and Qualified Retirement Plans (QRP) are subject to both income and estate tax. If these assets are given to a beneficiary that is not tax exempt, as much as 70% of the asset may go to pay taxes. A charity is exempt from estate tax and income tax, so the charity [Racine Community Foundation] keeps 100%. The individual just completes a beneficiary designation form provided by the IRA or QRP administrator.