Are there charities and causes in your life that hold a special place in your heart? You can ensure that your support remains after you pass.
A posthumous giving plan can be an important part in your estate planning process. Also known as a legacy plan, this tool allows you to continue your charitable giving after your death. While you might not be here anymore, your name and giving will continue on.
What is a legacy plan?
A legacy plan is a way to give back after your death. These funds allow for the creation of a donor-advised fund at a later date – when your will, trust and/or other estate planning documents officially take effect. These funds can be set to be used for a certain amount of time, or they can continue on indefinitely.
If your legacy fund is established through your will, your estate will receive a tax deduction. You can also contribute to your legacy fund while you’re still living. Tax deductions will be included at the time of those donations, too. Legacy funds are great because you can include them with estate planning but work directly with the foundation to make changes in giving without having to go back and make changes to your will or trust.
How can you set up a legacy fund with CCF?
Legacy funds can be set up with Christian Community Foundation in life and after death. To get started, you’ll enter into a legacy fund establishment agreement, which can be found on our website. This agreement allows donors to transfer their donor-advised funds into legacy funds after death. It also lets CCF know if there are any assets in someone’s estate planning coming their way for the purpose of setting up a legacy fund.
When assets are transferred to CCF, they are subject to the bylaws that currently govern the organization. Donors are not allowed to make any restrictions on the Foundation’s use of the funds. Donors can make recommendations for how the funds are to be spent. They can create a mission statement, assign beneficiaries, appoint fund advisors, establish the lifespan of the fund, make annual grants and establish investment allocations. The minimum amount required to start a legacy fund with CFF is $100,000. If the fund falls below that number, it will be distributed to the established assigned beneficiaries.
A donor-advised fund makes giving simple in life and in death. Getting started in the process is easy. Visit our website or give us a call today to start working on your giving plan.