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Build a Lasting Legacy through Planned Giving

Philanthropy offers valuable estate planning benefits and allows you to build charitable giving into your estate plans. In addition to providing for your loved ones, you may choose to create a unique fund at Southeastern Illinois Community Foundation or add to one you have already established so that you can make a difference for future generations. 

The correct plan for you should balance what you wish to accomplish for yourself, your family, and your charitable interests in your overall estate and financial plans.We can work with you and your attorney or financial advisor to help you prioritize your goals, while achieving the most favorable income tax benefits available. Some future gifts may allow you to receive an income during your lifetime and benefit your favorite causes after you have passed.

When you seek a planned giving option, Southeastern Illinois Community Foundation will work with you and your professional advisors to set up the best type of fund to support the causes you care about.

Planned gifts include:

  • Bequest by Will or Trust
  • Charitable Remainder Trusts
  • Retirement Plan Assets
  • Gift of Life Insurance/IRA Beneficiaries
  • Gift of Residence or Farm
  • Giving Options
  • Simple Bequests

Bequest Will or Trust

A bequest is made through a donor’s will or living trust. It is easy to establish and revocable. Donors who leave a bequest to charity can take an estate tax deduction of 100 percent of the gift's value. You can state your bequest as a set amount of cash, securities, or other assets; or as the “residue” or a “percentage of the residue” of the estate. (Please see our sample bequest language.)

Charitable Remainder Trusts

A donor may transfer assets to a charitable remainder trust that provides a specified distribution percentage to one or more (income) beneficiaries for life, or a term of years, with the remainder interest paid to charity. There are two kinds of Charitable Remainder Trusts:

  • Charitable remainder unitrust. A CRUT requires annual revaluation of the trust assets — which typically changes the value of the unitrust payment — and allows donors to make additional gifts to the trust.
  • Charitable remainder annuity trust. A CRAT does not allow donors to make additional gifts to the trust, and CRAT assets are not revalued annually, so the income beneficiary receives the original cash amount.

Charitable Lead Trusts

A donor may transfer assets to a charitable lead trust. A charity is the income or “lead” beneficiary for a lifetime or term of years, after which the remaining assets are distributed to the donor or other beneficiaries.

Life Insurance/IRA Beneficiaries

In larger estates, retirement fund assets distributed to family members may be subject to double taxation, first through the donor’s estate tax, and then through the beneficiary's' income tax. IRA accounts listing Southeastern Illinois Community Foundation as the beneficiary are free of estate and income taxes. Not only can Community Foundation be named as the beneficiary of a life insurance policy, but a donor can also transfer the policy irrevocably to the Community Foundation and claim an income tax deduction for the policy’s cost basis or cash surrender value (whichever is less). Any subsequent premium payments will be tax-deductible.

Staff Assistance

For more information about planned giving, please contact Southeastern Illinois Community Foundation.