Create a Philanthropic Legacy in Your Estate Plans
A Donor Story: Mike & Orlaine Gabert
Mike, like his parents, was born in Door County. Orlaine first came to Door County for a summer job after her freshmen year in college. They met the following February while students at UW-Milwaukee. After Orlaine completed her undergraduate degree at UWM, they were married. Mike completed his undergraduate degree and then they both completed their Masters at the UW-Madison. Mike worked in hospital pharmacy administration and Orlaine used her degree in Counseling and Guidance to help youth, women and the elderly in Indiana and Wisconsin. In 1978 the Gaberts took over Mike’s family home in Sevastopol and have lived there permanently since 1999.
The Gaberts were consistently active in many community organizations and continue the tradition with Orlaine’s role with the Women’s Fund of Door County and the Door County Civility Project. “We want to support our main interest,” shares Mike. “We met with our attorney who suggested the use of the Door County Community Foundation to establish a planned gift in our estate plan. We established the Michael and Orlaine Charitable Fund to one day distribute the charitable part of our estate to different charities in the community. We were able to designate a portion of our planned giving to a discretionary fund that will forever be available to support the women and girls of Door County. It is a really simple and easy process.”
By incorporating their fund at the Community Foundation into their estate plans, Mike and Orlaine are able to have a remarkably broad impact on our community and beyond. Through a gift in your estate plans, you can give back to specific charities, support general causes or even create a scholarship in your family’s name. A fund at the Community Foundation is an exceptional tool for giving to charity through your estate plan.
“We have a passion for Door County. When it came to supporting Door County and the causes we care about the Door County Community Foundation was a perfect fit to simplify our estate and still allow us flexibility.”
Including the Door County Community Foundation in your estate plans is an easy way to transfer assets to charity.
In doing so you leave a legacy for Door County, while enjoying the assets you need to maintain your current lifestyle. Plus, you are able to distribute some or all of your assets, tax free.
You can give cash, appreciated stocks, or other assets. Some of the most tax-efficient asset types to give through your will come from retirement plan accounts, since heirs would be taxed on the income in respect of the decedent (IRD). You can choose to give a stated dollar amount, a specific property, a percentage of your estate, the remainder after distributions to other beneficiaries, or you can make your gift contingent on certain events.
Using the Community Foundation as an estate planning tool is easy.
- You determine the type of Fund you would like to establish with your gift – be it a Donor Advised Fund (to be advised by your client’s heirs), a Scholarship Fund, a Non-Profit Endowment, or a Community Impact Fund. Your gift can also be split between several different kinds of Fund.
- You include your Fund at the Door County Community Foundation in your will as a bequest. Or you can name your Fund as a beneficiary of your trust, retirement account, or other investment.
- Upon your death, we set up a special fund in your name, in the name of your family, or in honor of any person or organization you choose.
- Your charitable gift is excluded from your assets for estate tax purposes.
- We handle all the administrative details and distribute the assets to charity per your instructions – or by working with your heirs.
- Your gift can be placed into an endowment that is invested over time. Earnings from your Fund are used to make grants addressing community needs. Your gift – and all future earnings from your gift – can become a permanent source of community capital, giving back literally forever.
And while we may be the Door County Community Foundation, but our family of donors have favorite charities across the nation. As a result, we make distributions to charities in virtually every state in the union.
Talk with your estate planning attorney or contact the Door County Community Foundation. The Community Foundation is regularly asked to attend joint meetings with attorneys, accountants and investment professionals all of whom are serving the same client. We’d be honored to serve you as your philanthropic advisor.