A Resource for Attorneys, Accountants and Investment Professionals
Your clients can give most any kind of asset into their Fund at the Community Foundation – both today and in their estate plans.
Our Guide to Endowments is a simple tool that your clients can use to learn more about the great work our local charities are doing to improve our quality of life in Door County.
The Guide to Endowments is incorporated into the annual Philanthropy issue of Door County Living magazine.
Give to any of the Funds at the Community Foundation using a wide range of tools.
Outright Gift. Your clients can make a gift of cash, stocks, bonds, real estate, or other assets to the Door County Community Foundation. Because the Community Foundation is a 501(c)(3) public charity, your client’s gift generally qualifies for maximum charitable benefit under state and federal law.
Bequest. Your client can designate a gift or portion of you estate to the Community Foundation and, very often, receive a substantial reduction in federal gift and estate taxes.
Retirement Account. Some of the most tax-efficient asset types to give through your will come from your client’s retirement plan accounts, since heirs would be taxed on the income in respect of the decedent (IRD). Since the Community Foundation is a charity, the retirement accounts are shielded from taxes thereby maximizing their gift to charity.
Insurance Policy. Your client can name the Community Foundation as the beneficiary of a life insurance policy and direct that the proceeds be placed in any of the different kinds of Funds we administer.
Charitable Remainder Trust. Your client can place cash or property in a trust that pays annual income to you (or another named beneficiary) for life. After their death, the remainder of the trust transfers to the Door County Community Foundation, and is placed in a charitable fund your client has selected. They also receive income tax benefits the year they establish their trust.
Charitable Lead Trust. Your client can place cash or property in a trust that pays a fixed amount to the Community Foundation for the number of years you select. Once this period ends, the assets held by the trust are transferred to the beneficiaries your client has named. In most cases, your client receives a substantial reduction in federal gift and estate taxes.
Gift of Non-Cash Assets. Your client can give publicly traded stock or other assets that have financial value through any of the gift vehicles noted above. By donating a highly appreciated non-cash asset, your client also typically avoids paying taxes on their capital gains.
Gifts of Real Estate & Closely Held Stock. Contributions of these kinds of assets to the Community Foundation normally entitle your client to deduct their fair market value. The same gift to a private foundation typically is limited to its cost basis – what your client paid for the asset.
The Door County Community Foundation is a 501(c)(3) public charity and thus charitable gifts qualify for the maximum tax deduction as allowed by federal law.
Our professional philanthropic staff welcomes the opportunity to talk with you individually, or join you in meeting your client, to explore how the Community Foundation can help your clients give back to sustain the community we love. Please contact the Door County Community Foundation and let’s get together soon.