Bequests & Beneficiary Designations
Simple Planned Giving You Can Do Right Now
Planned giving and establishing future gifts doesn’t have to be complicated: Two ways to make simple lasting charitable contributions include making a bequest in your will, or a beneficiary designation on any account or policy that asks for one.
The most common planned gift is a simple statement in a will (or in a codicil to the will) or in a trust. A bequest can be easily made through a designation in a will or trust to establish a fund or add to an existing fund at CICF. We accept bequests in several forms, including cash, securities or personal property. The bequest can be in the form of a stated dollar amount or specific property, a percentage of the estate, or a portion of or the entire residue. Under current law, your estate will receive a charitable deduction for the full donation to the fund at CICF, so your heirs will not pay estate tax on these assets.
The following language would be appropriate for a bequest:
(a) I give and bequeath $______ [-OR-] ______ percent of my adjusted gross estate (as that term is defined in the federal estate tax laws) to establish the “_________ Fund” of Central Indiana Community Foundation, Inc., subject to its governing instruments, policies and procedures, as amended from time to time.
(b) I bequeath $______ [-OR-] _______ percent of my adjusted gross estate (as that term is defined in the federal estate tax laws) to Central Indiana Community Foundation, Inc. This gift shall be devoted to the general charitable purposes of Central Indiana Community Foundation as set forth in its governing instruments, as amended from time to time.
Many of the accounts or policies that you own ask that you designate a beneficiary who will receive that asset at your passing or the term of the policy. A very simple way to make a future gift to an organization or issue you care about, or to your personal fund at CICF, is to list Central Indiana Community Foundation as a full or partial beneficiary on the required form. The contributed amount can be in the form of a stated dollar amount or a percentage of the value of the account or policy.
Naming a fund at CICF as a beneficiary of your retirement funds, such as Keogh plans, and Section 401(k) and 403(b) plans, is a simple and effective way to make a gift while avoiding significant and often-unanticipated tax penalties. Retirement plan assets can be contributed directly to a fund at CICF at your passing by naming the Foundation as a beneficiary on a beneficiary designation form from your retirement plan administrator. Retirement assets received can be used to establish a fund or add to an existing fund (either your fund or a general fund) at the Foundation.
The contribution of a life insurance policy or its proceeds may enable a donor who typically makes modest annual gifts to make a major contribution. There are several different ways you can contribute a life insurance policy as a gift to a fund at CICF.
- You may irrevocably name CICF as the owner of an existing paid up policy. The Foundation then names itself as the beneficiary of the policy and the fund you designate will receive the death benefit upon your passing. You may be able to deduct a calculated value of the policy itself as a charitable gift.
- You can name a fund at CICF as the beneficiary of an existing policy. The benefit at your passing will be included in your estate, but your estate will receive a charitable deduction for the amount of the death benefit that is designated to the fund of your choosing at the Foundation.
For more information on these types of planned and future gifts, please call Jan Edmondson or Mary Stanley, our senior gift planning advisors, at 317.634.2423.