Legacy Giving – Gift Options

We are your trusted advisor, and you can count on our expert staff to employ the smartest and most up-to-date strategies in planning your legacy. Here are a few of the ways you can choose to get started:

A Gift in Your Will

The simplest way to leave a planned gift is to make a bequest that names the fund you choose at Central Indiana Community Foundation—or at The Indianapolis Foundation or Hamilton County Community Foundation—as the recipient of a charitable gift in your will or living trust. You may contribute a specific dollar amount, a percentage of your estate, or the residual of your estate. CICF’s staff can provide you with sample language for a bequest.

A Gift of your retirement funds

Another easy way to leave a bequest is to name CICF as the beneficiary of your retirement funds held in your IRA, 401(k), or 403(b) to add to or establish a charitable fund. This is a simple and effective way— and maybe the most tax advantageous—to create your legacy since it will not be subject to either estate or income taxes, as it would be if left to anyone but a spouse. Please contact CICF for assistance in completing your beneficiary designation forms.

A Gift of life insurance

Like your retirement accounts, a separate beneficiary designation form determines who will receive money from your life insurance policies. Policies you own enable you to name a charitable beneficiary. A simple way to make a legacy gift is to designate CICF as the full or partial beneficiary on the required beneficiary form. This is one of many ways to donate life insurance. Please contact us directly for more details.

Other planned gifts

A CHARITABLE GIFT ANNUITY lets you receive guaranteed income for life and an immediate charitable income tax deduction, as well as supporting charitable organizations meaningful to you. You make an irrevocable gift to CICF, and CICF pays a fixed dollar amount to you and one other person (if you choose). The remainder of the annuity could establish a charitable fund, add to an existing CICF fund, or support the community endowments at your passing. The annuity income depends on your age, the number of people receiving payments, and the amount of your gift to establish the annuity. A portion of your gift annuity income may also be income-tax-free. Please contact CICF to learn more about charitable gift annuities and how they might benefit you and your favorite charities.

By transferring assets to establish A CHARITABLE REMAINDER TRUST, you receive an immediate tax deduction and lifetime income for you and your named beneficiary. You can also reduce or avoid capital gains taxes associated with the gifted asset, and you would remove the assets from your estate. When the trust’s term is complete, any remaining assets pass to CICF to establish a fund of your choice. Charitable remainder trusts offer a great deal of flexibility, and you can receive a fixed dollar amount each year (an annuity trust), or a variable amount based on a fixed percentage of the fair market value of the trust assets (a unitrust).

A CHARITABLE LEAD TRUST distributes income to your charitable fund for a period of years or during your lifetime. Then the assets return to you or your surviving family members. The result is gift and estate tax savings. A charitable lead trust can allow you to make a significant gift to charity and transfer assets to family members with little or no gift and estate tax.

Learn more about the fund options available that you can use to create your legacy.

Heritage circle Society

If you arrange for a legacy gift to CICF, we want to thank you for your planned generosity by inviting you to join this special group of like-minded people. We meet periodically to thank you and learn about our community.