Planned & Legacy Gifts
You may establish any type of fund through a full range of planned and legacy gift options at The Community Foundation. Planned gifts offered through The Community Foundation include charitable gift annuities, charitable remainder trusts, a pooled income fund and other arrangements to fit your personal situation. Planned and legacy gifts may be used to establish or added to any type of fund offered by The Community Foundation.
Those who include The Community Foundation in their long-term charitable planning will be welcomed as members of the Nettie J. Dayton Circle, a special group of visionary philanthropists who have named The Community Foundation as a beneficiary in their will, retirement plan, trust, life income gift or other deferred gift arrangement.
Summary of planned and legacy gift types:
Bequest: A charitable bequest in your will can be the most powerful tool in leaving a lasting legacy for your community. A bequest is an irrevocable gift from your will or personal trust of cash, securities, real estate or other assets. Sample Bequest Language
Retirement Plan Beneficiary Designations: Naming The Community Foundation for Greater New Haven as a beneficiary of your retirement plan (such as an IRA, 401(k), 403(b), Keough or other similar plan) is an excellent way to support the causes you care about, create a lasting legacy, and avoid potential estate and income taxes.
When you pass on retirement plans to family members, they may get less than half of the assets because of federal and state income and estate taxes. For this reason, financial advisors often recommend bequeathing to your family other type of assets (such as cash or securities) and leaving your retirement plan to charity where 100% will support the causes that you care about. It is easy to do. All that is required is to notify the plan administrator that you would like to name The Community Foundation (tax id 06-6032106)) as a retirement plan beneficiary.
Life Income Gifts: You can make a gift to The Community Foundation, receive income for life, and then create a permanent fund in your name or add to an existing fund. Compare the many ways to accomplish your philanthropic goals, your way.
Charitable Gift Annuity: A charitable gift annuity is an agreement between you and The Community Foundation, whereby you donate cash or stock to The Community Foundation now, gain immediate tax benefits, and receive a fixed and guaranteed income for life for you and/or a loved one.
Charitable Remainder Trust: You can place cash, stock or other property, such as real estate, in a trust that pays annual income to you (or another named beneficiary) for life. Charitable Remainder Trusts are very flexible and can receive a variety of assets.
Pooled Income Fund: A pooled income fund operates similarly to a mutual fund and provides you with a variable income stream based on the net earnings of the fund. You make a permanent gift of cash or stock to the fund, which is then commingled with the gifts of other donors.
Charitable Lead Trust: You can place cash or other property into a trust that pays income to The Community Foundation for the number of years you select (or lives). Once this period ends, the assets held by the trust are transferred to the beneficiaries you name, most often your direct heirs; or the trust assets can revert back to you.
Gifts of Life Insurance: The Community Foundation accepts gifts of paid-up life insurance policies. If you name The Community Foundation as owner and beneficiary of such a policy you will be entitled to a charitable deduction for the approximate cash value of the policy. You could also elect to remain the owner of the policy and name The Community Foundation as the ultimate beneficiary, in which case you would maintain control over the policy.
Beneficiary Designations on Other Types of Accounts: You may also name The Community Foundation as the beneficiary of a bank, checking or investment account. The process is similar to that of a retirement plan beneficiary designation, in that you will need to update the beneficiary form on the account(s) with the holding institution.
For more information please email Sharon Cappetta, Director of Development or call 203-777-7071.
A Resource for You: Giving Guidelines
In order to better provide you with the resources and information you need to contemplate your philanthropy, we have created Giving Guidelines [PDF 3.1 MB].
Please know that we are here to support you and that we share your goals of advancing and improving the Greater New Haven community.
For more information about fund language, please call The Community Foundation at 203-777-2386.