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Planned Giving Through the Community Foundation For The Ohio Valley

Individuals who are considering charitable giving through their estate plan may want to consider the Community Foundation for the Ohio Valley (CFOV). CFOV can help donors realize their charitable goals, achieve tax advantages and leave a growing legacy for generations to come. This is philanthropy that is amazingly accessible and will have a major, lasting impact on the Upper Ohio Valley. Legacy gifts support much of the charitable work in the communities we partner with throughout our region.

CFOV offers many options for planned gifts. Some of these vehicles allow you to make charitable contributions while preserving economic security for donors and their loved ones. Planned gifts also can provide donors with important tax savings and other benefits while allowing them to leave a permanent, growing legacy.

Giving options vary, depending on whether donors want to give now or in the future. These can include:

Bequest: Naming the CFOV in a will or trust is a popular way to support the community and charitable interests. A charitable bequest to create an endowment or add to an existing fund can designate a specific amount, a percentage of an estate or what remains after other bequests are fulfilled. Benefits can include significant estate tax savings. They are easy and revocable if circumstances change.

Charitable Remainder Trust (CRT): A CRT allows donors or their designee/s to receive an income for the life of the trust, with the remainder passing to the CFOV to support a cause or fund/s that the donors have identified. Benefits can include capital gains avoidance, reduced income taxes and provisions for a spouse or heirs. CFOV does not act in a trustee capacity, but does work with several different local trustees.

Charitable Lead Trust (CLT): The donor creates a trust to provide the CFOV with income for a specified period, with the remainder distributed to heirs or any third party. Assets expected to increase in value are commonly assigned to a CLT.

This strategy benefits those who want to leave an inheritance for children or grandchildren while minimizing gift and estate taxes. CFOV does not act in a trustee capacity, but does work with several different local trustees.

Life Insurance: If a need for life insurance has decreased, transforming a policy into a gift can help individuals meet philanthropic goals and realize income tax savings, estate tax advantages and extend charitable reach with a low annual cost. Transferring ownership of a cash value policy to the CFOV may allow donors to receive a tax deduction based on its current value.

Retirement plans: Individuals who find that the assets they have set aside for retirement in an IRA or other qualified plan exceed their needs, may consider naming CFOV as the beneficiary. Retirement assets can be the ideal way to meet philanthropic goals because they are heavily taxed if left to heirs, but tax-free if designated for charity.

For more information, speak with your professional advisor and contact the Community Foundation for the Ohio Valley at 304-242-3144 or learn more at www.cfov.org.


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