Everyone can make a gift. The Muskingum County Community Foundation is for people like you who care enough about the future of our community to visit our Web site. Whether it is a modest gift or a larger gift that establishes a fund, each contribution will make an impact on our community.
The Foundation is able to receive a broad range of charitable gifts.
Giving Now
One of the simplest ways to make a planned gift is through a will or trust to establish a fund or add to an existing fund.
You can make a gift bequest to benefit MCCF by designating a dollar amount, securities, specific property or a percentage of the remainder of your estate. According to current laws, your estate will receive a charitable deduction for the donation, so your heirs will not be required to pay estate tax on these assets.
Your attorney or professional advisor can provide sample language to include in your estate planning documents.
These trusts can provide lifelong benefits for donors and spouses. The trust makes a gift without loss of income and provides a current income tax deduction for a future gift. The donor selects the rate of return and chooses a fixed or fluctuating annual payment to be made to designated parties during their lifetime.
There are no capital gains taxes on these trusts and the donor receives a tax deduction based on income recipient's age and chosen rate of return. When the trust term expires, the remaining assets in the trust pass on to establish a fund or add to an existing at the Foundation.
A charitable lead trust is the reverse of a charitable remainder trust.
When establishing a charitable lead trust, assets are transferred to a trust that pays income to MCCF for a specific period of time. The Foundation receives income annually while the assets are in the trust. At the end of the specified time period, the trust terminates and the assets are given back to the donor or a person designated by the donor.
A charitable lead trust can lower estate and gift taxes that would be due on assets. This option is attractive if you would like to leave assets for your children or grandchildren, but not immediately.
Contribution of a life insurance policy or its proceeds often allows the opportunity for a donor who can make only small annual gifts to make a major gift.
There are several ways to contribute a life insurance policy to MCCF. One option is to irrevocably name the Foundation as the owner of an existing paid up policy. The Foundation then names itself as the policy beneficiary, and will receive the death benefit. Naming the Foundation as the policy owner and beneficiary of an existing life insurance policy qualifies you for a tax deduction for the approximate cash surrender value, reducing your tax liability during the year you make the gift.
Instead, you may choose to name the Foundation as the beneficiary of an existing policy. The death benefit will be included in your estate, but your estate will receive a charitable deduction for the amount designated to the Foundation.
You can also make a gift by naming the Foundation as owner and beneficiary of a new life insurance policy. A donor can make a gift to the Foundation to buy a new policy and deduct the initial contribution made for this purchase. Future gifts to the Foundation in the amount of the policy's annual premium are deductible in the year they are made.
A gift of real estate may be the best option for you. Donors receive a tax deduction for the fair market value of the property, avoid capital gains tax, and remove the asset from future estate taxes.
One option is to give real estate while retaining life tenancy, which provides income tax deduction by deeding your property to the Foundation now. You continue to live there, maintain the property, and receive income generated by the property. At your death, the property may be sold by the Foundation and the proceeds used to establish a fund or contribute to an existing fund.
If you have retirement account funds (such as IRAs, Keogh plans, 401(k) and 403(b) plans) beyond what you need to comfortably support yourself and loved ones after retirement, you can designate the Foundation as the beneficiary through your retirement plan administrator.
Charitable gifts of retirement assets require professional assistance because of complex tax laws and distribution requirements. Assets received can be used to establish a fund or contribute to an existing fund.
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