Bequests & Future Giving
Your legacy of generosity, forever
Call them what you want: bequests, trusts, wills, estates or charitable giving instruments. All are tools to continue or establish your legacy of caring, forever.
Once you are sure you have enough money to live comfortably (and arranged for any gifts for family and special people), you may find joy in planning a future charitable gift to forever benefit your favorite nonprofits or causes.
Hampton Roads Community Foundation was built on charitable bequests from people from all walks of life. We are here to help you by carrying out your wishes forever. Helping shelter animals find homes, making sure no one is hungry, enhancing the arts and benefiting your place of worship are among the endless charitable possibilities we offer. We also can help you stay relevant forever no matter what issues our community faces in the future.
With a bequest to your community foundation, after you pass away we will follow your instructions and turn your thoughtful gift into the type of fund you requested. You will forever be supporting the causes that meant so much to you.
Life was good to Lin and Ethel Mason, and the Norfolk restaurant owners found a way to return the favor – leaving a bequest that will forever benefit people in Hampton Roads through an unrestricted fund at their community foundation.
$25,000 or more starts your named, permanent fund
Your future gift can be any size. If your donation is less than $25,000, it will go directly to any existing fund you name or to our Community Fund, which supports an array of grants to nonprofits tackling community needs.
But a gift of $25,000 or more lets you create a permanent named fund. What's a "fund"? Consider it a permanent savings account where a percentage goes to the nonprofit or causes of your choice every year while the bulk grows over time. You can name your fund for yourself or other special people -- perhaps your parents or a favorite teacher -- or you can remain anonymous. You can also choose the type of fund -- scholarships, designated for specific nonprofits, field of interest for broad areas of concern, unrestricted for unlimited impact and donor advised to involve your family.
Your charitable fund will grow over time -- amplifying your generosity and letting you do good works forever.
The foundation is long-term, ongoing and for the whole general area. [It] is steered by a group of people who have demonstrated they are responsible and capable of using money intelligently."
– The late Charles Syer
Choose the "instrument" of giving that works best for you
If you are planning a major gift, you should consult your attorney, account or wealth manager. This will help you find the asset and form of giving that make sense for you. Our development team can help you tailor your future gift to do the most good. Contact Kay Stine, vice president for development, at (757) 622-7951 or via email.
Here are the likely choices of charitable funds:
Bequests are generally left through language in a will or living trust. You can name a specific dollar amount, a percentage of your estate, or what remains after all other gifts and expenses have been met. The Hampton Roads Community Foundation is the organization you would name as a beneficiary. It is helpful if you work with our team to craft a fund agreement so we know exactly how you want your bequest used. Contact Kay Stine, vice president for development.
You can name the Hampton Roads Community Foundation as the designated beneficiary of a retirement plan such as your IRA, 401(k) or 403(b). It's easy; you usually need only notify the firm holding the asset and ask that Hampton Roads Community Foundation be listed as a beneficiary. It is is helpful if you let us know you have done that so you can create a fund agreement so we will know how you want your donation used. Contact Kay Stine, vice president for development.
You can make a gift of life insurance by irrevocably designating the foundation as the owner and beneficiary or the partial or contingent beneficiary of a policy on your life. Tax benefits depend on whether the policy is paid off or if you continue to pay premiums.
A charitable gift annuity is an easy way for you to make a charitable gift during your lifetime and still receive income. You can also choose that one other person receive immediate or deferred income through the charitable gift annuity. Contact Kay Stine, vice president for development, for more details.
To start an annuity you must:
- Be at least 70 years of age
- Make an irrevocable gift of at least $50,000
A charitable gift annuity lets you:
- Support your favorite charities and causes through the remainder of your annuity.
- Receive an immediate charitable income tax deduction
- Lock in fixed, partially tax- free payments for life
Payments are based on your current age using rates established by the American Council on Gift Annuities. Below is a summary of the latest rates.
|Current Rates (as of July 1, 2018)||5.6%||7.66%||9.70%|
|Age of Donor||70||75||85|
*Rates are approved by the American Council on Gift Annuities for a single life and are subject to change. Rates vary depending on age.
You can realize the tax advantages of making a gift now -- especially of appreciated assets -- while still receiving income from the assets through a charitable remainder trust. After providing income to you during your lifetime, the remaining assets can be used to establish a charitable fund or to contribute to an existing fund.
There are two types of CRTs: Unitrusts and annuity trusts. In both cases, the term may be for life or a period of years up to a maximum of 20 years. The minimum annual percentage payout is 5%. Let Kay Stine, vice president for development, know how she can help you.
A Charitable Lead Trust (CLT) distributes income to your charitable fund for a period of years or during your lifetime. Then the assets return to you or surviving family members. A CLT can allow you to make a significant gift to charity and transfer assets to family members while saving taxes. Contact Kay Stine, vice president for development, for more details.
Finally, let us properly thank you
Join your friends and neighbors as a member of the Legacy Society for Hampton Roads. This lets the Hampton Roads Community Foundation staff and board thank you during your lifetime for your future gift. You will receive invitations to special events just for them.
Interested in hearing more about bequests and charitable giving? Call us at (727) 622-7951 to learn more and set up a meeting.