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CHARITABLE GIVING OPTIONSGifts You Can Plan LaterConsider including FORMTEXT ORGANIZATION_NAME in your estate plans. Any number of planned gifts can be arranged. You can leave a lasting legacy to REF Org \h ORGANIZATION_NAME through: BequestA gift transferred to FORMTEXT AGENCY/ENDOWMENT_NAME, a fund at Community Foundation of Lorain County by Last Will & Testament may be a dollar amount, a specific asset, a percentage of the estate, beneficiary of a life insurance policy, or the residue remaining after all other bequests have been satisfied.Charitable Gift AnnuityAfter paying the donor (and spouse) a fixed stream of income for life, the remaining principal is transferred to REF Agency \h AGENCY/ENDOWMENT_NAME, a fund at Community Foundation of Lorain County. Part of the value of the annuity is tax deductible. Payments to the beneficiary are based upon the donor’s age; the older the donor, the higher the rate. Based upon 2020 rates, an 85-year-old may have a 7.6% payout rate.Charitable Remainder TrustCash or property is transferred to the trust and beneficiaries receive annually an amount equal to a fixed percentage of the trust's fair market value (unitrust) or a fixed dollar amount (annuity trust). The present value of the amount transferred is partially deductible and depends on the age of the Donor. Upon termination of the trust, the assets are transferred to REF Agency \h AGENCY/ENDOWMENT_NAME, a fund at Community Foundation of Lorain County.Charitable Lead TrustConsidered to be the inverse of Charitable Remainder Trust, the income earned from the assets within the Charitable Lead Trust. That income is donated to REF Agency \h AGENCY/ENDOWMENT_NAME, a fund at Community Foundation of Lorain County for a period of years, or for the remaining life of the donor or beneficiary. There is a tax deduction for the present value of the future interest. The remainder interest is either retained by the donor or given to another family member.Retirement PlanNaming REF Agency \h AGENCY/ENDOWMENT_NAME, a fund at Community Foundation of Lorain County as beneficiary of their retirement plan will eliminate the income tax that would otherwise be payable by their heirs. This choice of gift may also reduce federal estate tax.Life Insurance When donors name REF Agency \h AGENCY/ENDOWMENT_NAME, afund at Community Foundation of Lorain County as the owner and beneficiary of an existing or new life insurance policy, they receive an immediate tax deduction, which usually approximates the cash surrender value of the policy. All premium payments made thereafter will be deductible as a charitable contribution. These gift options may have a review process or other consideration factors for best results.Please allow us to set up a joint call to consult Laura Malone, Development Officer at Community Foundation of Lorain County to discuss these opportunities. FORMTEXT Contact Name FORMTEXT Organization name FORMTEXT Phone number FORMTEXT Email addressLaura MaloneDevelopment OfficerCommunity Foundation of Lorain County440.984. ................
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