Leave a Legacy Gift

CHARITABLE BEQUEST

Naming the Barry Community Foundation in your will is the simplest way to contribute to the future of your community. A donor may choose to give a specific amount, a percentage of the estate, or the remainder of the estate after other bequests are made. All gifts to the Foundation reduce the gross taxable estate. An appraisal of the value of the gift, except cash, would need to be completed prior to the Foundation’s acceptance of the gift.

CHARITABLE GIFT ANNUITY

In a charitable gift annuity, you give cash or securities to Barry Community Foundation. The Foundation then pays either you or yourself and a spouse a fixed income for life or for a determined period of time. At the completion of the specified term, assets are placed in the fund designated or created by the donor.

CHARITABLE LEAD TRUST, REMAINDER TRUSTS OR TRUST BENEFICIARY

A donor may contribute property to a lead trust with the income from the trust paid to the Foundation for a specified term. At the end of the term, the property would be distributed to the donors designated beneficiaries. A charitable remainder “annuity trust” and a charitable remainder “unitrust” are the two types of remainder trusts an individual may establish which provide income to the designated beneficiaries for a specified period of time.

An individual who is the beneficiary of a trust from which regular taxable income is received, can choose to assign the amount of income that would normally be given to a charity each year to the designated fund and
pay no income tax on it. The Foundation will make annual contributions in the donors name to the charities, or selected field of interest.

LIFE INSURANCE

A gift of life insurance allows the donor to name the Foundation as the owner and beneficiary of an existing or new life insurance policy. The donor can retain ownership of the policy and name the Foundation as a primary beneficiary. There will be no current charitable deduction, but the proceeds payable to the Foundation at the donor’s death will not be subject to federal income tax. If the policy is irrevocably assigned to the Foundation, the donor receives an immediate federal income tax charitable deduction which is approximately equal to the cash surrender value of the policy. All premium payments made following the initial gift are also deductible as charitable contributions.

IRA, RETIREMENT PLANS, AND LIFE INSURANCE

Name the Foundation as a beneficiary of your IRA, retirement plan, or life insurance policy. When you leave retirement plan assets to the Foundation, 100 percent of your gift will be available to support your charitable passions.