Building a Meaningful Legacy
We are often not remembered by the things we have, but by what we leave the world to be.
Building a meaningful legacy is an exciting opportunity to give to the causes that mean most to you. As time passes, the needs and structures of philanthropic organizations will morph and grow into visions we may not currently see. Building your legacy through the Laguna Beach Community Foundation will ensure that the charitable intent of your wishes will be realized.
Building a meaningful legacy is an exciting opportunity to give to the causes that mean most to you. As time passes, the needs and structures of philanthropic organizations will morph and grow into visions we may not currently see. Building your legacy through the Laguna Beach Community Foundation will ensure that the charitable intent of your wishes will be realized.
The Giving Vehicles
Bequests: Naming your fund at LBCF in your will or living trust is a popular way to support your charitable interests.
Charitable Remainder Trusts: Giving through a charitable remainder trust allows you to receive income for the life of the trust, with the residual going to the charities of your choice.
Charitable Lead Trusts: A charitable lead trust enables you to make significant charitable gifts now while transferring substantial assets to beneficiaries later.
Retained Life Estates: Turn your property's value into community good through a charitable gift of real estate.
Gift of Life Insurance: For those whose need for life insurance has decreased, making a gift of an unneeded policy can be a convenient and effective way of meeting your charitable goals.
Retirement Fund Plans: People who have planned carefully for their retirement may find that the assets in their IRAs or other qualified plans exceed their needs. The remainder may be transferred to your fund at LBCF, if so desired.
Formal LBCF Gift Acceptance Policy available upon request. To obtain a copy, please reach out to [email protected].
- Leave a specific dollar amount, a percentage of your estate, or what remains after other bequests have been satisfied.
- You may arrange for your heirs to receive lifetime income from your estate, with the remainder going to the Foundation for charitable purposes.
- Some of the most tax-efficient asset types to give through your will come from retirement plan accounts, since heirs would be taxed on the income.
- Bequests to your fund at LBCF earn a full charitable deduction on estate taxes.
- You can change the charitable beneficiaries of your fund at any time, without having to re-do your estate documents.
Charitable Remainder Trusts: Giving through a charitable remainder trust allows you to receive income for the life of the trust, with the residual going to the charities of your choice.
- You can place cash, property, or other assets into a trust that distributes an annual income for life or for the duration of the trust.
- You receive a tax deduction for the present value of the gift immediately in the year it is arranged.
- After death or the end of a specified trust term, the remainder transfers to your fund named at LBCF or a specific charitable organization(s).
- This kind of trust is useful for people with securities or real estate that have increased in value but earn little income, because once the assets are placed in trusts, they can be sold and reinvested free of capital gains tax.
Charitable Lead Trusts: A charitable lead trust enables you to make significant charitable gifts now while transferring substantial assets to beneficiaries later.
- It minimizes the taxes your beneficiaries pay by first donating a portion of the trust's overall return to your fund at LBCF, and then after a specified period of time, transferring the remainder of the trust to your beneficiaries.
- These funds may be distributed to charities you specify or be added to your donor advised fund.
- You may create a CLT that is funded in your lifetime or as a part of your estate.
Retained Life Estates: Turn your property's value into community good through a charitable gift of real estate.
- You can enjoy the property as long as you like, while gifting ownership to your fund at LBCF.
- Proceeds of the property's sale go to a fund named at LBCF or for the benefit of one or more charitable organizations.
- You receive an income tax deduction the year the contribution is made through the gift of "remainder interest."
Gift of Life Insurance: For those whose need for life insurance has decreased, making a gift of an unneeded policy can be a convenient and effective way of meeting your charitable goals.
- Transferring ownership of a cash value policy to your fund at LBCF makes you eligible for a charitable tax deduction based on its current value. You also reduce estate taxes, since the value of the policy is removed from your estate.
- You can make life insurance part of your estate planning by naming your fund at LBCF as a partial and/or contingent beneficiary of any insurance policy's death benefit.
Retirement Fund Plans: People who have planned carefully for their retirement may find that the assets in their IRAs or other qualified plans exceed their needs. The remainder may be transferred to your fund at LBCF, if so desired.
- You can designate that after your death, assets remaining in the plan are contributed to your fund at LBCF or to one or more specific charitable organizations.
- This is far more advantageous than including assets in your taxable estate or leaving them to heirs, as they may be taxed at a cumulative rate of over 65%.
- No income or estate tax is due on the retirement plan assets that pass to LBCF.
- For more information on how to turn your retirement account into charitable good, click here for Frequently Asked Questions.
Formal LBCF Gift Acceptance Policy available upon request. To obtain a copy, please reach out to [email protected].