Reasons to Consider a Planned Gift
Your planned gift through The Lake County Community Foundation can be made for any number of reasons, enabling you to:
- Create lasting support for the philanthropic areas that matter to you.
- Unlock hidden value stored in dormant, illiquid or highly appreciated assets.
- Generate supplemental income for yourself or your beneficiaries.
- Add a layer of diversification to a concentrated portfolio.
- Reduce your income tax liability while improving your gift and/or estate tax profile.
At LCCF, we can work directly with you and your financial planners to ensure your philanthropic legacy meets your personal and financial goals.
Join the Lake County Legacy Society
Whether you want to establish a designated fund for a certain nonprofit or a field of interest fund to support a cause you care about, we help donors from all walks of life give back to their community.
The Lake County Legacy Society recognizes civic and community leaders, families and residents who have chosen to shape Lake County’s long-term future by making a gift to The Lake County Community Foundation in their estate plans.
You can include LCCF in your estate plan through your will or trust or make a contribution via a charitable gift annuity or a charitable remainder or lead trust. You may also list the Foundation as a beneficiary of your life insurance or retirement fund assets. Inform us you have made these arrangements and let us know if you would like your name included in future listings of the Lake County Legacy Society. We are happy to respect your wishes if you would like to participate anonymously.
What can you donate to charity in your will?
While it's common to leave money in your will to charity, you can actually leave several different types of assets:
- Financial assets such as stocks, bonds or cash
- Life insurance benefits such as death benefits from a whole life insurance policy
- Real estate such as your primary home or investment properties
- Personal property such as jewelry, a car, collectibles or artwork
- Retirement assets such as proceeds from an annuity, your IRA, 401(k) or other qualified retirement accounts
You can also use a donor-advised fund held at LCCF to make a charitable bequest to an organization or cause of your choice.
Adding LCCF as a beneficiary of your life insurance policy is an easy way to leave an estate gift without changing your will.
If you name LCCF as the owner and beneficiary of an existing or new life insurance policy, you receive an immediate tax deduction, which usually approximates the cash surrender value of the policy. All premium payments made by you thereafter will be deductible as a charitable contribution.
Retirement Plan Accounts
Inheritances from IRAs and 401(K) or 403(b) plans can be subject to both income and estate taxes, but there are other options. Naming LCCF as the beneficiary of a retirement account is a very tax-efficient method of supporting your philanthropic legacy, allowing you to dedicate more tax-efficient assets to be inherited by your heirs. Doing so will allow you heirs to inherit assets free of income taxes while also reducing the size of your estate, thereby avoiding potential estate taxes.
Gifting assets such as life insurance and retirement plan accounts should be part of your full estate plan. We recommend that you consult with your legal and financial advisors, as well as the staff at LCCF, to determine the ideal arrangement for your personal circumstances.
We are happy to discuss a wide variety of planned gift solutions. Call Wendy at 847-377-0520 x23 today to explore your options!