Planned Giving

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.

Join the Lake County Legacy Society

Include us 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 Community 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.

Life Insurance

Life insurance policies can also be used as charitable gifts to the Foundation. Adding The Lake County Community Foundation 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!