Estate Giving
A bequest to the Columbus Foundation can be easily made through a simple designation in a will or trust to establish a fund or add to an existing fund. Suggested language can be provided to your attorney or professional advisor to be included in your estate planning documents. The Foundation accepts bequests in several forms, including cash, securities or personal property. Under current law, your estate will receive a charitable deduction for the full donation to the foundation, so your heirs will not pay estate tax on these assets.
Charitable Gift Annuity
A charitable gift annuity is a contract between you and The Columbus Foundation that gives you the opportunity to make a charitable gift and secure a stream of income for life. Under this agreement, you may transfer assets of cash or securities to the Foundation in exchange for the Foundation's commitment to pay a fixed amount to you for the remainder of your lifetime. Upon the termination of the gift annuity, the remaining assets are then contributed to establish a fund or add to an existing fund at the Foundation. For additional information on Charitable Gift Annuity.
Charitable Remainder Trust
A charitable remainder trust allows you to make a gift to the community, receive income, and receive a substantial charitable income tax deduction. It is a trust that pays either a fixed or variable income for your named beneficiaries' lives or for a fixed term not exceeding 20 years, or a combination of the two. When the trust term expires, the remaining assets in the trust pass on to establish a fund or add to an existing at the Foundation.
Retirement Plan Assets
Naming the Columbus Foundation as a beneficiary of your retirement funds, such as Keogh plans, and Section 401(k) and 403(b) plans is simple and effective way to benefit the community while avoiding significant, often unanticipated tax penalties. Retirement plan assets can be contributed directly to The Columbus Foundation at death by naming the Foundation as a beneficiary on a beneficiary designation form from your retirement plan administrator. Retirement assets received can be used to establish a fund or add to an existing at the Foundation. For more information on Retirement Plan Assets.
Life Insurance
The contribution of a life insurance policy or its proceeds often allows a donor who otherwise can make only modest annual gifts to make a major gift.
There are several different ways you can contribute a life insurance policy as a gift to The Columbus Foundation. First, you may irrevocably name the Foundation as the owner of an existing paid up policy. The Foundation then names itself as the beneficiary of the policy and will receive the death benefit upon your demise. You may be able to deduct a calculated value of the policy itself as a charitable gift.
Second, you can name the Foundation as the beneficiary of an existing policy. The death benefit will be included in your estate but your estate will receive a charitable deduction for the amount of the death benefit that is designated to the Foundation.
Finally, you can also make a larger gift than you thought possible by naming the Foundation as owner and beneficiary of a new life insurance policy. As donor, you can make a gift to the Foundation to buy a new policy, for which you may deduct the initial contribution that you make to the charity for this purchase, and future annual gifts to The Columbus Foundation in the amount of the annual premium are deductible in the year in which they are made. For additional information on Life Insurance Gifts.
Charitable Lead Trust
A charitable lead trust (CLT) is the reverse of a charitable remainder trust. The CLT makes regular income-tax-deductible gifts to your fund at The Columbus Foundation as the income beneficiary. When the trust terminates, the remaining principal is returned to you or, more typically, your children or other loved ones. These trusts can be created during your lifetime or at death, with significant savings in gift or estate taxes possible because of the "temporary" gift to the Foundation.
Gift of Residence or Farm
This gift arrangement can be an ideal way for donors who do not plan to leave a farm or personal residence to family members, to dispose of the property at death while receiving current tax benefits. You simply deed the property to The Columbus Foundation and retain the right to live in the home or on the farm until death or for a term of years. While living on the property you continue to be responsible for all routine expenses such as maintenance, insurance and property taxes. When the retained life estate ends, The Columbus Foundation can use the property or proceeds from the sale of the property for the purpose you designate. For additional information on Real Estate Guidelines.
Learn more about becoming a member of our Legacy Society. Contact a member of our donor services team at 614/251-4000 or by e-mail. If you are interested in becoming a donor, please complete this brief Become a Donor form and a Donor Services officer will respond within the next business day.