A legacy of giving.
Gifts made by a bequest in a will or trust have become the foundation of the American philanthropic tradition. In fact, the vast majority of planned gifts ultimately received are as a result of bequests. Such gifts enable you to make significant contributions that may not have been possible during your lifetime.
By naming the Foundation in your will to receive a bequest upon death, your estate will receive an estate tax deduction equal to the value of the bequest. There are a number of advantages to using the bequest option:
Assets remain in your control during your lifetime.
Bequests may be modified if your circumstances change.
Gifts may be directed to a particular purpose or program.
Gifts may be made with cash, appreciated stocks, bonds, real estate, retirement plans, or other assets.
Gifts may be given as a stated dollar amount, a specific property, a percentage of your estate, or made contingent upon certain events.
No upper limit, at this time, on the estate tax deductions that can be taken for charitable bequests exists.
As a donor, you determine the type of fund you would like to establish. Upon your death, we set up the fund in your name, in the name of your family, or in honor of any person or organization you have chosen. Your charitable gift is excluded from your assets for estate tax purposes and is pooled with other endowment funds. Over time, earnings from your fund are used to make grants to address the community needs you have chosen.
The gift of a lifetime.
Irene Hoover and her husband owned a bakery and enjoyed a great deal of success and prominence in their hometown. After her husband passed away, Irene decided it was time for her to update her will. Part of her plan was to give something back to the community the Hoovers had loved as both residents and business owners. “Not only did Jim and I love our town, but we felt as though we owed it a lot for the success of our business,” says Irene.
With the help of her professional advisor, Irene revised her will to include an inheritance for the Hoover’s college-age niece, with the remainder creating the Hoover Bakery Fund, a Field-of-Interest Fund designed to support community development efforts. Because it will be endowed, her gift will provide a growing source of community funding for festivals, neighborhood revitalization, publicly accessible artwork, and other community improvements.
“I like knowing that when I’m gone, our legacy will be one of helping others strengthen our community,” says Irene.