Creating a legacy
When you include the Community Foundation in your estate plan you’re building a legacy of philanthropy in Chattanooga for generations to come. Through planned giving you’ll realize significant financial and tax benefits, now and in the future. Your gift joins with the gift of other donors: hundreds of gifts working together for the good of our community. Within the Fund for Chattanooga, you can designate a field of interest fund that supports a specific issue; a designated fund that benefits specific nonprofit organizations; or a donor advised fund.
Ensure that the charitable causes your family cares about will be supported past your lifetime. You can name the Community Foundation of Greater Chattanooga as a charitable beneficiary in a new or existing will. This can be a stated dollar amount, a percentage of the estate, a specific property, or a portion of the entire residue.
Naming the Community Foundation as owner and beneficiary on a new or existing life insurance policy may provide valuable income and tax estate savings. There can also be immediate tax savings when the Community Foundation is named owner and beneficiary of a non-term life policy.
Charitable Remainder Trust
A Charitable Remainder Trust (CRT) may be established to benefit an existing or new fund at the Community Foundation. The donor retains a stream of income generated by the trust, for life. With a CRT, you may receive a current income tax deduction, eliminate capital gain taxes, reduce or eliminate gift or estate taxes, and improve cash flow for your lifetime.
Charitable Lead Trust
A Charitable Lead Trust enables you to provide a stream of charitable dollars for a specified number of years. The remainder is then returned to you or your named beneficiary. Benefits maybe include the transfer of assets to others free of taxes (estate, gift, and income).
A retained life estate agreement allows you to remain in your home, vacation home, farm or other property, while gifting that property to the foundation. You receive an income tax deduction the same year that you make the gift, and the foundation receives the property at the end of the retained life estate term (usually your lifetime).
IRAs or Retirement Plan AssetsLearn more
When you name the foundation as beneficiary of IRAs or Retirement Plans, you avoid potential taxes on funds donated while supporting the issues you care most about.