Providing a future charitable gift to The Greater Cincinnati Foundation allows you to maintain your personal charitable gifts forever.
Future gifts from your estate range from simple to complex. Whether your gift comes from your will, retirement plan assets, life insurance, or other source, GCF will help establish a plan that benefits the community and becomes your personal legacy of giving.
Endowing your fund
By definition, an endowment is a gift deposited into a fund where the original amount – called the principal – remains forever. Income earned from the fund’s investments provides the means to support your charitable interests.
An endowment can be an effective vehicle for your future gift. While the principal stays intact in perpetuity, the earnings from investments generate present and future income, helping to do good work forever – and for your gift to live on permanently.
Bequest by will
Making a bequest to GCF through your will is an easy way to make a charitable gift. You can make a bequest at any age by adding a codicil to an existing will or drafting a new one. This allows you to leave a legacy while maintaining the assets you need for your current lifestyle. In addition, you may generate a tax savings.
You can give cash, appreciated stocks, or other assets. You can choose to give a stated dollar amount, a specific property, a percentage of your estate, the remainder after distributions to other beneficiaries, or you can make your gift contingent on certain events.
Sample bequest language
“I give and bequeath to the ______________ Fund of The Greater Cincinnati Foundation (GCF), an Ohio nonprofit corporation (the sum of money, percentage of estate, or description of gift) in accordance with the executed Declaration of Gift maintained in GCF files.”
It is wise to discuss your charitable intentions with GCF staff to ensure that your plans are understood and can be implemented as you had hoped. Please contact our Giving Strategies Group to discuss your wishes and craft a plan that will achieve them.
Please note GCF does not provide tax, legal or other professional advice. Wills, trust agreements, and all other estate planning documents should be drafted by an independent attorney. GCF staff will be glad to assist attorneys when including a bequest to GCF in a legal document.
Retirement plan assets
Though millions of Americans contribute to retirement plans, those savings may trigger substantial taxes upon an individual’s death. Legislation is constantly changing in regards to retirement plan assets, like IRAs. Through careful estate planning with your legal counsel and GCF charitable techniques, you can take control of your financial and charitable legacy.
Life insurance provides a simple way to give a significant gift to charity with income tax benefits that you can enjoy during your lifetime. Name a GCF fund as owner and beneficiary when life insurance is no longer needed for personal family wealth replacement and you may generate a tax savings. And, if you choose to continue paying premiums through GCF, you will be entitled to a charitable contribution deduction.
Additional future gift options
Future gifts can be established through other financial formats and structures as well. GCF has extensive experience with additional options that may be useful to you, including charitable lead trust and charitable remainder trust.