Planning Your Legacy
Begin by telling us what is important to you...
What good work can you do?
You can support the arts, enrich education, protect the environment, provide human services, safeguard health, foster a stronger community and more. Our program staff has broad expertise and can target grants to make a difference where support is needed the most.
When should you include the gift in your estate plan?
Any time you are drafting or changing your will or estate plan, you will want to consider charitable gifts. Your financial or legal advisor can provide guidance related to your personal estate, beneficiaries, income goals, taxes and other considerations. In addition, you may find it simpler to designate the Community Foundation as a beneficiary to your 401(k), IRA or life insurance policy. When you notify us of your intentions, you automatically become a member of the Legacy Society.
How much do you have to give to join the Legacy Society?
We realize individual circumstances vary. We value and appreciate all gifts and believe the best gift is the one that's right for the giver. Named funds require a minimum gift of $5,000 for the lead foundation, the Community Foundation for Northeast Michigan, and $1,000 for any of our affiliate foundations (Iosco County Community Foundation, North Central Michigan Community Foundation and Straits Area Community Foundation).
How do you plan a legacy gift?
Call your estate advisors, talk to us, or consult with both. We provide confidential philanthropic services to prospective donors and their advisors, without pressure or obligation.
Making a legacy gift is easy:
- Make a beneficiary designation or include the Community Foundation in your estate plan.
- Notify us of your intentions so we can invite you to be a member of the Legacy Society.
- Upon your death, we establish a fund in the name you have chosen (if you did not establish a fund during your lifetime) OR put any gifts received from your estate in the fund you specified during your lifetime; we invest the principal and make grants from the income, honoring your charitable intentions and handling all administrative tasks.
Why do people give to charity through their estate plans?
Planning an estate gift allows you to strategically accomplish both financial and charitable objectives. For some people, a large charitable gift during their lifetime can be financially uncomfortable--since they may be uncertain about their health, wealth and personal commitments. An estate gift may make more sense.
You can still fulfill your personal goals of preserving your family name, honoring loved ones, providing for heirs, minimizing tax burdens and supporting the community you call home.
What assets should you give?
Your professional advisor can recommend your most tax-advantaged assets any time you make a charitable gift. Many people choose to give stocks, real estate and other highly appreciated assets during their lifetime and designate 401(k), IRA and other retirement assets upon their death.
