Ways to Donate/A Bequest or a Planned Gift
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Thank you for exploring ways to help your clients make future charitable gifts through the Hampton Roads Community Foundation.
Your client can donate any size gift, but if it is $25,000 or that will create a permanent named fund. Your client can name the fund for himself (or herself), a special family member, a favorite teacher or anyone else who comes to mind.
Your client's fund will grow over time while providing grants or scholarships to benefit others forever.
Options for planned gifts include:
Clients who have arranged for a future gift, can join the Legacy Society for Hampton Roads. Through this special group honors generous people with a commitment to the future.
To learn more about planned-giving possibilities email Nan Edgerton, vice president of development, or call her at (757) 622-7951.
Charitable bequests generate much of the philanthropy at work today making our region an even better place to live. Using a bequest or other vehicle, your client can designate a specific dollar amount, a percentage of the estate or the remainder of it. Your client can decide what type of fund works best. Possibilities include supporting specific charities, addressing concerns such as the arts or human services, providing scholarships or helping an array of nonprofits.
Charitable Gift Annuity
A charitable gift annuity can generate immediate or deferred income for your client and one other person. To start an annuity your client must:
- Be at least 60 years of age
- Give an irrevocable gift of at least $25,000
A charitable gift annuity provides a way for your client o:
- Support favorite charities and causes through the remainder of the annuity.
- Receive an immediate charitable income tax deduction
- Lock in fixed, partially tax- free payments for life to the donor and one other person
Payments are based on your client’s current age using rates established by the American Council on Gift Annuities. A complete list of suggested age-based rates is posted to the council's website. A summary of the latest rates is shown below.
Current Rates
|
4.4% |
4.7%
|
5.1%
|
5.8%
|
Age of Donor |
60 |
65 |
70 |
75 |
*Rates are approved by the American Council on Gift Annuities for a single life and are subject to change. Rates vary based on age.
For more information, email Nan Edgerton, vice president of development, or call her at (757) 622-7951.
IRA or Other Retirement Assets
Your client can name the Hampton Roads Community Foundation as the designated beneficiary of a retirement plan such as an IRA, 401(k) or403(b) to add to or establish a charitable fund. This is an effective way to make a charitable gift since it will not be subjected to either estate or income taxes as it would be if left to anyone but a spouse.
One way to make a gift of life insurance to the foundation is by irrevocably designating the foundation as the owner and beneficiary of a policy. Your client can name the foundation as a partial or contingent beneficiary of a life insurance policy.
Charitable Remainder Trust
A charitable remainder trust (CRT) lets your client realize the tax adavantages of making a charitable gift how while receiving income from that asset through a charitable remainder trust. After providing income to the beneficiary, the remaining assets can be used to establish a new fund or contribute to an existing fund.
There are two types of CRTs: Unitrusts and annuity trusts. In both cases, the term may be for life or a period of years up to a maximum of 20 years. The minimum annual percentage payout is 5%.
Charitable Lead Trust
A Charitable Lead Trust (CLT) distributes income to your charitable fund for a period of years or during your lifetime. Then the assets return to you or surviving family members. The result is gift and estate tax savings. A CLT can allow you to make a significant gift to charity and transfer assets to family members with little or no gift and estate taxes.