Designating The Norfolk Foundation as a beneficiary of your will or living trust is a straightforward way of creating a fund. You can designate a specific amount, a percentage of your estate or the residue and remainder of it. Through the type of fund you establish you can support specific organizations, address general charitable causes, help students with scholarships or benefit an array of nonprofit needs.

Click here for suggested language to share with your legal counsel.


A Norfolk Foundation Charitable Gift Annuity (CGA) can generate immediate or deferred income for the life of one or two designated individuals.

It can provide a partially tax-free income and an income tax deduction for you and allow remaining assets to be used to support your favorite charities and charitable causes. The Norfolk Foundation offers CGAs to donors who are at least 60 years old. The minimum contribution is $25,000.

Payments are based on your current age; rates are established by the American Council on Gift Annuities.

Please note that on July 1, 2008 The Norfolk Foundation will lower its gift annuity rate along with all other charities that follow the American Council on Gift Annuities’ recommended rates. Below is a comparison of current and new rates:

 

Current Gift Annuity Rates*	5.7%	6.0%	7.0%	7.1%
Age Rate	60	65	70	75

New Rates (effective July 1, 2008)	5.5%	5.7%	6.1%	6.7%
Age Rate	60	65	70	75

*Rates are for a single life and are subject to change.

With a charitable gift annuity you can support your community through The Norfolk Foundation, receive an immediate charitable income tax deduction, and lock in fixed payments for life.

For more information, contact Nan Edgerton, vice president of development, at nedgerton@norfolkfoundation.org or (757) 622-7951

Click here to download a flier about Charitable Gift Annuities. More information is available from our staff . For general information on charitable gift annuities and the most current rates visit www.acga-web.org
 

Many people are just now reaching the age where they can tap into Individual Retirement Accounts and other retirement funds. Often a portion of these assets will remain after their lifetimes. If you plan to pass these retirement assets on to anyone but your spouse, they will be subject to significant taxation – as much as 80 cents or more on the dollar. Making The Norfolk Foundation the successor beneficiary to a spouse for those remaining assets gives the full dollar value to support your charitable goals while removing the assets from your estate for tax purposes. In 2006 Congress passed legislation that enables donors 70 1/2 and older to donate up to $100,000 a year from IRAs to nonprofits without tax implications.

Whether you decide to support specific nonprofit organizations or to create a scholarship fund to help students, the Foundation will provide ongoing stewardship to ensure your wishes are fulfilled.

  A charitable remainder trust (CRT) permits you to make an irrevocable gift and receive an income in return. Moreover, if appreciated assets are used to fund your trust, you will not be subject to capital gains taxes. You will also be entitled to an income tax charitable deduction.

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%.

The Norfolk Foundation offers a great deal of flexibility as the charitable remainder man of a CRT. The Foundation can provide a list of financial organizations that can serve as trustee. By using the Foundation, you can use trust assets to establish a fund that will support specific organizations, general charitable causes or create scholarship programs. As the recipient of the remainder trust, the Foundation will receive the assets at the end of the trust term and provide ongoing stewardship of your charitable wishes.

Often described as the reverse of a CRT, a Charitable Lead Trust distributes income to your charitable fund for a period of years or throughout your lifetime. Then the assets return to you or, more typically, to surviving family members. The result is gift and estate tax savings. If planned correctly, a CLT will allow you to make a significant gift to charity and transfer assets to family members with reduced or no gift and estate taxes.