Estate Planning
Ways to Leave a Legacy Gift to Your Home Community
Often the words estate planning make us think of philanthropy in the realm of millionaires and billionaires . However , anyone can provide meaningful gifts to causes they care about in their communities . It just takes a desire to support your community , a conversation with your local community foundation , the helpful advice of a professional advisor and an estate plan . Community foundations serve as the conduit to help fulfill donors ’ charitable intent now and into the future .
Three community foundations serving Southern West Virginia — Beckley Area Foundation , Greenbrier Valley Community Foundation and Hinton Area Foundation — encourage charitable giving to permanent endowment funds in the regions they serve . Recognized as 501 ( c )( 3 ) nonprofit organizations , community foundations are governed by IRS and state tax laws , which require public disclosure of certain records . This transparency allows donors to know about each foundation ’ s mission , operations and goals . Over time , each of the above-mentioned community foundations has benefitted from the generosity of testamentary gifts , thus allowing them to fulfill each donor ’ s charitable intent in perpetuity .
Estate plans can include a provision in a will naming the community foundation as a beneficiary . Donated assets may consist of real estate , personal property , cash , stocks , bonds or other types of investments . Another option may be establishing a charitable remainder trust for the ultimate benefit of the foundation while retaining the income during one ’ s lifetime . You can also name a community foundation as a primary , contingent or tertiary beneficiary on life insurance policies , annuities or IRAs , which can provide you coverage , income or tax benefits during your lifetime while providing charitable assets to your cause of choice once you or your heirs no longer need them .
There are many ways community foundations can help thoughtful people contribute financially to their cherished communities and causes . Estate planning provides many people an opportunity to make a special impact , both by sharing their wealth and their name as a legacy for the future .
Beckley Area Foundation
Greenbrier Valley Community Foundation
Hinton Area Foundation
Beckley Area Foundation 304-253-3806 bafwv . org
Greenbrier Valley Community Foundation 304-645-5620 gvfoundation . org
Hinton Area Foundation 304-309-5502 hintonareafoundation . org