Leave A Legacy

Leave a Lasting Legacy of Giving

The plan or estate gift is an option for many individuals who wish to create a charitable legacy. When you commit to strengthening your local community, today or tomorrow, it can be one of the most meaningful and lasting decisions that you will ever make. Planned gifts of all types are an important part of our expertise, and we work closely alongside you and your advisors as you examine your options.

A planned gift to the Community Foundation provides:

  1. A sense of security that your assets will be used according to your wishes
  2. A meaningful, long-term legacy that reflects your values and interests
  3. A chance for your kids or grandkids to carry on the family tradition of giving back
  4. The ability to support causes you care about, or to enable our Community Foundation to respond to the most pressing needs in our region over time
  5. Anonymity to those donors who so choose to forego public recognition by Wharton County Community Foundation

For more information regarding the Wharton County Community Foundation and legacy giving options, please feel free to contact us.

Deferred Gifts

Gifts by Bequest

By using specific bequest language in your will, you may establish a named fund or add to it. With your gift, you can:

  • Permit your children to continue your grant making legacy by directing future gifts in your name;
  • Establish an endowment to support a specific organization or area of interest;
  • Facilitate the provision of flexible funds to address urgent needs in the region

Retirement Plan Assets

A retirement plan is one of the best assets to donate to charity because it generates taxable income. Many heirs inherit assets whose value is exempt from income tax. However, heirs that receive retirement plan distributions such as profit-sharing plans, Section 401(k) plans or IRAs are subject to income tax withholding.

 Transferring the taxable assets subject to income tax to a tax-exempt charity — such as Wharton County Community Foundation — and transferring the assets not subject to income tax to the heirs is often the best way to make a charitable bequest.

Life Insurance Beneficiaries

A gift of life insurance may be a good option if you do not have liquid assets but would like to support a favorite charity. When you designate a community foundation as your beneficiary, you do not get a charitable deduction for the value of the policy or subsequent insurance premiums, even though you retain ownership. However, your estate will not have to pay federal estate taxes on your beneficiaries’ money payable to the community foundation on your death.

Life Income Plans

You can support your favorite charities and causes with certain planned gifts, while also receiving life income for you and family members. The Wharton County Community Foundation can work with you, your representatives and your advisor on any of the following:

  • Charitable Remainder Trust
  • Charitable Lead Trust
  • Charitable Gift Annuity

As you consider these options, we encourage you to consult with your lawyer, CPA, or financial advisor. Taking advantage of these giving vehicles is a service we provide to you and your advisor, and we’re eager to aid you in this process.