Many individuals choose to create a charitable legacy through a planned or estate gift. When you make a commitment to strengthen your community, today or in the future, it can be one of the most meaningful and lasting decisions you can make. We have extensive experience in planned gifts of all types and we can work closely with you and your advisors as you consider your options.
We encourage you to work with your lawyer, accountant or financial advisor as you consider these options. Our staff is experienced in the use of these giving vehicles and is eager to work with you and your advisor in this process.
To learn more about our Legacy Society contact Marsha Pope, President, at 785-272-4804 or pope@topekacommunityfoundation.org
“It is very important to us to support the education of young people in underrepresented communities long after we’re gone. That education is vital to the future health of this community. We’re excited to imagine what that will look like–and believe that working through the Topeka Community Foundation is the best way to see this vision through.”
- Gary Piland & Martha Bartlett Piland
Deferred Gift Options
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You can establish or add to your named fund by adding specific bequest language to your will. With your gift, you can:
• Allow your children to continue their involvement in grantmaking by guiding future gifts in your name;
• Create an endowment to support a specific organization or area of interest;
• Provide flexible funds to address the most pressing needs in the region.
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A retirement plan is one of the best types of assets to transfer to a charity because it produces taxable income. Most assets an heir inherits are free from income tax. However, an heir will pay income tax on disbursements from a decedent's retirement plan such as a profit-sharing plan, Section 401(k) plan or IRA. If you are going to make a charitable bequest, it is usually better to transfer the taxable assets subject to income tax to a tax-exempt charity — such as a community foundation — and to transfer the assets not subject to income tax to heirs.
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If you don’t have liquid assets right now but want to support a favorite charity, a gift of life insurance may be a good option. While you retain ownership of the policy, there is no charitable deduction for the value of the policy when you designate a community foundation as the beneficiary or for subsequent insurance premiums. However, proceeds payable to the community foundation at your death will not be subject to federal estate taxes.
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Certain planned gifts provide a simple way for you to support your favorite causes or charities, while generating income for life for you or other family members. The Topeka Community Foundation can work with you and your advisor on any of the following:
• Charitable Remainder Trust
• Charitable Lead Trust
• Charitable Gift Annuity
Legacy Gift FAQ
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A Memorandum of Charitable Intent (MOCI) is a written agreement which outlines an agreement between parties. A MOCI doesn’t need to include complicated legal conditions, exclusions, indemnifications, etc. To maximize flexibility, changes and amendments can be added to your MOCI during your lifetime, at no charge.
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Leaving a legacy means making a lasting difference in the causes and community you care about. One way to do that is by including a charitable gift in your estate plans. By choosing the Topeka Community Foundation to steward your gift, you can have confidence that your intentions will be honored and your generosity will continue to make an impact for generations to come.
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Over the next 25 years, our nation will experience one of the largest transfers of wealth in history, creating an extraordinary opportunity to strengthen the communities we love. Legacy planning allows individuals and families to turn their values into lasting impact by supporting the causes that matter most to them.
By including the Topeka Community Foundation in your plans, charitable dollars remain here in our community, supporting nonprofits of all sizes and addressing both today's needs and tomorrow's opportunities. Together, these gifts can create a stronger, more vibrant community for generations to come.
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Nearly everyone leaves an estate, regardless of its size. Your estate simply includes the assets you own at the time of your passing, such as your home, savings, investments, life insurance, or personal belongings.
A legacy gift can be of any size, and even a modest gift, can make a meaningful difference in the future of our community. Through thoughtful planning, anyone can include a charitable gift in their estate and create a lasting impact for the causes they care about most.
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Not at all. In most cases, you do not need to rewrite your entire will or estate plan. A simple amendment or an update to your beneficiary designations can be all that's needed.
Your attorney can help you include a charitable gift in a way that reflects your wishes.
You may choose to:
Direct your gift to support the organization's greatest needs.
Designate your gift for a specific program or purpose that is meaningful to you.
Leave a specific dollar amount or a percentage of your estate to the organization.
Even a small addition to your estate plans can create a lasting impact and help support the causes you care about for generations to come.
Ways to Give
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Cash, stocks, bonds, or other assets are accepted. Your charitable gift may qualify for tax advantages.
We also accept cryptocurrency.
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Contributing a personal residence or farm may be your greatest asset and fulfill your charitable giving in perpetuity. Real estate can be used to establish or contribute to an existing fund through the Topeka Community Foundation where you may receive possible tax benefits during your lifetime.
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Naming the Topeka Community Foundation as a beneficiary of your retirement account is easy and one of the best types of assets to transfer to a charity. Using a tax exempt charity – such as a community foundation – eliminates the burden of paying income tax an heir would be required to pay on disbursements from a decedent’s retirement plan.
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Designating the Topeka Community Foundation as a full or partial beneficiary of your life insurance policy, your charitable giving interests will be supported in perpetuity. It’s an easy and simple action to give back to your community. Proceeds payable to the community foundation may include possible federal estate tax benefits.
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By designating a gift or portion of your estate to the Topeka Community Foundation, a fund can be established in your name (or family name). In some cases, you may receive a reduction in federal gift and estate taxes.
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A charitable trust is used to set up your assets to benefit not only yourself, but your beneficiaries and a charity. You, as a donor, can give ownership to a charity or create a charitable foundation to manage and distribute your charitable giving wishes.
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Required money to be withdrawn from an employer-sponsored retirement plan can be used towards certain types of charitable giving. Consult with your Financial Advisor or a member of the Community Foundation’s team to review IRS policies.