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Gifts of all sizes are valuable and when they are pooled with the many
others we receive they can leverage substantial positive impact in
our area.
There are several ways that the generosity of our community’s
citizens is carried out through the Community Foundation.
Outright
Most Americans are familiar with the income tax deduction available
for making outright gifts and enjoy being philanthropic during their
lifetimes. These outright contributions are generally in the form of
cash or stock. The organization has immediate access to the principal
and the money contributed makes an immediate impact. Donors receive an
immediate income tax deduction in the year that the contribution was
made.
Planned Giving
Most people who give to charity do so by making annual
contributions. However, some of the greatest opportunities to make significant
charitable
contributions occur when people are making other major business, personal
and financial decisions. Some of the special circumstances in which "planned
giving" can benefit both the community, the donors and the donor's
heirs are:
- Writing or revising a will
- Contemplating the sale of a business or other major asset
- Planning for retirement
- Having received a financial windfall
In each of these situations, by using specialized planned giving vehicles,
the opportunity is presented to achieve important business or personal
goals while gaining the satisfaction of helping the community.
By Will or Living Trust
A charitable bequest is one of the easiest ways
to make a gift that will make a lasting difference in the lives of
others. The savings in
estate taxes resulting from a gift to the Community Foundation can
be dramatic. Bequests can take a variety of forms—a specific sum of
money, a percentage of an estate or a certain piece of property. A donor
can also designate the Community Foundation the "residuary beneficiary" of
all or part of the estate or a "contingent beneficiary" in
the event other named beneficiaries do not outlive the donor. Whichever
method is chosen, the Fund that is created becomes an enduring symbol
of the donor's generosity.
If you include the Foundation in your will or as beneficiary of your
trust, please use our legal name; Community Foundation for Muskegon County.
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