Create a Legacy through Planned Giving

Our desire to live a fulfilling life often inspires us to help others and foster vibrant communities around us. We may wish to be remembered after our lifetimes for our contributions, achievements, leadership, or generosity. At the Community Foundation of Utah, we help donors plan and implement estate gifts so they can shape their legacy to reflect what matters most to them.

 Programs vs Operations Graphics What is Planned Giving?

Planned giving is a donor's commitment to contribute a gift to an organization beyond their lifetime. Typically donated through a will or trust, donors can put planning in place — typically with financial advisors or designated nonprofits — to schedule a gift in the future after the donor passes away.

Planned gifts can be significantly larger than gifts made during the donor’s lifetime because they are often made with both traditional and non-traditional assets ineligible for gifting during one’s lifetime — including life insurance policies, retirement assets, equity, or real estate holdings. Thoughtful planning can help donors avoid estate and capital gains taxes on planned gifts, maximizing their contribution to the nonprofits and charities they support.

Deciding Where to Give Graphics Types of Planned Gifts

There are myriad ways to create a planned gift. Below are a few examples of gifts we often help facilitate with our donors at the Community Foundation of Utah.

  • Donor Advised Fund:Donor Advised Fund can be used to give now and for the future. A fund succession plan allows donors to customize their long-term giving plan — without the costs often associated with estate planning — furthering their philanthropic goals through loved ones or designated beneficiaries.
  • Bequest by Will or Living Trust: Making a charitable bequest in your will or living trust allows you to retain control of the assets during your lifetime and support your community in a future time while earning a charitable deduction on estate taxes.
  • Charitable Remainder Trust: Thoughtful planning strategies can allow you to offset capital gains tax and receive a charitable income tax deduction while still receiving income. These trusts first pay income to beneficiaries with the remainder distributed to qualified charitable organizations.
  • Legacy Fund:Legacy Fund is a charitable endowment with which you can create a perpetual source of income for a nonprofit. The initial gift is placed in an invested fund that will grow and grant money to the charitable organization of your choice indefinitely.
  • Life Insurance: Gifting a life insurance policy allows you to receive tax benefits during your lifetime while creating a philanthropic legacy. Through a relatively small annual cost of the premium, you can give a maximized gift to a charitable organization.
  • IRA, 401(k) or Other Retirement Assets: A retirement plan can be a tax-advantageous way of including your favorite nonprofit in your estate plan. An organization that is named as the beneficiary does not pay income or estate taxes on the distribution.*

If you are passionate about making an impact in Utah, let us make planned giving easy for you and your family. Our team can help you create the legacy through which you wish to be remembered.

Want help getting started with giving? Email  to connect with our Philanthropic Services team.

 

*Donor advised funds cannot be used for qualified charitable distributions during your lifetime. The Community Foundation of Utah does not provide legal or tax advice.