Community Foundation of Abilene : Give : Leave a Legacy
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Our community and our area can be greatly enhanced and the future of our West Texas region would be assured if all of us gave some back through our estate plans. If you include the Community Foundation of Abilene in your estate, you can be sure that your giving will last forever and you may significantly reduce your estate taxes.
Historically, less than 7% of Americans leave charitable bequests in their wills, while nearly 80% are charitable during their lifetime. The Community Foundation of Abilene is working to raise the percent of Abilenians who give back through charitable bequests.
There are many ways to maximize your gifts to charities and your beneficiaries through thoughtful bequests in your will.
The two basic ways include:
- Preparing a will in which you leave a gift to the Community Foundation of Abilene to continue supporting the causes or charitable organizations which are important to you and your family. (Please consider naming your fund after yourself and your family in order to provide a lasting family legacy in Abilene.)
- Name the Community Foundation as the beneficiary of your IRA, pension plan or an existing or new life insurance policy. Let us know your wishes so that the proceeds can continue to do the work important to you.
Types of Bequests - there are several ways you can include the Community Foundation and your fund here at the CFA in your will:
- Outright Bequest - You may bequeath a specific item, a specific dollar amount, or a percentage of your estate. We always advise our donors to consult with their advisors to determine the types of assets best given to charity and best given to heirs since some assets are burdened with income tax consequences are are less suitable for giving to heirs.
- Residual Bequest - You may bequeath the remainder of your estate to the Community Foundation after you have made inheritance provisions for your family and other heirs.
- Contingency Bequest - You may bequeath a gift under certain terms or conditions, e.g., only if you outlive your spouse. Charitable bequests can be carefully designed to permit the most favorable tax treatment under a variety of circumstances.
