Your client's legacy lasts forever

Bequests, trusts, wills, estates or charitable giving instruments. We know you use these tools expertly to help a client establish a lasting legacy of caring.

Once you help a client provide for family, you may be asked to arrange for a future charitable gift to his or her favorite nonprofits or causes as well. We can help, no matter your client's charitable interests. We specialize in both broad areas, like education and the arts, to focusing on particular grantees, such as an animal shelter, an alma mater or a place of worship.

Meet retired librarian John Stewart and learn why he is planning a charitable bequest for the region he loves.

After a client passes away, we will follow his or her instructions to turn the charitable gift into the type of fund requested. We will direct grants – in the donor's name or anonymously if preferred – to causes outlined in the bequest. We will do this forever.

$25,000 or more starts your client's named, permanent fund

Your client’s future gift can be any size. If the donation is less than $25,000, it will go directly to any existing fund your client names or to our Community Fund. This general fund supports grants to an array of nonprofits in our region.

A gift of $25,000 or more allows your client to create a permanent fund. Approximately 4.5% of the fund's value will go to the donor's choice; the rest plus any additional investment returns remain in the fund. 

Choose the "instrument" of giving that works best for your client

If your client is planning a major gift, we recommend consulting an attorney, account or wealth manager, if that's not you. Our development team can help.

Here are the options we provide:

Bequests

Bequests are generally left through language in a will or living trust. Your client can name a specific dollar amount, a percentage of their estate, or what remains after all other gifts and expenses have been met. Review suggested bequest language

IRA and Retirement Plan Assets

Your client can name the Hampton Roads Community Foundation as the designated beneficiary of a retirement plan such as their IRA, 401(k) or 403(b). It's easy; your client usually need only notify the firm holding the asset. Retirement assets are effective as charitable gifts because they are not subjected to estate or income taxes. They would be if your client left your retirement fund to someone other than their spouse.

Life Insurance

Your client can make a gift of life insurance by irrevocably designating the foundation as the owner and beneficiary or the partial or contingent beneficiary of a policy on your client’s life. Tax benefits depend on whether the policy is paid off or if your client continues to pay premiums.

Charitable Gift Annuity

A charitable gift annuity is an easy way for your client to make a charitable gift during your lifetime and still receive income. Your client can also choose that one other person receive immediate or deferred income through the charitable gift annuity.

To start an annuity you must:

  • Be at least 60 years of age
  • Make an irrevocable gift of at least $25,000

A charitable gift annuity lets your client:

  • Support their favorite charities and causes through the remainder of their annuity
  • Receive an immediate charitable income tax deduction
  • Lock in fixed, partially tax- free payments for life

Payments are based on your client's current age using rates established by the American Council on Gift Annuities. You can see the entire list of suggested age-based annuity rates on the council's website. Below is a summary of the latest rates.

Current Rates (as of April 5, 2016) 4.4% 4.7% 5.1% 5.8%
Age of Donor 60 65 70 75

*Rates are approved by the American Council on Gift Annuities for a single life and are subject to change. Rates vary depending on age.

Charitable Remainder Trust

Your client can realize the tax advantages of making a gift now -- especially of appreciated assets -- while still receiving income from the assets through a charitable remainder trust. After providing income to your client during their lifetime, the remaining assets can be used to establish a charitable fund or to contribute to an existing fund.

There are two types of CRTs: Unitrusts and annuity trusts. In both cases, the term may be for life or a period of years up to a maximum of 20 years. The minimum annual percentage payout is 5%.

Charitable Lead Trust

A Charitable Lead Trust (CLT) distributes income to your client’s charitable fund for a period of years or during your client’s lifetime. Then the assets return to your client or surviving family members. A CLT can allow your client to make a significant gift to charity and transfer assets to family members while saving taxes.

Our bequest guide helps craft a future legacy. Read a copy online or request a print copy.