How to Give

Making a Planned Gift

The Internal Revenue Service has authorized several ways that you can make gifts to the Hampton Roads Community Foundation that will benefit our communities in the future and also provide benefits for yourself. To learn more about planned giving at the Hampton Roads Community Foundation contact Lynn Neumann, gift planning officer, at (757) 622-7951 or lneumann@hamptonroadscf.org.

Once you have made arrangements for a planned gift, you are eligible to join the Legacy Society for Hampton Roads. The society honors generous citizens who have arranged for the future of their community with a planned gift.

Options for planned gifts include:

• Bequests

• Charitable Gift Annuity

• IRA Rollovers

• Charitable Remainder Trust

• Charitable Lead Trust
  
   

Bequests
Designating the Hampton Roads Community Foundation as a beneficiary of your will or living trust is a straightforward way of creating a fund. You can designate a specific amount, a percentage of your estate or the residue and remainder of it. Through the type of fund you establish you can support specific organizations, address general charitable causes, help students with scholarships or benefit an array of nonprofit needs.

Click here for suggested language to share with your legal counsel.

Charitable Gift Annuity
A Hampton Roads Community Foundation Charitable Gift Annuity (CGA) can generate immediate or deferred income for the life of one or two designated individuals. It can provide a partially tax-free income and an income tax deduction for you and allow remaining assets to be used to support your favorite charities and charitable causes.

The Hampton Roads Community Foundation offers CGAs to donors who are at least 60 years old. The minimum contribution is $50,000. Payments are based on your current age; rates are established by the American Council on Gift Annuities.

More information is available from our staff. For general information on charitable gift annuities and the most current rates visit www.acga-web.org

IRA Rollovers
Many people are just now reaching the age where they can tap into Individual Retirement Accounts and other retirement funds. Often a portion of these assets will remain after their lifetimes. If you plan to pass these retirement assets on to anyone but your spouse, they will be subject to significant taxation. Making the Hampton Roads Community Foundation the successor beneficiary to a spouse for those remaining assets gives the full dollar value to support your charitable goals while removing the assets from your estate for tax purposes.

Whether you decide to support specific nonprofit organizations or to create a scholarship fund to help students, the Foundation will provide ongoing stewardship to ensure your wishes are fulfilled.


Charitable Remainder Trust
A charitable remainder trust (CRT) permits you to make an irrevocable gift and receive an income in return. Moreover, if appreciated assets are used to fund your trust, you will not be subject to capital gains taxes. You will also be entitled to an income tax charitable deduction.

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%.

the Hampton Roads Community Foundation offers a great deal of flexibility as the charitable remainder man of a CRT. The Foundation can provide a list of financial organizations that can serve as trustee. By using the Foundation, you can use trust assets to establish a fund that will support specific organizations, general charitable causes or create scholarship programs. As the recipient of the remainder trust, the Foundation will receive the assets at the end of the trust term and provide ongoing stewardship of your charitable wishes.

Charitable Lead Trust
Often described as the reverse of a CRT, a Charitable Lead Trust distributes income to your charitable fund for a period of years or throughout your lifetime. Then the assets return to you or, more typically, to surviving family members. The result is gift and estate tax savings. If planned correctly, a CLT will allow you to make a significant gift to charity and transfer assets to family members with reduced or no gift and estate taxes.