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Create a Fund through a Will, Trust or Retirement Plan

A testamentary gift is the simplest way to leave a legacy for the community, create charitable opportunities for your children, and pass on family values. It also allows you to create a permanent endowment, ensuring that your charitable goals are met in perpetuity for the causes that are important to you today.

Gifts through wills, trusts and retirement plans can significantly reduce the federal estate tax and the state inheritance tax due. Because a bequest to create a named fund at Greater Toledo Community Foundation qualifies for an unlimited charitable deduction, and because combined federal and state taxes can exceed 70% on larger estates, a testamentary gift can offer a substantial tax savings for the estate.

If you plan to create a testamentary gift, you may establish a new fund of any type (unrestricted, field-of-interest, designated, donor advised), or you may contribute to an existing fund. Your will, trust or other documents should specify Greater Toledo Community Foundation as the charitable recipient and name of the fund to which your gift will contribute.

Click here for sample language to create a charitable bequest to Greater Toledo Community Foundation.

Simplifying Estate Planning
A deferred fund (a fund created at the time of death) at Greater Toledo Community Foundation may receive assets from a variety of sources (bequest, trusts, retirement plans, life insurance, etc.) and serve as the one “basket” to receive all of your estate’s charitable distributions. One or more funds can be established at Greater Toledo Community Foundation through the estate to meet a variety of charitable goals. For example, the combined contributions from an estate could be used to establish a donor advised fund advised by your children; a second fund as a field-of-interest fund to assure that your charitable interests are maintained; and a third fund as a designated fund to support organizations of special interest to you.

We encourage you to become part of the Foundation’s Legacy Society. The Legacy Society recognizes individuals who have made a commitment to the community through their wills or trusts. Members of the Legacy Society receive quarterly updates on the Foundation’s work and are recognized in the Foundation’s Annual Report. Members of the Legacy Society may also choose to remain anonymous.

Getting Started
For more information on creating a legacy as a part of your estate and financial planning, please contact Mike Greer, Lauren Pietrek or Jesse Stock in our Philanthropic Services Department at 419.241.5049 or email [email protected],  [email protected] or [email protected].

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