Ways to Give: There are many ways to give to the Western Colorado Community Foundation:
Cash Gifts - This option is simple, fast and flexible. You can set up a fund in your name with the Western Colorado Community Foundation and add to it whenever you choose. All cash contributions offer immediate tax deductions and may be deducted up to 50% of your adjusted gross income with an unused amount carried over for up to an additional five years.
Gifts of Appreciated Assets - When designated as a gift, the donation of securities or real property can often provide important tax advantages. The full market value of your gift can generally be deducted without recognizing income on the gain from your real cost. Contributions of appreciated property owned more than one year may be deducted up to 30% of your adjusted gross income with any unused amount carried over for up to an additional five years.
Some donors establish funds at the Community Foundation during their lifetime. Others make provisions in their will or estate plan for an end-of-life gift. Many donors do both.
A variety of charitable gifting tools and techniques are available for planned gifts.
Bequest by Will - This gift alternative takes a variety of different forms. As an enduring symbol of your generosity, a bequest supports the changing needs of our community for generations.
A bequest can be a specific lump sum of money willed to one of WCCF's endowment funds or your own named endowment fund. It can also take the form of a percentage of your estate or a piece of property. In addition, WCCF can be named as the residual beneficiary of your estate, as the recipient of a specified gift, a contingent beneficiary or as the ultimate recipient of the assets of a charitable remainder trust.
IRA or Qualified Plan - At death, retirement plan or IRA balances are included for estate and income taxes - often up to 85 percent. Funding a charitable bequest with an IRA or retirement plan prevents the bequest from becoming a liability of your estate, and the gift is made with pre-income tax funds.
Charitable Remainder Trust - This planned giving strategy is ideal for donors who want to provide a life income for themselves, their spouse or children. The tax benefits for this type of trust are substantial. Upon the donor's
death, the assets go to WCCF and benefit the community for years to come.
Charitable Lead Trust – Ideal for donors who want to provide a stream of income to the community foundation now, and have the principal in the trust revert to beneficiaries (usually family members) at the end of a finite period of time.
Life Insurance Policy – Life insurance policies are a creative and easy mechanism for making an inexpensive but substantial contribution to WCCF. Name WCCF as the owner and beneficiary of a policy that you no longer need; you are entitled to a tax deduction equal to the value of the policy. Any future insurance premiums are also deductible as charitable gifts. You can also purchase a life insurance policy with the Foundation named as beneficiary. We urge you to discuss your interests with your life insurance representative.
Real Property with Lifetime Use - A gift of real estate can be made to WCCF while providing the donor with lifetime use of the property. At time of death, the property is an asset of the Foundation and is excluded from the donor's estate. Gifts to the Community Foundation are tax deductible to the fullest extent allowed by law.
WCCF is pleased to acknowledge and thank those individuals who have made provisions for a future gift in our WCCF Legacy Society. If you would like more information about making a planned gift or would like to be acknowledged, please contact the WCCF office.
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