A Guide to Reviewing Estate Plans and Charitable Giving Strategies

Did you know August is National Make a Will Month. Even if your estate planning documents are already in place, this is still a good time to review your will, trust, and beneficiary designations to ensure that
they still capture your financial and family situation, as well as your intentions.

Remember, your fund at the Community Foundation can be an ideal recipient of estate gifts through a will or trust, or through a beneficiary designation on a qualified retirement plan or life insurance policy. Bequests of qualified retirement plans–such as your IRA–can be extremely tax-efficient. This is because charitable organizations such as the Community Foundation are tax-exempt. This means the funds flowing directly to a fund at the Community Foundation from a retirement plan after your death will not be reduced by income tax. This also means the assets will not be subject to estate tax.

The Community Foundation makes it easy for your attorney to draft bequest terms in legal documents,
including beneficiary designations of retirement plans and life insurance policies. Please contact our team
for the exact language that will ensure alignment with your intentions.

Keep in mind that even after you have executed estate planning documents or beneficiary designations, in
many cases you can update the terms of the fund at the Community Foundation designated to receive the
bequest upon your death. You will love the ease and flexibility. We look forward to hearing from you and
your advisors as you update your estate plan to ensure that your community legacy is intact!