The Pikes Peak Community Foundation accepts a broad range of asset types, including:
- Mutual Funds
- Cash value of a life insurance policy
- Life Insurance Proceeds
- Complex assets
- IRA assets
We also accept more complex assets, such as:
- Closely held stock
- Partnership Interests
- Appreciated Family Business Entities
- Real Estate (houses, farms, commercial properties, or undeveloped land)
- Tangible Personal Property
Other Ways to Give
Charitable Bequest by Will or Charitable Trust Distribution is one of the simplest ways to provide for your community is to establish or add to a fund at the Community Foundation through a bequest in your will or by providing for a distribution from your trust. This is a simple option that allows you to enjoy all of your assets while you are alive, yet support your favorite causes at death.
Life Insurance makes it possible for virtually everyone to make a meaningful gift. Policies that are no longer needed for their original purpose can make excellent gifts when given to the Community Foundation. You can either designate the Community Foundation as the beneficiary, or you can gift the policy during your life and likely receive an immediate income tax deduction.
Retirement Assets like life insurance, retirement assets can be easily gifted to the Community Foundation at death. This can be done by changing the beneficiary designation for the retirement asset. In addition, you can reduce income taxes payable by your family – in addition to saving estate taxes – by giving retirement assets to the Community Foundation. For example, if you were to give a $100,000 IRA to your children at death and another $100,000 of assets to the Community Foundation, your children would have to pay income taxes on the IRA (in addition to any estate taxes that might be owed). By merely giving the IRA to the Community Foundation and the other assets to your children, all of the income taxes are avoided on the IRA. This income tax benefit can be important when planning the distribution of your pension, profit sharing, Section 401(k) and Section 403(b) plans and IRAs. Special rules apply to making charitable gifts of these assets during life. Please consult with your tax advisor and the Community Foundation about these rules.
Charitable Lead Trust is similar to a charitable remainder trust, a charitable lead trust is established by you. The Community Foundation receives the current distributions from the charitable lead trust, with the remainder returning to you – or more typically being transferred to your family. These arrangements can be very useful in reducing the gift and estate tax costs of moving assets to your family and can sometimes be used to generate current income tax deductions.
Remainder Interest in Residence, under the right circumstances, you can provide for the transfer of your home to the Community Foundation at your death and still live in your home. This technique can generate immediate income tax deductions for you, even though you remain in your home until death.
To learn more about how our professional services can help you, contact Steve Marken, Director of Gift Plannin, to learn more.