Now & Later
Grantee Time & Space Limited is an arts organization in Hudson, NY that invites individuals and families to participate in the arts in a culturally rich and socially-active environment. Photo by John Dolan.
Berkshire Taconic Community Foundation offers you flexibility in accomplishing your charitable goals while receiving the maximum tax deduction allowed by law, whether you give a gift now or a planned gift later.
Gifts to Berkshire Taconic Community Foundation come in all forms. You can use any of the following assets to establish a charitable fund or give to an existing fund at BTCF.
A cash gift is the most popular type of charitable gift because of its simplicity. A gift of $25,000 or more establishes an endowed fund of your choice that begins generating income for grants or scholarships and continues in perpetuity. A gift of $10,000 establishes a donor advised fund.
Long-term appreciated holdings, such as stocks, bonds or mutual funds may provide greater tax benefits than a cash gift of equivalent value, especially if they have a low-cost basis. You receive a charitable deduction for the full market value of your holdings – even if you bought it for far less. You also avoid capital gains tax – money you’d pay if you liquidated the holding. A gift of closely held stock is also a giving option.
A home. A farm. A business property. Undeveloped land. Real estate assets make wonderful charitable gifts and Berkshire Taconic can help ensure your generosity does the most good. We accept the gift outright or show you how a charitable trust can be used to convert your asset into a gift that also produces income. You can also give tangible personal property (e.g. art, antiques, rare books, jewelry, gems and collections).
Many families establish private foundations to create a charitable legacy without realizing the complexities and expense of administration. A number of private foundations have chosen to convert to a fund at Berkshire Taconic so that the advisors can focus solely on the work they love – grant making! Compare [PDF, 64KB] a private foundation to a fund at BTCF.
Including Berkshire Taconic Community Foundation in your estate plan is an easy way for you to make a significant impact on your community and create a legacy that lasts forever. You can use a variety of assets to make a planned gift and accomplish your charitable goals.
You can, through a bequest, establish any kind of fund or give to an existing fund. Gifts provided through wills or trusts have become the foundation of the American philanthropic tradition. Such gifts enable you to make significant contributions that may not have been possible during your lifetime.
When you remember BTCF in your will, you may reduce your estate taxes while supporting your community. You may give a specific dollar amount, property or a percentage of your estate. You may also give the remainder of your estate after bequests to family and friends.
Sample Bequest Language [PDF, 496KB]
Bequest Intention Form [PDF, 123 KB]
Retirement plan assets are some of the most tax-efficient assets to transfer to charity upon your death. Deferred income tax and estate tax can erode the value of retirement assets; in some cases, the combination of taxes can reach as high as 80 percent, leaving very little for your heirs. By leaving retirement assets to your fund at Berkshire Taconic, you can preserve 100% of your hard-earned assets for the good of the community – forever.
Naming BTCF as beneficiary of your retirement assets is as easy as adding a sentence or two to your IRA beneficiary form: “I leave x% of my assets to Berkshire Taconic Community Foundation (BTCF), a nonprofit corporation of Connecticut, to be used to enhance (or create) a component fund (to be) known as the _______Fund.”
Sample Bequest Language [PDF, 310KB]
Giving a life insurance policy is one way to make a substantial contribution to BTCF. There are three ways to turn your life insurance policy into a charitable gift:
A charitable lead trust allows you to “donate the fruit and keep the tree.” Essentially, you make significant charitable gifts now while later transferring wealth to your heirs at reduced gift and estate tax rates. Through the trust, you determine how much will be paid to BTCF and for how long. The principal that remains after the trust terminates will revert back to you or pass to another designated individual.
Charitable lead trusts are an effective tool for excluding assets – and subsequent appreciation on those assets – from your taxable estate while ensuring your favorite causes receive significant charitable support.
Minimum to establish a charitable lead trust: $250,000.
Giving through a charitable remainder trust (CRT) can support Berkshire Taconic’s future grant making while providing you or whomever you designate with income for life or a specified number of years. You, in effect, “donate the tree and keep the fruit.”
You place cash, property or other assets irrevocably into a trust, which distributes an annual income for life or for the duration of the trust to the income beneficiary. Payments can be a fixed dollar amount (an annuity trust) or a percentage of the principal (a unitrust).
Charitable remainder trusts offer a great deal of flexibility. Payments may be made to you throughout your life, and then directed to your spouse or other beneficiaries after your death. Or, the trust may be set up by your will, benefiting a loved one for his or her lifetime. The eventual distribution to the Foundation will take effect only at the end of the trust term.
Minimum to establish a charitable remainder trust: $250,000.
You Can Convert Your Private Foundation
BTCF made it possible for Dr. Josephine Evarts to provide a life income for her surviving husband while giving financial assistance to college students pursuing health care degrees.
Look inside our Legacy Brochure to read about how you can plan your charitable future with Berkshire Taconic.
Director of Philanthropic Services
413.229.0370 x 103
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