Heritage Fund : The Community Foundation of Bartholomew County

Ways to Give

Gifts to Heritage Fund can be made in a variety of ways. You choose the best way to make a gift.

Cash

Funds can be started or established with cash gifts.

Securities

A gift of appreciated securities may be deducted at full fair market value while avoiding capital gains tax.

Real Estate and Personal Property

Gifts of real estate may include homes, condominiums, apartments, undeveloped land, farmland and rental property.

Bequests

Remembering the community in one's will can be an important way to reduce estate taxes. A donor may leave a share of an estate or a specific dollar amount.

Life Insurance Policy

A donor assigns the policy and beneficiary rights to the Heritage Fund. The charitable tax deduction will be for the present cash value of the policy. If the donor continues to pay annual premiums, these, too, are tax deductible.

Charitable Remainder Trust

A donor places assets in trust and receives income for life or designates a spouse, children or other to receive the income. The donor receives a charitable deduction, avoids capital gains tax and removes the asset from his or her taxable estate. The asset eventually passes to a named fund of the Heritage Fund.

Charitable Lead Trust

This trust pays income to the Heritage Fund for a specific number of years. Then the principal is given to designated beneficiaries. This removes assets from a donor's estate and gifts the assets to heirs. The donor pays no income or capital gains taxes on this asset during the period of control by the Heritage Fund.

Life Estate

A donor may contribute a home or farm but retain the right to live in it for life. After the lifetime, the property's value will be used to establish a fund with the Heritage Fund. The donor receives an income tax deduction, avoids capital gains tax and exempts the property from estate taxes.

Trust Fund

If the donor is the beneficiary of a trust that pays a regular income, a portion of this income may be assigned to the Heritage Fund. The donor pays no further tax on this income and may take an income tax deduction for the value of the assignment.

Individual Retirement Account

The IRA that helps a donor and spouse face retirement years will be reduced greatly by income and estate taxes before it reaches their heirs. By naming the Heritage Fund as the contingent plan beneficiary, all of the assets will be used to benefit the community.

While the Heritage Fund can and will be helpful in advising donors about making gifts, we strongly encourage our donors to work with their professional advisors to determine the strategies that are most advantageous and appropriate to the individual circumstances and desires of the donor.

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