Giving now allows you to watch your contribution hard at work for the cause you choose.
Cash, Check and Credit Card
You can give online here or call us at 231. 869.3377 with your credit card in hand. Make checks payable to CFOC and mail to our office:
Community Foundation for Oceana County
P.O. Box 902
Pentwater, MI 49449
Stocks, bonds, and most mutual funds are great gifts and they offer tax advantages as well. Typically, you can avoid capital gains tax on appreciated securities by transferring straight to us rather than selling them and gifting the proceeds. Contact us at email@example.com for our stock transfer instructions or with any questions.
IRA Charitable Rollover
If you’re 70½ years or older, you can take advantage of this gifting option that Congress made permanent in late 2015. You can transfer up to $100,000 per year from your IRA to the Foundation in a direct rollover without first having to recognize the distribution as income. While the law currently doesn’t allow this gift to be used to start or add to a Donor Advised Fund, there are plenty of other options you can consider to make the impact you desire. Give us a call and let’s talk about them.
Life Insurance Policy
When you name the Community Foundation as the owner and beneficiary of an existing or new life insurance policy, you receive an immediate tax deduction that usually approximates the cash surrender value of the policy. All premium payments made thereafter are deductible as a charitable contribution.
Closely Held Stock
If you own closely held stock in your business, which is generally not sold to the general public, you may choose to give it to the Foundation. We can help you pass company ownership to children or key employees without hurting assets and liquidity; sell the company and plan for minimized estate and capital gains taxes; gain enough equity from the company to provide income; and use assets of your business to create a family giving program. Give us a call.
Whether it’s real estate or personal items such as art or jewelry, giving property can be an attractive option. If you have a home, cottage, business property, land, coin or stamp collections, or other valuables that you would like to use for a charitable gift, we can help. Because each gift is unique and specific rules apply to property, we would be happy to meet with you to confirm we are able to accept your gift and discuss the details.
By establishing your plans to give later, you have the assurance of knowing you’ll be helping your community long after you’ve gone. Did you know that if everyone in Oceana County leaves just 5% of their estate, whatever the size, over $111 million will be invested in our community over 50 years? Imagine how much good that can do. With a little planning, you can continue showing your love for Oceana County or supporting your favorite causes long after you’ve gone.
If you take this step, please let us know. We want to thank you, hear your story, and acquaint ourselves with your plans so we are sure to carry them out as you desire. You’ll be joining other generous givers and planners as members of the Legacy Society of the Community Foundation for Oceana County. Estate gifts can include:
Including a gift in your will or trust is a great way to contribute to the future. Work with your attorney to indicate a specific amount or percentage to come to the Foundation, then talk to us about what you’d like your gift to do for the community. If your thoughts about what to support change over time, all you need to do is let us know and we can update our records.
IRA, Retirement Plans, or Life Insurance
Name the Foundation as a beneficiary of your IRA, retirement plan, or life insurance policy. It’s as simple as contacting your plan administrator and updating the beneficiary form to include a percentage for the community. Often your retirement account is your largest single asset. However, once it is passed on to your heirs, there’s a massive tax bite. You can avoid that taxation by using these retirement plan assets to build your charitable legacy.
Charitable Remainder Trust (CRT)
A CRT will eventually transfer property to the Foundation after paying income to one or more noncharitable beneficiaries for life, or a set number of years. These gifts allow you to receive income for the rest of your life, knowing that whatever remains will benefit your community.
Charitable Lead Trust (CLT)
A CLT is the opposite of a CRT. With a CLT, income payments are made initially to one of our funds for a term of years. At the end of the term, the remaining assets pass to heirs or others you choose.
Note: If you are a professional advisor and would like additional information on giving arrangements that can benefit your clients, contact Tammy Carey.