Guide to Giving - Berkshire Taconic Community Foundation

What to Give NowWhat to Give LaterYOUR LEGACYBENEFITS TO YOUGive as much or aslittle as you wantCombine multiplegifts to establish a fund12 berkshiretaconic.orgGifts to Berkshire Taconic Community Foundation come in all forms. Cash, securities, closely-held stock,business interests and real estate are all assets that have been used to establish charitable funds – or giveto an existing fund at Berkshire Taconic.CASHA cash gift is the most popular type of charitable gift because of its simplicity. With a gift of $25,000or more, you can establish an endowed fund of your choice that will begin generating income forgrants or scholarships immediately and continue in perpetuity. With a gift of at least $10,000, youcan establish a donor advised fund. You can also donate any amount of cash to an existing fund.STOCKS, BONDS, MUTUAL FUNDSGiving gifts of long term appreciated property in the form ofstocks, bonds or mutual funds will provide greater tax benefitsthan a cash gift of equivalent value, especially if they havea low cost basis. You will receive a charitable deduction for thefull market value of your property – even if you initially boughtit for far less. You will also avoid capital gains tax – money you’dhave to pay if you liquidated the property. A gift of closely-heldstock is also an option for giving.BENEFITS TO YOUGain a charitable deductionNo capital gains taxRecognizable tax savingsReduces your taxable estateRelieves you and your heirs ofthe burden of selling the propertyREAL ESTATE & PERSONAL PROPERTYA home…a farm…business property…undeveloped land. If you have realestate assets that you would like to use for a charitable gift, Berkshire TaconicCommunity Foundation can help. We accept the gift outright, or showyou how a charitable trust can be used to convert your asset into a gift thatalso produces income. Because each gift of real estate is unique, a Foundationstaff member will be happy to meet with you to discuss the process and detailsof making such a gift. You can also give tangible personal property (e.g.art, antiques, rare books, jewelry, gems, collections, etc.).CONVERTING A PRIVATE FOUNDATIONTO A COMMUNITY FOUNDATION FUNDMany families establish private foundations to create a charitablelegacy without realizing the complexities and expense of administration.A number of private foundations have chosen to convertto a fund at Berkshire Taconic so that the advisors can focussolely on the work they love – grantmaking! Please see page 26for a chart comparing options.BENEFITS TO YOUGain a charitable deductionNo capital gains taxCombine multiple giftsRecognizable tax savingsReduces the size of your estateBENEFITS TO YOULower administrative costsGreater tax benefitsNo payout requirementGreater privacyWhether you want to simply remove assets from your estate to save estate taxes, avoid taxes on capitalgains or establish a life income, Berkshire Taconic Community Foundation can help. Our staff is happy tomeet with you to discuss giving alternatives and opportunities.CHARITABLE BEQUESTSYou 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 Americanphilanthropic tradition. Such gifts enable you to make significant contributionsthat may not have been possible during your lifetime.When you remember Berkshire Taconic Community Foundation in your will, youmay reduce your estate taxes while supporting your community. You may give a specificdollar amount, property, or a percentage of your estate. You may also give a remainderof your estate after bequests to family and friends.When planning a bequest to Berkshire Taconic Community Foundation, be sure to talk with a member of ourstaff. We will help ensure that your wishes are clearly understood so that they can be carefully carried out inthe future.*RETIREMENT ASSETSRetirement plan assets are some of the mosttax-efficient assets to transfer to charity uponyour death. Deferred income tax and estate taxcan erode the value of retirement assets; in somecases, the combination of taxes can reach ashigh as 80 percent, leaving very little for yourheirs. By leaving retirement assets to your fundBENEFITS TO YOUAvoid all income & estate taxesDeploy 100% of your retirement assets towardyour charitable goalsCreate a charitable legacy today by indicating yourintentions for the fund after your passingBENEFITS TO YOUDivide property between loved onesand your charitable interests inwhatever way you chooseReduce your taxable estateCreate a charitable legacy today byindicating your intentions for the fundafter your passingat Berkshire Taconic Community Foundation, you can preserve 100% of your hard-earned assets for the goodof the community – forever.**Naming BTCF as beneficiary in your will or of your retirement assets is as easy as adding a few lines: “I leavex% 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.”PRIVATE FOUNDATION CONVERSIONMartha Boschen Porter, of Salisbury, CT, lived along and creative life as an artist, fashion designerand photographer/journalist. Her creativity was accompaniedby a deep interest in helping other creativepeople. Martha believed the world is made a betterplace if artists are given the resources they need tocreate work, have it made available to the public, andare given the chance to imagine their future.In 2006, Martha dissolved her private foundation andestablished the Boschen Fund at Berkshire Taconic,allowing her the joy of supporting artists in the regionwhile BTCF handled all the legal and administrativework. She and the original board continued as advisorsto the fund. Upon her death in 2011, Martha lefta portion of her estate to the fund so that its workwill continue in her name long into the future.berkshiretaconic.org 13