The Community Foundation of Southern Indiana can make creating your client’s charitable legacy simple, easy and flexible. With the language suggested below, your clients can establish a charitable bequest fund at the Community Foundation that will provide support for their favorite causes following their lifetimes. We provide the personalized services to you and your client that help make this kind of charitable giving easy, flexible and meaningful.
client can make a bequest to the Community Foundation through their Will or
living trust to establish a new endowment or add to an existing endowment fund
(any new fund must meet the minimum size requirement for an endowment,
currently $5,000). Their gift can be for a specific amount, for a percentage of
their estate, or for the remainder of their estate after all expenses have been
paid and all other bequests honored. We can even work with your client to
create a fund that will endow some of their charitable causes, and make immediate
distributions to others. One fund truly can “do it all” for your client’s
When your client establishes a bequest fund, we work personally with them and with you to capture their charitable vision in a written Fund Agreement, which is kept on file at the Foundation. You do not have to add a codicil or revise their legal documents if your client’s wishes for the use of their future fund changes over time. We are happy to make revisions to the fund agreement during the client’s lifetime – we keep their most recent written instructions on file for that future day when the fund receives assets from the estate.
To help you create the gift for your client’s future fund, please refer to the suggested language below. Each of these examples anticipates that your client has or will establish a fund agreement with the Foundation to receive the gift from their estate or beneficiary designation. Without a fund agreement or other instructions, bequest and beneficiary designation gifts received by the Foundation will be added to the Community Endowment Fund. The Community Endowment Fund is used at the discretion of our Board of Directors to address the most pressing needs of the Clark and Floyd County communities.
LANGUAGE FOR IRA OR INSURANCE BENEFICIARY DESIGNATION
Beneficiary: The Community Foundation of Southern Indiana, Inc. (Tax ID # 35-1827813) for the ________________________ Fund.
LANGUAGE FOR BEQUEST
I give and bequeath _________________________________ [describe gift] to The Community Foundation of Southern Indiana, of New Albany, Indiana to be held as a component fund known as the “____________________ Fund.” This fund was separately created for the charitable purposes agreed to by me and The Community Foundation of Southern Indiana.
LANGUAGE FOR LIVING TRUST
At the termination of the trust, Trustee will distribute the remaining trust assets to The Community Foundation of Southern Indiana, Inc. to be held as a component fund known as the “__________________ Fund.” This fund was separately created for the charitable purposes agreed to by me and The Community Foundation of Southern Indiana.
LANGUAGE FOR CHARITABLE REMAINDER UNITRUST
Distribution to Charity. Upon the death of the survivor Recipient, the Trustee shall distribute all of the then principal and income of the Trust (other than any amount due either of the Recipients or their estates, under the provisions above) to THE COMMUNITY FOUNDATION OF SOUTHERN INDIANA (hereinafter referred to as the “Charitable Organization”) to be held as a component fund in accordance with the terms of the agreement with the Foundation for the “_______________ Fund.” If the Charitable Organization is not an organization described in sections 170(b)(1)(A), 170(c), 2055(a), and 2522(a) of the Code at the time when any principal or income of the Trust is to be distributed to it, then the Trustee shall distribute such principal or income to such one or more organizations described in sections 170(b)(1)(A), 170(c), 2055(a), and 2522(a) as the Trustee shall select in its sole discretion.
For information about these or any other charitable contributions, please contact Linda Speed at (812) 948-4662 or firstname.lastname@example.org.
GIFTLAW PRO - Click the link for more information about bequests.
GIFTLEGACY - Click the link for more information on creating your bequest gift.