Welcome!

Select an option to learn more about how we can help.

Individual

Private Foundation

Wealth Manager

Family

Nonprofit

Attorney

Company

Planned Giving FAQs

What is planned giving?
Put simply, planned giving is the act of thoughtfully arranging a gift to charity in the future. Planned gifts are often made through a provision in a person’s will or charitable trust.

How do I get started planning my estate?
Effective estate planning starts with a good attorney. By drafting a plan for your estate, you can ensure that your wish to make a difference in greater Akron is met. An estate plan will also allow your family to avoid the hassle and expenses that often occur when a loved one passes away without a will. Akron Community Foundation is happy to work with you and your attorney to determine a plan that is right for you. Ask your attorney to visit the site we created just for professional advisors or contact us.

Can an “average” person leave a legacy?
Absolutely. Bequests are a simple form of planned giving that allows you to support your community in perpetuity. By including Akron Community Foundation in your will, you can make a contribution above and beyond what you could have afforded during your lifetime. Because you do not have to be wealthy to leave an estate, it is a wonderful way to make a lasting difference.

What assets can I use to make a gift to Akron Community Foundation?
Generally speaking, during your lifetime, you can make an outright gift of cash, securities or real estate. Through your will or with a distribution from a retirement plan or life insurance policy, your gift can be designated to Akron Community Foundation in accordance with your wishes. Learn more about Giving Your Way.

Is it important to designate specific instructions in my will?
To ensure that your wishes are met, you should clearly state your charitable intents in your will. Without a will, one loses control over belongings after death. Property and finances are settled according to the state’s decisions, even despite the family’s wishes. Thankfully, Akron Community Foundation can help you work with your professional advisor to draft a plan that fulfills your charitable goals. For sample bequest language, click here.

What type of gift plans also return income to me?
You have the option of making a gift that returns income to you, your spouse or other individuals. Such gift plans include charitable gift annuities, charitable remainder unitrusts, or annuity trusts.

What tax deduction will I receive for my gift?
Your tax benefits will depend on several factors, including the type of gift, the time at which it is made, whether it is outright or deferred, and whether it has any income payments. In general, though, the following guidelines apply:

  • Outright gifts to Akron Community Foundation generate a full income-tax charitable deduction. Outright gifts of appreciated securities are deductible at fair-market value, with no recognition of capital gains – a great tax benefit!
  • Bequests do not generate a lifetime income tax deduction. They are exempt from estate tax.
  • Similarly, life insurance distributions to Akron Community Foundation are not income-tax deductible, but they are exempt from estate tax. If you have made us the irrevocable owner and beneficiary of a policy during your lifetime, you may deduct annual gifts that offset premium payments (see below).
  • The charitable deduction for a gift that returns income to you, such as a charitable gift annuity or a charitable remainder trust, is the fair market value of the gift asset minus the present value of the income interest you retain.

I want to set up a life insurance policy, name Akron Community Foundation as the beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
No. The IRS would not consider that a “completed gift” – they’d say that, as the owner of the policy, you could change the beneficiary designation to a friend or family member. We must be made the irrevocable owner of the policy for gifts offsetting premium payments to be deductible.

I’ve heard that transferring gifts of IRA assets to charity are advantageous. Why?
Qualified retirement plans such as IRAs, 401(k)s, 403(b)s and Keoghs allow individuals to defer paying taxes on a portion of their income until the assets are withdrawn during retirement years. However, after a person’s death, these accounts are often exposed to income and estate taxes at a combined rate that could rise to 75 percent or even higher on large taxable estates. The tax will be paid at some point – by your estate and your heirs – unless contributed to a charity. In other words, by giving retirement assets to Akron Community Foundation, you receive double benefits: Your estate and heirs will not be taxed on the portion that goes to the foundation, and you will be supporting greater Akron.

I’m interested in establishing a charitable gift annuity. What financial provisions will you make for the income payments to me and my spouse?
Your charitable gift annuity will be treated as a general obligation of Akron Community Foundation, backed by all of our assets. We have an unbroken record in making timely payments to our annuitants, and that ongoing responsibility is a key element in our financial policies. For specific guidelines and information about establishing a charitable gift annuity, contact Margaret Medzie, vice president of development and donor engagement.

If I create a bequest or life-income gift, can I still continue to make annual contributions to the foundation?
Absolutely. Your planned gift is a significant addition to our long-term financial strength and our ability to meet the changing needs of greater Akron. However, we encourage you to continue making regular contributions to support today’s most pressing needs, and we appreciate each gift you make, no matter the size.

Is it possible to make a gift for a specific purpose?
Yes. Akron Community Foundation is committed to preserving its donors’ charitable intentions. By leaving the foundation in your will, you can establish a fund in your name that will make grants to the causes and organizations you care about. Should the designated organization, or the purpose it served, eventually cease to exist, the foundation will re-allocate the fund’s income to reflect your original wishes. We encourage you to sit down with our professional staff and discuss your intentions. During this time, we can help you draft a fund agreement that will be upheld at the time of your bequest.

Should I tell Akron Community Foundation about my estate plans?
Definitely! If you have included the foundation in your estate plans, please let us know. We would love to thank you during your lifetime. You will also become a member of the Edwin C. Shaw Society and receive special benefits. Please contact us if you would like to learn more or have any questions.


Learn more about our resources for philanthropists or find additional answers for advisors.