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Planned Giving & Your Legacy

Give Where Your Heart Lives

A planned gift is any major gift made during your lifetime or after death as part of your overall financial and estate planning. Often referred to as charitable gift planning or legacy giving, planned giving enables you to support nonprofits with larger charitable gifts than you could make from ordinary income.​

Through opening a fund—or joining your friends and neighbors in giving to a community fund—you can get more impact out of every dollar. We make giving simple, convenient, and tax-advantageous, so that you can give more to the causes you care about and create a lasting legacy.​

Create a Legacy!

Lega­cy giv­ing offers you a way to make a dif­fer­ence far beyond the mea­sure of one life­time. There are many ways to cre­ate your lega­cy gift and the infor­ma­tion below can help get you start­ed, but we encour­age you to seek help from your pro­fes­sion­al advi­sor. We work with you and your advi­sor to cre­ate your lega­cy!

Hav­ing a lega­cy plan in place pro­vides the max­i­mum ben­e­fit to your com­mu­ni­ty and the orga­ni­za­tions which mean the most to you. It also allows you impor­tant estate and finan­cial advan­tages — allow­ing you to give most effec­tive­ly and ben­e­fi­cial­ly. Review our planned giv­ing options below.

Ways to Give

The goal of planned giv­ing is to ful­fill your phil­an­thropic wish­es in coor­di­na­tion with your over­all finan­cial and estate plan­ning. Whether you name a char­i­ty as the ben­e­fi­cia­ry of your will or retire­ment plan, estab­lish a gift that also gen­er­ates income for you, or donate appre­ci­at­ed stock, you ensure that the char­i­ties you care about are sup­port­ed well into the future.

Out­right Gifts

An out­right gift is a sim­ple way to sup­port your favorite caus­es by con­tribut­ing to or estab­lish­ing your own fund at Sher­man Coun­ty Com­mu­ni­ty Foun­da­tion.

Form of Gift:

  • Secu­ri­ties
  • Real Estate
  • Life Insur­ance
  • Per­son­al Prop­er­ty

Size of Gift:

  • Unlim­it­ed

Advantages:

  • Deductible for income tax pur­pos­es
  • Avoid cap­i­tal gains tax

With thought­ful plan­ning, you can leave a mean­ing­ful lega­cy to your favorite char­i­ties. A pop­u­lar way to make a lega­cy gift is through a will or trust. Your gift can sup­port a beloved char­i­ty, aug­ment your cur­rent giv­ing, or even be used to estab­lish an endow­ment fund at the Sher­man Coun­ty Com­mu­ni­ty Foun­da­tion.

Form of Gift:

  • Home
  • Cash
  • Secu­ri­ties

Size of Gift:

  • Unlim­it­ed

Advantages:

  • Use of assets dur­ing your life­time
  • Life income gifts and lead trusts may be made in tes­ta­men­tary form
  • Enables you to make a sig­nif­i­cant future gift
  • Sim­plic­i­ty: Des­ig­nate Sher­man Coun­ty Com­mu­ni­ty Foun­da­tion as a ben­e­fi­cia­ry in your will or liv­ing trust
  • Abil­i­ty to mod­i­fy your plans if your needs change

If you are 73 or old­er, a qual­i­fied char­i­ta­ble dis­tri­b­u­tion to the Sher­man Coun­ty Com­mu­ni­ty Foun­da­tion can be an excel­lent way for you to make a char­i­ta­ble gift. By send­ing the funds from your IRA direct­ly to char­i­ty, your ben­e­fit is two-fold: you can avoid pay­ing the usu­al tax­es while also sat­is­fy­ing your required min­i­mum dis­tri­b­u­tions.

Leave Your Retirement Assets to the Sherman County Community Foundation

Did you know 60%-65% of your retire­ment assets may be taxed if you leave them to your heirs at your death? Anoth­er option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give your retire­ment assets to the Sher­man Coun­ty Com­mu­ni­ty Foun­da­tion. As a char­i­ty, we are not taxed upon receiv­ing retire­ment plan assets.

Form of Gift:

  • IRA dis­tri­b­u­tion

Size of Gift:

  • Up to $108,000 per year (or up to $216,000 for mar­ried cou­ples), with the lim­it indexed for infla­tion each year

Advantages:

  • Avoid tax­es on the dis­tri­b­u­tion
  • Reduce your tax­able income, even if you do not item­ize deduc­tions
  • Sat­is­fy your required min­i­mum dis­tri­b­u­tion (RMD) for the year
  • Use a QCD to make a one-time trans­fer of up to $54,000 to a char­i­ta­ble gift annu­ity or char­i­ta­ble remain­der trust
  • Sup­port your favorite caus­es by using your RMD to cre­ate a char­i­ta­ble fund, includ­ing a des­ig­nat­ed fund or schol­ar­ship fund. (Note: The IRS does not per­mit qual­i­fied char­i­ta­ble dis­tri­b­u­tions to donor-advised funds.)

Gift­ing your life insur­ance pol­i­cy is a sim­ple and impact­ful way to sup­port your favorite caus­es and char­i­ties. If your life insur­ance pol­i­cy is no longer need­ed or will no longer ben­e­fit your sur­vivors, con­sid­er using it to estab­lish or grow your char­i­ta­ble fund at the Sher­man Coun­ty Com­mu­ni­ty Foun­da­tion, which will con­tin­ue giv­ing back in your name for­ev­er.

Gift of Life Insurance Today

Did you know you can give your paid-up life insur­ance pol­i­cy to the Sher­man Coun­ty Com­mu­ni­ty Foun­da­tion today and receive a char­i­ta­ble income tax deduc­tion for the cur­rent val­ue of the pol­i­cy? If the pol­i­cy is not paid up, you can still trans­fer own­er­ship to the Sher­man Coun­ty Com­mu­ni­ty Foun­da­tion and then make tax-deductible con­tri­bu­tions to us each year to pay the pre­mi­um. Your fund will ulti­mate­ly ben­e­fit from the pro­ceeds of your pol­i­cy.

Advantages:

  • Receive an income tax deduc­tion for the val­ue of the pol­i­cy once it is irrev­o­ca­bly trans­ferred
  • Ongo­ing gifts to char­i­ty are tax deductible; char­i­ty pays the pre­mi­um
  • Make a large future gift at a small cost now

Size of Gift:

  • Unlim­it­ed

Designate the Sherman County Community Foundation as the Beneficiary

Alter­na­tive­ly, you can choose to des­ig­nate the Sher­man Coun­ty Com­mu­ni­ty Foun­da­tion as the ben­e­fi­cia­ry of your life insur­ance pol­i­cy. You will con­tin­ue to own and can make use of the pol­i­cy dur­ing your life­time. The pol­i­cy will be includ­ed in your tax­able estate when you pass away, but your estate will ben­e­fit from an estate tax char­i­ta­ble deduc­tion for the val­ue of the gift to us.

Advantages:

  • Make a large future gift at a small cost now
  • You may change the ben­e­fi­cia­ry lat­er if need­ed
  • You may bor­row on the pol­i­cy

Size of Gift:

  • Unlim­it­ed