Estate planning: Your kids … and your community

As you contemplate your legacy and adjust your estate plan over the years, it’s natural to focus on your children and family as the primary beneficiaries in your will and trust.  

If you’re like an increasing number of charitable individuals, you might find your perspectives about what it means to leave a legacy are expanding to also include a community or cause that is close to your heart.  

If this is something that interests you, the NCCF team welcomes the opportunity to discuss ways we can help. NCCF believes in the power of permanent philanthropy to strengthen our communities and people. We work with donors from all over the state to develop and execute charitable giving plans that achieve their personal, unique goals.  

Whether you are interested in providing perpetual support to your community or favorite nonprofits, establishing or growing a family philanthropy fund, or helping a student access higher education, NCCF offers tools and strategies to meet your needs. 

Legacy giving allows you to make charitable contributions after your death, preserving financial security for yourself and your loved ones during your lifetime. These opportunities may include naming a fund(s) at NCCF as a beneficiary of your will, trust, retirement account or bank account.  

Planned gifts during your lifetime may provide you with important tax savings, while also allowing you to leave a permanent, growing legacy. For example, if you are over the age of 70 1/2, you can direct up to $105,000 each year from your IRA to certain types of funds at NCCF. This is called a Qualified Charitable Distribution (“QCD”) and may be directed to a scholarship, field of interest, agency, or designated fund, or to one of our affiliate-advised community grantmaking funds.  

Not only do QCD transfers count toward satisfying your Required Minimum Distributions if you’ve reached that age threshold, but you also avoid the income tax on those funds. Furthermore, the assets distributed through a QCD are no longer part of your estate upon your death, so you can avoid estate taxes too. 

Our team stands ready to answer your charitable giving questions or support your planning needs. Please contact the development officer serving your region if you would like to talk further. 

This article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.