Legacy Society
Planning Ahead Can Be A Win-Win Situation
And might you consider making an investment in Community Solutions through estate planning? Through planned gifts you can:
- Make a substantial gift without depleting current assets.
- Eliminate or reduce federal estate taxes.
- Designate your gift for unrestricted use, or restrict its use to a specific purpose.
- Become a member of Community Solutions’ Legacy Society.
While we recommend that you consult your estate plan advisor, you might consider one or more of the following planned giving vehicles to create your own legacy of generosity:
If you have questions about making a planned gift, please contact Roslyn Bucy Miller, director of development, at rbmiller@CommunitySolutions.com or 216-781-2944 ext. 511.
Legacy Society
When you notify us of a planned gift to The Center for Community Solutions, you become a member of our Legacy Society.
Community Solutions is a partner of
Thank you to our Legacy Society
Anonymous (2)
Peter and Jane Anagnostos
Leona Bevis
Rebecca Elliott
Roslyn Bucy Miller
Richard E. Streeter
Seth Taft
Hazel Willacy
Margaret Wong
Trust Funds that benefit Community Solutions
Estate of Dudley S. Blossom
The Laura E. Price Briggs Trust
Charles and Emma Bruml and Theresa H. Bruml Trust Fund
Caroline E. Coit Fund
Mark Davis Trust Fund
Emma D. Freeman Trust Fund
Marie Louise Gollan Fund
Mariott L. Huntington Trust Fund
The Robert R. Rhodes Fund
Charles F. Uhl Fund
Ellen Garretson Wade Memorial Fund
W. R. Warner Estate
Whiting Williams Fund
To notify us that you have made a planned gift, please contact Roslyn Bucy Miller, director of development, at rbmiller@CommunitySolutions.com or 216-781-2944 ext. 511.
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Your Will Can Be A Way
Your Will is a legal document that allows you to decide how your assets are to be distributed and in what amounts or proportions. Without a Will, assets are disbursed according to state laws with no consideration of your wishes or the needs of your heirs. A bequest is property given through your will, such as cash or securities. The two types of bequests most commonly used are the specific bequest (dollar amount or percentage of estate) and the residual bequest (all or a stated percentage of an estate after distribution of specific bequests and payment of debts, taxes, and expenses). You may wish to include your retirement plan as part of a bequest. If you already have a Will, your attorney can draft a codicil (a simple amendment) to include a gift to Community Solutions. We would be happy to provide you with sample language that will help you and your attorney in drawing up such a bequest.
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Giving and Receiving via the Same Gift
A Charitable Gift Annuity (CGA) is an agreement to pay the donor a fixed dollar amount each year for life in return for a transfer of cash, securities, or other assets. While some organizations maintain their own CGA programs, our CGA program is managed by The Cleveland Foundation and benefits the The Center for Community Solutions Health and Human Services Fund at the Foundation. There is no cost to donors. There are special characteristics of a CGA that make it beneficial to donors:
- fixed income payment for life
- attractive rates of return
- significant portion of the income is tax-free
- partial avoidance of capital gains tax (if appreciated securities fund the gift)
- charitable income tax deduction and estate tax deduction
- making a difference in the future via Community Solutions
There may be a minimum amount required to establish a CGA. Rates of donor payments are determined by the age of the donor or person(s) who will receive the income payments, per the American Council on Gift Annuities. For personalized, confidential rate information, based on your age and gift amount, please contact Roslyn Bucy Miller, director of development, at 216-781-2944 or rbmiller@CommunitySolutions.com.
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Insuring A Better Future
Life insurance provides a wonderful opportunity to make a gift without using current income or assets that are needed for other purposes. A gift of life insurance enables a donor to make a larger gift than may be possible otherwise. Gifts through life insurance are an option for donors who have life insurance policies with accumulated cash value that are no longer needed to protect dependants. Life insurance gifts may be made in several ways:
- making a gift of a paid-up policy
- naming Community Solutions as beneficiary or co-beneficiary of an existing or new policy
- assigning annual dividends as a contribution to Community Solutions
- making a gift of a policy with outstanding premiums
- making a gift of a new policy
Life insurance is a source that can create a legacy and may result in significant income and family tax benefits, depending on the details of the gift. As with other gifts, donors can designate how they would like the funds from the insurance policy to be used when the policy is cashed in or comes to term.
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Gifts That Provide Income to You
Charitable Remainder Trusts
These two life income trusts give you the flexibility to design a trust to meet your individual goals. You can receive retirement income, generate higher income from assets, or shift income to other family members. In the process, you receive charitable income tax deductions and avoid or minimize capital gains taxes on appreciated assets.
A Gift with an Income that Never Changes: An annuity trust pays a fixed amount to the beneficiary(ies) as a percentage of the assets valued when the trust is established. The payout rate must be at least five percent. The principal advantage of this type of trust is that it provides you with a predictable, stable income each year.
A Gift with a Variable Income: The unitrust provides an income that is a percentage of the fair market value of the trust assets at the end of each trust year. As principal grows, so does your income. Your charitable deduction is determined by the payout you select, at least five percent, and the age of the beneficiary(ies). Your payment may vary from year to year.
Charitable Lead Trust
This type of planned gift may be described as the reverse of the Charitable Remainder Trust. It is appropriate for donors who wish to address long-term estate planning goals instead of current income goals. A lead trust may be established during your lifetime or in your Will. The income tax deduction depends on the manner in which the trust is established.
Giving Income Temporarily: A charitable lead trust is an arrangement that allows you to support a charitable organization(s) during your lifetime while leaving substantial assets to your heirs. Assets are transferred to a trust and the trust pays an annual income (a fixed amount or a percentage of the fair market value of the trust principal as determined annually) to the organization(s) for a specified term. At the end of the term, the assets revert to you, the donor, or to your heirs.
Charitable Remainder Trusts and Charitable Lead Trusts to benefit Community Solutions may be established with The Cleveland Foundation. For more information, please contact Roslyn Bucy Miller, director of development, at rbmiller@CommunitySolutions.com or 216-781-2944 ext. 511.
Whatever your choice of planned giving tool, we appreciate your consideration and support.
