Your legacy of giving back can continue forever through a fund at Whidbey Community Foundation. At WCF, we’ll work with you individually, or, if you, choose with your family or advisor, to develop a charitable plan that will continue after your lifetime. Your fund will continue in perpetuity and the organizations you care about will continue to receive your support.
Many of our donors make deferred gifts by including us in their estate plans. In those plans, they specify Whidbey Community Foundation as the recipient of their gift of stock, cash, real estate, insurance policies, IRAs, or other assets. Some donors have chosen to initiate other gift plans, such as charitable remainder trusts, all allowing you to minimize your taxes and still be able to leave an inheritance to your loved ones. Our staff is willing to work with you and your advisor to help you plan a gift that is most meaningful to you.
How It Works
Once you’ve decided that leaving a charitable legacy is important to you, we’ll work personally with you to capture your charitable vision in a written Fund Agreement, which is kept on file at the Foundation. The fund agreement lays out exactly what your charitable intent is so that future leaders of the Foundation know what organizations or causes your fund will to support. Then, at some future point when the fund receives assets from your estate, it will begin carrying out your legacy by making distributions in your fund’s name to those causes listed in your fund agreement.
Once your fund is established, you won’t have to revise legal documents if your wishes change over time. All you need to do is call us and we’ll make revisions to the fund agreement during your lifetime – making your charitable giving easy, flexible and meaningful.
The Legacy Society Statement of Intent Form is a non-binding document that lets us know about your intentions of planned giving to benefit the community. You will then earn a place in our Legacy Society, which honors those who include the Community Foundation in their planned giving instrument.
Ways to Give Later
- Bequest by Will or Trust
- Beneficiary Designation Gifts — IRA, Life Insurance, or Qualified Plan Assets
- Charitable Gift Annuities
- Charitable Trusts
- Close Held Business Interests including Subchapter S-Stock
Will and Estate Sample Wording
With the language suggested below, you can include a charitable bequest to benefit your fund at the Community Foundation.
Language for IRA or Insurance Beneficiary Designation
Beneficiary: Whidbey Community Foundation (Tax ID # 81-3860867) for the _________________ Fund.
Language for Bequest
I give and bequeath _________________________________ (describe gift) to Whidbey Community Foundation, of Coupeville, Washington, 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 Whidbey Community Foundation.
Language for Living Trust
At the termination of the trust, Trustee will distribute the remaining trust assets to Whidbey Community Foundation 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 Whidbey Community Foundation.
Language for Charitable Remainder Trust
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 WHIDBEY COMMUNITY FOUNDATION (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.
Questions on your options?
If you have questions about the Community Foundation, our funds, of how you can use us to give back, please call Jessie Gunn at (360) 660-5041 or email her at email@example.com.