A local couple who retired to Whidbey Island 8 years ago from Seattle has recently decided to bequest a portion of their estate to the Whidbey Community Foundation.
The couple, who wish to remain anonymous, was recently updating their Will in conjunction with their periodic estate planning and decided to include the local community foundation after learning about the Whidbey Community Foundation’s ability to extend their legacy of giving even after their death.
After deciding upon an amount that they wanted to leave for their children the couple discussed how to allocate the balance of their estate and concluded that a local Community Foundation that possessed both intimate knowledge of the Island’s charities and the ability to professionally manage their funds make perfect sense for them.
The couple recently established a legacy fund for this purpose with the Whidbey Community Foundation (WCF). In it, the couple identified four named 501(c) nonprofits that are to receive a specific amount of proceeds with the remainder of their fund being allocated through WCF in the form of grants to charities with the purpose(s) of assisting veterans, homeless and/or vulnerable children and senior citizens.
Other key factors in the couple’s decision to select the WCF included the non-taxable nature of any estate funds left to the Foundation and the Foundation’s ability to accept stock and real estate and other appreciated assets and their willingness to coordinate with surviving family members regarding selection of the local charities to receive grants from the fund.
“All in all, the Whidbey Community Foundation provides us one-stop resourcing for how we can most efficiently and effectively benefit Whidbey Island long after we are passed and gone,” said the couple.