Legacy Donor Advised Fund – Create a fund where the next generation can advise on grant making to nonprofit organizations without the added expenses and administrative burdens. Legacy Designated Fund – Create a fund where you define the longevity of the fund, structure of grant amounts, and preferences for grant designations, then our team will carry out these directives. Life Insurance Beneficiary Designation – Name a fund at the Foundation as the beneficiary of a life insurance policy or donate an existing policy. If your client purchases a new policy, they can name the Foundation as the owner. The premiums will be paid annually by their contributions to the Foundation, which are eligible for a tax deduction. IRA Beneficiary Designation – Name a fund at the Foundation as a primary or contingent beneficiary of all or a portion of an individual retirement account. Funds flowing directly to a fund at OCF from a retirement plan after the person’s death will not be subject to income tax or estate tax. Leaving a Lasting Legacy Lawrence “Red” Thomas helped build ConAgra into one of the world’s biggest food companies and one of Omaha’s most significant employers. He retired after 36 years. He and his wife Jan spent time determining their community impact. The Thomases set out to construct their legacy plan with the help of the Omaha Community Foundation. It’s a plan that will extend their giving intent and ensure their philanthropic priorities will be honored after they are gone. The plan also depends on the insight and knowledge the Omaha Community Foundation provides when it comes to identifying the current and future needs of the community. Thomas said that even after a lifetime of community involvement, they still can’t know where the future needs will be and who will be most in need of help. But building a plan with OCF alleviates some of those concerns. “OCF has provided such great flexibility for constructing a legacy plan, and they try hard to make your ideas turn into reality and extend your charitable life,” Thomas said. “That is a legacy.” Catherine French McGill, JD, CAP®, AEP®, is the gift acceptance manager at the Omaha Community Foundation. If you have questions about charitable legacy planning or how the Omaha Community Foundation can partner with you to help your clients with their charitable giving, contact her at (402) 884-1757 or catherine@omahafoundation.org. Disclaimer: This article provides an overview of the possible tax advantages of donating various types of assets and is not intended to provide tax or legal guidance. The Omaha Community Foundation recommends discussing these strategies with an accountant, financial advisor, or attorney. FIND WHAT MATTERS Do you ever find yourself asking, “Is there something better out there?” You spend half your life at work, and we firmly believe you should love what you do. Our experienced team will help you find the right position at a great company where you can thrive. We are currently hiring for the following positions... ^ CFO ^ Controller ^ Financial Roles ^ Entry/Senior/Manager Level Accountants ^ Bookkeeper ^ Payroll Administrator ^ Remote CPA Positions LEARN MORE TODAY AT WWW.LUTZ.US/TALENT 15 www.nescpa.org
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