LEGACY GIVING

There are many ways you can support the Cultural Foundation and its work beyond
making a one-time contribution. Here are some of the ways your support for the arts
and culture in our county can be a part of your legacy:

Bequests
Life Insurance
Charitable Gift Annuities
Retirement Plans
Charitable Remainder Trusts

If you would like more information about any of these legacy giving tools, contact the
Cultural Foundation of Harrison County and we’d be happy to connect you with a
specialist in estate planning.

Bequests

A bequest is a gift made by naming the Cultural Foundation of Harrison County as a beneficiary in your will. This is both a simple and popular method for remembering the Center in perpetuity. If you already have a valid, up to date will, your attorney can add The Cultural Foundation as a beneficiary through a simple amendment to your will called a codicil. Bequests of all sizes are appreciated.

For a simple, straightforward bequest, we suggest the following language:
“I give and bequeath the sum of _ dollars to the Cultural Foundation of Harrison County, Inc., a nonprofit corporation located in Clarksburg, West Virginia, for its general purposes (or you can specific how you want the gift to be used).”

In the alternative, you could bequeath a particular asset or percentage of your estate rather than a dollar amount.

Living Trusts
Please note that including the Cultural Foundation in a revocable living trust works in much the same manner as a bequest. Your attorney can assist you in tailoring the language to your needs and wishes.

Life Insurance

Whole life, universal, and other forms of permanent life insurance policies could provide another way you can support the Cultural Foundation of Harrison County by using them to make a planned gift for the Foundation’s’s future. You can contribute all or part of an insurance policy that you own but no longer need.

When the Cultural Foundation is named as the owner and beneficiary of an existing policy, your annual premium payments become tax-deductible. In addition, you generally can deduct an amount approximately equal to the current cash value of the policy for income tax purposes in the year you transfer ownership. Another option is simply to purchase and name the Cultural Foundation as owner/beneficiary of a new life insurance policy.

Charitable Gift Annuities

A charitable gift annuity (currently available for gifts of $10,000 or more in most states) provides you with a guaranteed fixed income for life in exchange for your irrevocable contribution, which may be in the form of cash and/or appreciated securities.
The annuity is governed by a simple contract, and payments are made to you on a quarterly or other periodic basis. Annuity rates are based on your age at the time of the gift and typically range from 5.0 percent up to 9.5 percent.* The older you are, the higher the annuity rate. Individuals aged 65 and older are eligible to begin receiving payments immediately.
Annuities also may be set up for the benefit of a loved one. Please contact the Cultural Foundation to learn more.

Deferred Payment Annuities

For individuals younger than age 65 or for those who wish to delay the income stream from an annuity until retirement, there are deferred payment charitable gift annuities. These annuities work the same as those described above, but payments are deferred a minimum of one year, resulting in a higher annuity rate.** The longer payments are deferred, the more the annuity rate increases. Annuitants must be at least age 65 at the date of first payment.
*Rates are subject to change based on the recommendations of the American Council on Gift Annuities and also may vary with the timing of the gift.
**Rates may vary with the timing of the gift.

Retirement Plans

One of the simplest and most “tax-wise” ways to make a gift to the Cultural Foundation is through a beneficiary designation in your IRA, 401(k), 403(b), or other retirement plan. Because retirement plans at final distribution may incur considerable taxation to your estate and heirs, a gift of these assets may be one of the lowest cost ways to provide critical support for the Foundation’s work. Through your plan provider, you have the option of naming the Cultural Foundation as a primary or contingent beneficiary of your retirement plan and designating either a stated percentage or dollar amount.

Charitable Remainder Trusts

With the assistance of an attorney, you can establish an irrevocable trust naming yourself, another individual, or a bank as trustee. The Cultural Foundation could also serve in this capacity. You may transfer cash, securities, or other property to the trust. (The property must have a minimum value of $250,000 if the Cultural Foundation is to serve as trustee.) The trust then pays income to you and/or other beneficiaries for life or a term of up to 20 years at a certain percentage or dollar amount as determined when the trust is established. When the trust’s term is concluded, the remainder is distributed to the Cultural Foundation.
The income and estate tax advantages of a charitable remainder trust can be significant. A trust can be an especially attractive method of giving for those who own stock with a low-cost basis.