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Definitions of Planned Gifts

Bequest
A bequest is a gift named in a person's will. Wills are necessary to carry out a person's wishes after death regarding the distribution of their property to those they wish to benefit, including to charitable organizations.

Charitable Remainder Trust
With a Charitable Remainder Trust the donor takes a one-time charitable deduction in the year the trust is formed. The donor then receives income from the trust for life. Upon the donor's death, the assets of the trust are distributed to the donor's designated charity or charities.

Charitable Lead Trust
A Charitable Lead Trust is a variation of the Charitable Remainder Trust. It provides for a fixed amount to be paid annually to the donor's designated charity or charities for a specific amount of time. Upon the termination of the Charitable Lead Trust, the remainder is passed on to the donor's designated heirs.

Charitable Gift Annuity
A Charitable Gift Annuity (CGA) is a way to make a gift to a favorite charity and still receive income for yourself or others during your or their lifetime. It is a contract under which a charity agrees to pay a fixed sum of money for one or two persons in return for a gift of cash or marketable securities. The person who makes the gift is the “donor”, and the person who receives payments is called the “annuitant”. Usually, the annuitant is also the donor, but not always. The maximum number of possible annuitants is two, and payments may be made to them jointly or successively. Upon the death of the (last) annuitant the remainder of the gift goes to the charity.

Our Community Foundation is offering CGAs whose remainder may benefit the community in a variety of positive ways. See Charitable Gift Annuities tab.