Planned Giving

The George C. Marshall Foundation Legacy Society 

 
Planned Gifts can provide multiple benefits to donors and to the George C. Marshall Foundation. Donors can receive an immediate tax benefit and income, plus the satisfaction of knowing the Marshall Foundation will receive financial support in the future. The Marshall Foundation receives the benefit of an asset that will support the Foundation’s activities in the future. Please consider a membership in the Marshall Legacy Society by creating a planned gift now.

The Process
We will work with you and your advisors to shape a planned gift that meets your estate planning goals for current and future income, tax benefits, charitable deductions. Accomplishing will require discussions or meetings with you, your financial advisor or accountant and the Marshall Foundation to develop the appropriate gift to meet your needs.  To begin thinking about your planned gift to benefit the Marshall Foundation, please consider the following information.

Assets commonly used for funding a planned gift include…

Stock or real estate.  If these assets have appreciated in value yet result in a low current yield, you can give them to the Marshall Foundation as an outright gift or use them to fund a charitable gift arrangement, creating the potential for saving capital gains and income taxes.

Qualified retirement plan assets.  Retirement plan assets are some of the best assets to direct to charity.  They can be used first to support the plan owner and spouse, before some or all are designated to the Marshall Foundation.  You will need to make a simple change to your beneficiary form.

Real estate.  Part or all of a real estate asset can be deeded directly to the Marshall Foundation or used to fund a charitable remainder trust, with favorable tax and income advantages to the donor.  Personal residences, vacation homes, and farms can also be deeded to the Marshall Foundation while first retaining a life estate (the lifetime right to live in the property) for the donor and spouse.

Life insurance.  Ownership of a life insurance policy that an individual no longer needs can be given to the Marshall Foundation at any time during his or her lifetime.  The Marshall Foundation can be included as a beneficiary of an insurance policy.

Certificates of deposit or savings bonds.  These assets often are no longer paying income to an individual, who can redeem or cash them in and, then, make an outright gift of all or some of the proceeds to the Marshall Foundation.  The proceeds also can be used by older individuals to fund charitable gift annuities,which provide income to one’s self and/or another person, in addition to supporting the Marshall Foundation.

Closely held businesses.  Such assets can sometimes be used to fund a charitable remainder trust or even a charitable lead trust, with a charitable lead trust returning the asset at some future time to the family, usually children or even grandchildren, with favorable estate and gift tax consequences.

Here are some planning options…

You can support Marshall Foundation programs, operations and endowment with one or more of these giving options that have proven both popular and effective for individuals and couples with a charitable interest in the work of the Marshall Foundation.

Bequests.  A bequest is the most common planning option, but it requires language that must be included in a properly executed will or trust.  If you wish to restrict how the Marshall Foundation uses your gift, that language may also be included.

Beneficiary designations on qualified retirement plans or life insurance policies.  This is a revocable choice made on a beneficiary designation form that a donor completes, dates and returns to the company holding the asset.   Retirement plan assets often result in multiple taxes after the death of the plan owner and spouse, so they are well suited to charitable giving when other assets can be given to family.  Life insurance can also be given in a percentage or in its entirety on a beneficiary designation form.

Charitable gift annuities.  These appealing plans, known as CGAs, have been around a long time and can provide a higher-than-market rate of return for one or two older individuals.  They are simple contracts and can be funded by cash or other assets.   Many donors like these uncomplicated plans so much that they fund one each year.  Only charities can offer these plans.

Retained life estates.  You can deed a personal residence, vacation home, or farm to the Marshall Foundation and retain on the face of that deed you or your spouse’s rights to continue to live in the property for your lifetimes.  This type of gift results in a current income tax deduction and simplified probate and does not change your lifestyle.

Charitable remainder trusts.  These trusts have been around since 1969 and offer either fixed (a charitable remainder annuity trust) or variable (a charitable remainder unitrust) income to a donor, spouse or others such as siblings, partners, children or grandchildren.  The variable income trust, a unitrust, follows market activity with an annual revaluation feature and can, with a good trustee, be a hedge against inflation.

Charitable lead trusts.  The income generated during a charitable lead trustterm is paid to one or more charities.  When the trust term ends, the assets are returned to the donor’s family, who are often children or grandchildren.  These taxable trusts are created to support charities and to stretch out the value of federal gift and estate tax exemptions.

Unrestricted contributions are preferred because the Marshall Foundation can use those funds for current needs.  Gifts may be made in memory of any deceased person(s) or in honor or tribute of any living person(s), which is a meaningful commemoration of a special loved one.

George C. Marshall Foundation, P.O. Box 1600, Lexington, VA 24450
Phone: Rick Drake at (540) 463-7103, Ext. 137