Estate Planning Options
Planned giving, sometimes called gift planning or legacy planning, enables donors to make larger gifts to charitable organizations, like Marion Community Foundation and the nonprofits and charities we support, than they could make from ordinary income. Several options exist for future-minded philanthropists, including:
Wills & Trusts
If you’re not quite ready to make a gift at this time, but you want to establish your legacy to the Marion community, you can easily make Marion Community Foundation a beneficiary of your will or trust. Options include designating a fixed dollar amount of your gift or a percentage of your estate. Either way, we will work with your attorney and financial planner to ensure this is an easy process and that the correct language is used in your estate planning documents to create the gift.
Sonia & Phil Haas created four legacy funds in 2021, all using planned giving. Lifelong Marion residents, their funds will support the Marion Palace Theatre, which they consider a vital asset to the community, the Marion County Historical Society, and Pleasant Local Schools. Phil’s uncle was instrumental in creating the Historical Society and the family has a long history of supporting the organization. Having lived in Pleasant school district for 39 years, Phil and Sonia look forward to supporting the Spartans on the field and in the classroom with two endowment funds.
POD & TOD
Payable on death (POD) is an arrangement between a financial institution and a client that designates beneficiaries to receive all of the client’s assets. Transfer on Death (TOD) permits the direct transfer of investments to a beneficiary upon the death of the owner, thus avoiding probate. Either of these methods can name, not only individuals, but charitable organizations as the beneficiary. Both POD and TOD are extremely simply ways to designate Marion Community Foundation as a beneficiary without having to change your will or trust. These simple tools cost nothing during your lifetime and require only a simple form.
Life Insurance
If you have a life insurance policy you no longer need, consider naming Marion Community Foundation as the owner and beneficiary of the policy. By doing so, you receive a charitable deduction for the cash value or the adjusted basis. Premium payments can also be deducted as a charitable gift. A new policy on your life naming Marion Community Foundation as beneficiary guarantees a future gift as well. We will work with your insurance agent to easily accomplish this gift.
