Planned giving, also known as legacy giving, refers to charitable donations that are arranged during a donor’s lifetime but are fulfilled at a future date, typically through their will or estate. These gifts are often larger and more impactful than regular donations, as they can include various types of assets and financial instruments.
For more information about planned giving, contact John Rodenhausen at John@cfaac.org or call 410.280.1102, ext. 102.
The Community Foundation of Anne Arundel County is a tax-exempt, non-profit organization that manages and distributes charitable funds to support local needs and improve the quality of life within a specific geographic area. CFAAC pools contributions from various donors into a coordinated investment and grant-making strategy to address a wide range of issues, including education, health, the environment, arts, and social services.
Reflect on what causes and issues are most important to you.
Determine if you want to support a specific program, field of interest, or geographic area.
Decide whether you want to make an immediate impact or establish a lasting legacy.
Schedule a meeting with CFAAC’s staff to discuss your philanthropic goals and interests.
Learn about the CFAAC’s services, expertise, and the types of funds we offer.
Discuss how CFAAC can help you achieve your charitable objectives.
· Donor Advised Funds (DAFs): These funds allow you to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time.
· Designated Funds: These funds support specific organizations you choose.
· Field of Interest Funds: These funds target a particular area of interest, such as education, health, or the environment.
· Scholarship Funds: These funds provide financial aid to students.
· Unrestricted Funds: These funds give the foundation flexibility to address the most pressing community needs.
· Legacy Funds: These funds are established through planned gifts and can support causes in perpetuity.
Work with the foundation’s staff to create a plan that outlines your giving strategy.
Consider the types of assets you can donate, such as cash, securities, real estate, or personal property.
Decide on the timing of your gift—whether it will be a current gift, a deferred gift, or a combination of both.
Consult with your financial advisor, attorney, and tax professional to ensure your gift plan aligns with your overall financial and estate planning.
Discuss the tax implications and benefits of your planned gift.
Ensure all legal documents are in place, such as your will, trust, or beneficiary designations.
Complete the necessary paperwork to establish your fund with CFAAC.
Make your initial contribution to the fund.
Define any specific terms or conditions for the fund, such as grant-making criteria or naming the fund.
Work with CFAAC’s staff to manage your fund and monitor its impact.
Participate in regular reviews of the fund’s performance and grant-making activities.
Receive reports on the outcomes and impact of your grants.
Stay involved with the foundation by attending events, participating in site visits, and joining advisory committees.
Share your story to inspire others in the community to give.
Periodically review your gift plan free of charge to ensure it continues to meet your philanthropic goals and financial situation.
Make adjustments as needed, in consultation with the foundation’s staff and your professional advisors.