What To Give
If you have considered incorporating charitable giving into your estate plan, the Wichita Community Foundation offers many options. We’re here to help you determine what your goals are, achieve tax advantages and establish your legacy.
A bequest, made through a will or living trust, is a popular, flexible way to support your charitable interests through the Wichita Community Foundation. A bequest to create an endowment or add to an existing fund can be done by designating a specific amount, a percentage of your estate, or what remains after all other bequests are fulfilled. Benefits can include significant state tax savings.
To maximize flexibility, the Wichita Community Foundation accepts Letters of Intent during your lifetime. This strategy allows for changes to be made in relation to your charitable goals, marital status and more at any point in your lifetime at no charge.
It is also possible to name the Wichita Community Foundation as a beneficiary of all or part of a financial arrangement, including retirement plans, IRAs or life insurance policies.
There are several advantages to this route:
- The policies are easy to create and modify
- You retain control of your assets during your lifetime
- Gifts are tax-exempt
- 100% of your gift is put to work precisely as you direct it
The Wichita Community Foundation encourages you to seek professional, legal, estate planning and/or financial advice when determining a planned giving arrangement. We’ve provided a few examples of language that can be used in your will or living trust.
1. Gifting a Specific Amount of Money
“I give to the Wichita Community Foundation, a nonprofit corporation of the State of Kansas, currently located at 301 N. Main, Suite 100, Wichita, KS 67202, and successors and assignees, the sum of $_____________.”
2. Gifting the Remainder of an Estate
“I give to the Wichita Community Foundation, a nonprofit corporation of the State of Kansas, currently located at 301 N. Main, Suite 100, Wichita, KS 67202, and successors and assignees, all or ____% of the rest, residue, and remainder of my estate.”
3. Gifting of a Bequest
Option #1: “My bequest shall be used to establish a Donor Advised Fund with the following individual(s) as fund advisors: ___________, _________, and ___________.”
Option #2: “My bequest shall be used to establish a fund to devoted to the following cause or issue: ____________________________________.”
Option #3 “My bequest shall be used to establish a fund to support the following Section 501 (c)(3) public charity(ies) _____________________________________________.”
Option #4: “My bequest shall be used to establish a Scholarship Fund to support scholarships [at the] ____________________ School, for a special area of study, or in recognition of academic achievement or other qualities].”
Option #5: “My bequest shall be used to support the Operating Endowment Fund of the Wichita Community Foundation.”