You can create or contribute to a permanent fund through your will or a trust agreement. Such charitable gifts are deductible for estate tax purposes. Here are some examples of how to fund your legacy:
- Residuary bequest: in your will, you leave all the remaining property after payment of all debts, taxes, expanses, and other bequests
- Percentage bequest: the Foundation receives a percentage of the residuary estate
- Specific bequest: you designate a specific dollar amount or item of property
- Contingent bequest: you make a bequest to the Foundation upon a certain condition, such as in the event of another named beneficiary does not survive you
To ensure that the language is correct and the Foundation can fulfill a donor's wishes, we encourage anyone considering a bequest to the Foundation contact us, either personally or through advisors. Bequests to create named funds must be at least $10,000. Read sample trust or bequest language.
You can name The Rhode Island Foundation as the designated beneficiary of a retirement plan (IRA, 401(k), 403(b), etc.) to add to or establish a fund. This is an extremely tax effective way to make a charitable gift, as your gift will not be subject to either estate or income taxes as it would be if you left it to your heirs. Learn more about
gifts of retirement plan assets.
You can make a gift of life insurance to the Foundation in several ways, for example, by irrevocably designating the Foundation as the owner and beneficiary of the policy or by naming the Foundation as a percentage beneficiary of a policy on your life.
Each of these methods involves both financial and tax considerations. Contact the Gift Planning & Stewardship staff to determine which is the best option for you.
You can deed your real estate - whether personal residence, vacation property, etc - to the Foundation and continue to to live in the property for the rest of your life. Again, deeding real estate during your lifetime involves both financial and tax considerations. Contact the staff to determine if this is an option for you.
You can realize the tax advantages of making a gift now, especially of appreciated assets, while still receiving income from that asset. A life income gift offers that flexibility, while ensuring that your charitable intent is met upon your passing.
After providing income to the beneficiary, the remaining assets can be used to establish and name a new endowment, or to contribute to any of the Foundation’s more than 1,000 existing permanent endowments (including your own, if applicable). If you haven't already, see Types of Funds.
Life income gift options