The Maine Community Foundation serves as Maine's charitable savings account, making grants over time based upon our donors' philanthropic wishes and our knowledge of Maine communities. It is impossible to predict what the most pressing needs will be years from now or where charitable dollars could have their greatest impact. The flexibility and permanence of the Maine Community Foundation make it the ideal vehicle for planned giving. For your convenience, the information on this page is also available as a printable handout.
Bequest Through a Will or Living Trust
One of the simplest ways to make a planned gift is to include a statement in your will or living trust that a share of your estate will be distributed to the foundation for the purpose that you name (see sample bequest language). Bequests are deductible as charitable gifts for estate tax purposes and can include most assets. A charitable bequest may be added to an existing will as a codicil. No minimum for gift to existing fund. Gifts to create new funds must meet fund minimums.
Charitable Gift Annuity
A straightforward agreement between you and the foundation, a charitable gift annuity provides a guaranteed fixed lifetime income that is partially tax-free, provides an income tax deduction, and often has attractive income rates, particularly for individuals who are 70 or older (see Charitable Gift Annuity Overview for more details). The charitable remainder creates a permanent flow of funds for the charity(ies) of your choosing. Minimum contribution: $25,000. Minimum age: 60 (or 50 for deferred).
Charitable Remainder Trust
A charitable remainder trust (CRT) provides either a fixed or variable lifetime income and an immediate income tax deduction to you. By using a CRT, you can bypass capital gain taxes and reduce your estate taxes. After the trust expires, the charitable remainder is directed to specific organizations or broader areas of interest that you designate in the original trust agreement. Although we do not create trust agreements, if you are not already working with an attorney or other professional, we would be happy to recommend some professionals to contact. Suggested minimum of $500,000.
Charitable Lead Trust
A charitable lead trust will appeal to those who want to leave an inheritance for children and grandchildren while minimizing the percentage taken by estate and other inheritance taxes. While a variety of asset types can be used, one of the most common is revenue-generating real estate such as apartment buildings. In all cases, the income from the trust comes to the foundation for a number of years that you specify.
These proceeds are used to create a fund at the foundation that benefits the issues or organizations you care about most. When the trust is terminated, the assets within the trust can go either return to you or be given to another party (typically children or grandchildren). Although we do not create trust agreements, if you are not already working with an attorney or other professional, we would be happy to recommend some professionals to contact. Suggested minimum of $2 million.
Legacies for Maine
Our legacy society, called "Legacies for Maine," recognizes individuals or families who have included the foundation in their will or made provisions to create a fund through a planned gift. Please let us know if you have named the Maine Community Foundation in your plans, or contact us to discuss your interests in more detail.
Special Note to Personal Representatives of a Person’s Will or Living Trust
As the administrator of a will or estate, you may have been directed to allocate a certain portion of the estate to charity, but if the organizations are not named you may find carrying out the charitable provision burdensome. While the estate might contemplate creating a private foundation, the amount involved may be too small to justify the administrative costs. A solution is to open a fund at the foundation in the name of the person who died and arrange to have the charitable portion of the estate paid to the fund. That way, we assume the task of carrying out the charitable provisions of the will (approval of the probate court may be necessary). The foundation has handled complex bequests in similar situations and has experience in ensuring the wishes of the deceased are carried out in full.
To discuss planned giving options, please contact Jen Southard at (207) 412-0842 or email firstname.lastname@example.org.