Bequests & Future Giving

Your client's legacy lasts forever

Bequests, trusts, wills, estates or charitable giving instruments. We know you use these tools expertly to help a client establish a lasting legacy of caring.

Once you help a client provide for family, you may be asked to arrange for a future charitable gift to his or her favorite nonprofits or causes as well. We can help, no matter your client's charitable interests. We specialize in both broad areas, like education and the arts, to focusing on particular grantees, such as an animal shelter, an alma mater or a place of worship.

After a client passes away, we will follow his or her instructions to turn the charitable gift into the type of fund requested. We will direct grants – in the donor's name or anonymously if preferred – to causes outlined in the bequest. We will do this forever.

$25,000 or more starts your client's named, permanent fund

Your client’s future gift can be any size. If the donation is less than $25,000, it will go directly to any existing fund your client names or to our Community Fund. This general fund supports grants to an array of nonprofits in our region.

A gift of $25,000 or more allows your client to create a permanent fund. Approximately 4.5% of the fund's value will go to the donor's choice; the rest plus any additional investment returns remain in the fund.

Choose the "instrument" of giving that works best for your client

If your client is planning a major gift, we recommend consulting an attorney, account or wealth manager, if that's not you. Our development team can help.

Here are the options we provide:

Bequests are generally left through language in a will or living trust. You can name a specific dollar amount, a percentage of your estate, or what remains after all other gifts and expenses have been met. The Hampton Roads Community Foundation is the organization you would name as a beneficiary. It is helpful if you work with our team to craft a fund agreement so we know exactly how you want your bequest used. Contact Kay Stine, vice president for development.

You can name the Hampton Roads Community Foundation as the designated beneficiary of a retirement plan such as your IRA, 401(k) or 403(b). It's easy; you usually need only notify the firm holding the asset and ask that Hampton Roads Community Foundation be listed as a beneficiary. It is is helpful if you let us know you have done that so you can create a fund agreement so we will know how you want your donation used. Contact Kay Stine, vice president for development.

You can make a gift of life insurance by irrevocably designating the foundation as the owner and beneficiary or the partial or contingent beneficiary of a policy on your life. Tax benefits depend on whether the policy is paid off or if you continue to pay premiums.

A charitable gift annuity is an easy way for you to make a charitable gift during your lifetime and still receive income. You can also choose that one other person receive immediate or deferred income through the charitable gift annuity. Contact Kay Stine, vice president for development, for more details.

To start an annuity you must:

  • Be at least 70 years of age
  • Make an irrevocable gift of at least $50,000

A charitable gift annuity lets you:

  • Support your favorite charities and causes through the remainder of your annuity.
  • Receive an immediate charitable income tax deduction
  • Lock in fixed, partially tax- free payments for life

Payments are based on your current age using rates established by the American Council on Gift Annuities. Below is a summary of the latest rates.

Current Rates (as of July 1, 2018) 5.6% 7.66% 9.70%
Age of Donor 70 75 85

*Rates are approved by the American Council on Gift Annuities for a single life and are subject to change. Rates vary depending on age.

You can realize the tax advantages of making a gift now -- especially of appreciated assets -- while still receiving income from the assets through a charitable remainder trust. After providing income to you during your lifetime, the remaining assets can be used to establish a charitable fund or to contribute to an existing fund.

There are two types of CRTs: Unitrusts and annuity trusts. In both cases, the term may be for life or a period of years up to a maximum of 20 years. The minimum annual percentage payout is 5%. Let Kay Stine, vice president for development, know how she can help you.

A Charitable Lead Trust (CLT) distributes income to your charitable fund for a period of years or during your lifetime. Then the assets return to you or surviving family members. A CLT can allow you to make a significant gift to charity and transfer assets to family members while saving taxes. Contact Kay Stine, vice president for development, for more details.

Our bequest guide helps craft a future legacy.

Read a copy online or request a print copy.