How to Give
Outright Gifts
When you are ready to give now, and you no longer need the asset or its income, you can make an outright gift. You plan your fund with Foundation staff, transfer your assets listed to the Hartford Foundation, for the purposes you choose, and your gift is complete. You can take an income tax deduction and watch your gift make a difference in the community. For more information, be sure to visit:
Bequests and Retirement Funds
The simplest way to give in the future is with a charitable gift in your will, revocable trust, or retirement fund. You retain full ownership and control of your assets during your life, and the gift comes to the Foundation on your death. There is the added benefit of an estate tax deduction for the value of the gift. Individuals who have included the Foundation in their estate plans are honored through the Foundation's Legacy Society.
In the case of retirement funds, you would also avoid the tax of up to an astonishing 85 per cent that would be due if you left the remainder to your children. Additionally, in 2006 and 2007, individuals aged 70 ½ and above may be able to take advantage of a limited-time opportunity to make a lifetime gift of IRA assets. Please click here for further details and be sure to discuss this opportunity with your professional advisors. Please also discuss your plans with Foundation staff to be sure we can fulfill your wishes; our discussion is confidential, and we understand you may change your plans in the future.
Planned Gifts
When your gift requires professional legal and financial expertise to complete, we call it a planned gift. Planned gifts are tremendously flexible and allow you to combine your charitable goals with financial security. Our staff has many years of training and expertise in law, tax planning and trust administration to help you and your advisors consider options. We are also happy to provide free (and confidential) gift illustrations tailored to your situation, as well as sample drafting language for many types of gifts.
Email us at giving@hfpg.org or call us at 860-548-1888 to request an illustration and more information. Or, your advisor can find more details in our Professional Advisor Resources or in our Planned Giving Design Center.
Types of Planned Gifts
Bequests: The simplest way to give in the future is with a gift in your will or revocable trust. You retain full ownership and control of your assets during your life, and the gift comes to the Foundation upon your death, with the added benefit of an estate tax deduction for the value of the gift.
Charitable Remainder Trusts: By creating a charitable remainder trust with a gift of $100,000 or more, you (and a spouse or a loved one*) can receive income payments for life, or for a specific number of years, after which the remaining assets go to your fund at the Foundation to benefit area nonprofits forever. Tax benefits include an immediate income tax deduction and removal of the asset from your estate.
Charitable Gift Annuities: In exchange for your gift of $5,000 or more, you can increase your income and leave a gift to the Foundation with a charitable gift annuity. The Foundation will pay you (and a spouse or a loved one*) income for life, based on your ages at the time of the gift, or you can choose to defer payments to a later time such as retirement. Tax advantages include an immediate income tax deduction, potentially beneficial treatment of the annuity payments, and removal of the asset from your estate.
Charitable Lead Trusts: You can support area nonprofits now and your family later with a charitable lead trust. Your trust pays income to your fund at the Foundation for a period of years and then passes the assets, often appreciated, to your children or grandchildren with minimum or no gift or estate taxes. Lead trusts function best with contributions of $1,000,000 or more.
Pooled Income Funds: Another option for planned gifts of $5,000 or more, the pooled income fund pays a variable income rate based on the market performance of a pool of funds from multiple donors. In low-return years, this means lower payouts to you or your spouse, but more money at the end for your charitable fund.
Charitable QTIP Trusts: If you want most of the tax advantages but more income flexibility, consider a charitable QTIP (Qualified Terminable Interest Property) trust. Instead of paying a fixed percentage or amount to your spouse, this trust gives the trustee broad discretion to use principal for unexpected family needs. Upon the death of the last person named in the trust, the remainder goes to your fund at the Foundation.
Real Estate Gifts with Shared Use: The Hartford Foundation can accept a gift of a home, vacation home, apartment building, commercial property, or undeveloped land. If you have owned the real estate for more than one year, you will be entitled to a tax deduction for the fair market value of the property and will avoid capital gains taxes. In some cases you can continue to live in the property. Your gift of real estate generally requires a series of reviews, including a visit to the property, qualified appraisal, a preliminary environmental assessment and title search.
* Please consult your tax advisor for tax implications of different beneficiary choices. |