Planned Gifts and Deferred Giving
Wills - Individuals can provide for the special people in their lives and for the Spring Grove Heritage Foundation and other philanthropic interests with bequests made through wills. Bequests in wills can take various forms:
A general bequest in which the Spring Grove Heritage Foundation is designated to receive a specific dollar amount;
A specific bequest leaves specific property to the Spring Grove Heritage Foundation;
A percentage bequest is expressed as a percentage of an estate rather than a specific amount. If over the years, changes occur in the size of the estate, the bequest will change in the same proportion;
A residuary bequest gives to the Spring Grove Heritage Foundation all or a portion of an estate after all debts, taxes, expenses, and other bequests have been paid.
Life Insurance - A second and important but often overlooked means of making a planned gift is Life Insurance. A donor can name the Spring Grove Heritage Foundation as the primary beneficiary of a life insurance policy. The donor retains ownership of the policy and has access to the policy's cash value. Even though the value of the policy will be includible in the donor's estate, no federal estate-tax liability will result from this because of the charitable donotion.
Retirement Accounts - A third and relatively new way of making a planned gift is for the donor to designate the Spring Grove Heritage Foundation as the recipient of a personal IRA account or other retirement account.
Deferred Gift - A donor may also make a deferred gift to the Spring Grove Heritage Foundation by creating a charitable remainder trust. In establishing such a trust, the donor reserves the right to receive an annuity or other payment during the donor's life and the trust assets pass to the Spring Grove Heritage Foundation at the time of the donor's death. The individual creating the charitable remainder trust receives an income tax deduction when the trust is established. The charitable remainder trust can be particularly useful for gifts of appreciated securities.
Individuals choosing to name the Foundation in their estate planning or in deferred giving documents should take care to identify the Foundation properly as Spring Grove Heritage Foundation.