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Make CICOA Part of Your Legacy
A Guide to Planned Giving
In the new year, you may be working on getting your finances in order, going through paperwork, or making changes to your will. These are all important and responsible ways to prepare in a new year. Here’s another to consider: charitable donations through planned giving.
The end of 2019 brought about some big changes in retirement plans and individual retirement accounts (“IRAs”) that may affect your current estate plans. Now more than ever you may want to look at committing part or all of those plans to a charitable organization like the CICOA Foundation.
What is Planned Giving?
Charitable giving can make a huge impact on organizations such as CICOA, especially when donors look beyond single donations. Through setting up a planned giving vehicle, you can leave your mark on the world and transform a nonprofit organization like CICOA at the same time.
Planned giving, also called legacy giving, is the process of arranging a donation that will be given at a future date. Often, the contribution is granted through a will or a trust once a donor has passed away. These are called bequests. Planned gifts allow individuals to create a powerful philanthropic legacy by making a direct impact on causes they care about. If you are looking to improve your income either now or in the future, then there are some planned gifts that help you accomplish this goal.
How does Planned Giving Impact CICOA?
At CICOA, we have been the recipients of some generous legacy gifts that have allowed our programs to improve and expand. For example, one generous, anonymous individual wanted others to have the opportunity to stay in their homes and be able to still get out for medical, grocery and other needs. She left a legacy that allowed CICOA to pay for more home modifications in the Safe at Home program and add more vehicles for our Way2Go transportation service. You, too, can make this kind of impact.
Rethinking Retirement Plans
As the owner of a retirement account or IRA, you may have been planning on leaving those funds for family or friends after your death. Prior to the Secure Act, signed into law on Dec. 20, 2019, the tax bite that came along with inherited retirement plans or IRAs could be mitigated by stretching out the payments over the lifetime of a younger person. That option is no longer available, as inherited IRAs have to be paid out over 10 years. (There are a few exceptions for the chronically ill, spouses, and some younger beneficiaries, but please visit with your professional advisors on these and all charitable, tax and estate planning matters.)
Instead of leaving your friends and family an income tax bill, how about leaving some or all of your retirement plan or IRA to charity, and instead replacing that gift to your loved ones with some life insurance?
How to Make your Legacy Gift
To make CICOA a part of your legacy, set up a planned giving vehicle such as a bequest, with the CICOA Foundation as the beneficiary. For more information about how to give, please contact Tom Ayer, CICOA manager of corporate and planned giving, at firstname.lastname@example.org or 317-803-6367.
ABOUT THE CICOA FOUNDATION
The CICOA Foundation is an Indiana-based 501(c)(3) non-profit corporation established in 1992 to fund and support the mission of CICOA Aging & In-Home Solutions. Because of the growing population age 60 and older in Central Indiana, CICOA cannot meet all of the needs of elderly and homebound individuals. Donations of money and other gifts from individuals, businesses and organizations enable the Foundation to enhance the many programs and services CICOA provides to seniors and persons with disabilities throughout Central Indiana.
There are many ways to give to CICOA and fill the great need to serve seniors and people with disabilities. Choose the way that works best for you.