We’re Here to Help You Meet Your Clients’ Giving Goals

Legacy Foundation considers attorneys, accountants, financial planners, insurance agents and other professionals who have relationships with members of our community to be our valued partners in charitable giving. We want to be a resource for you as well as a philanthropic partner for your clients, providing a full understanding of the many possibilities of supporting our community by giving through Legacy Foundation, Lake County’s community foundation.

IRA Charitable Rollover Gift

If you have clients turning 72, they have reached a milestone where they are required to the IRA minimum distribution. For many IRA account holders, the taxes can be a significant and undesirable annual burden.

As their advisor, you are in the best position to help them reduce taxes and increase their impact.

Benefits of Making and IRA Charitable Rollover Gift

Avoid taxes on transfers up to $100,000.

Satisfy some or all of the required minimum distribution for the year.

Reduce taxable income even if you don’t itemize deductions.

Rollover cash tax-free from another qualified retirement account to an IRA then make a rollover gift.

Set up a Designated Fund, Scholarship Fund, or Unrestricted Fund.

It’s a great option for year-end giving! To qualify a rollover for 2021, it must be completed by December 31, 2021.

Rollover gifts must be made directly to Legacy Foundation from the IRA. Checks can be made payable to Legacy Foundation or complete a wire transfer. Please contact us at 219-736-1880 for cash wiring instructions.

Donate Stock

Donating appreciated securities, including stocks or bonds, is an easy and tax-effective way for your client to make a gift to Legacy Foundation.

  • Request a transfer form from Rose Cyphert at rcyphert@legacyfdn.org.
  • Work with your client to complete the form.
  • Fax or email the form to Legacy Foundation’s investment manager, SEI.

Open a Donor Advised Fund

A donor advised fund offers flexibility. We can quickly set-up a fund, allowing the donor to take advantage of tax savings within the year while giving time to decide how to support charities over their lifetime.

Facilitate a Unique Gift

Gifts of real estate or personal property, such as artwork, can offer your clients new and different ways to establish a charitable fund.

Gift an Unneeded Life Insurance Policy

Many of your clients may find that the protection offered by life insurance is no longer needed later in life, making life insurance policies an ideal gift.

This recently passed law includes several charitable tax provisions to encourage giving.

  • A new deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize but make a gift to charity, you will be allowed to take a special tax deduction, up to $300, to reduce your tax liability.
  • An increase in the deduction limit up to 100% of a donor’s annual income for cash gifts (previously the deduction was capped at 60% of annual income). If you make a gift you will be able to deduct more this year.

Congress passed the SECURE Act, limiting stretch payments to IRA beneficiaries to 10 years. If you planned to benefit your children with your IRA, your heirs will now pay higher taxes on the inheritance they receive from you.

Most taxpayers won’t be required to begin taking Required Minimum Distributions (RMDs) from qualified retirement accounts until age 72. Additionally, RMDs have been suspended for 2020. Even though RMDs aren’t required in 2020, a Qualified Charitable Distribution can significantly reduce future RMDs. If your client doesn’t need their full annual RMDs in the future, making gifts to charity now can decrease that IRA balance and decrease the amounts required to be taken in future years.

We can serve as a resource to benefit your clients and provide you the latest charitable news and tax regulations. Explore our most used tools.

  • Deduction Calculators: run illustrations on a variety of gift types to see the income and tax benefits for your client.
  • Charitable Tax Reference: a free and complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends.
  • Washington News: stay up-to-date on news and legislation coming out of Washington D.C.
  • Article of the Month: a monthly article about a trending news topic in the field

Asking a client about philanthropy is an important part of providing complete financial planning and professional advice. Many professional advisors find that assisting clients in this area is personally rewarding as well. Legacy Foundation will assist in helping you provide clients with clear and understandable giving options.

  • Download: Tips for Talking to Your Client about Philanthropy
  • Download: Charitable Solutions to Meet Your Clients’ Needs
  • Download: Frequently Asked Questions

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Frank and Brenda Rizzo “Legacy Foundation made the donation easy for us.”

After 16 years of owning a condo as a home and rental property, Frank and Brenda Rizzo were ready to sell. Knowing that Legacy Foundation could accept complex gifts, the couple decided to donate the property as a gift of real estate. Frank and Brenda signed a simple deed transferring ownership of the property to Legacy and received a charitable deduction and tax savings. They used the gift to establish a donor advised fund that would allow them to direct grants to the charitable agencies of their choosing over a number of years.