Professional Advisors

Client Solutions

Client Solutions

If your clients’ planning includes charitable giving, Cumberland Community Foundation will make it easy to establish a charitable plan that will achieve their goals and help you deepen your client relationships. Since 1980, we have served as a trusted partner in developing personal giving plans.

Make a gift now and decide later

Donor Advised Fund - In a year when your client has a large taxable event or receives additional income, a donor advised fund may be the solution. Your client makes the gift to their fund at the community foundation in one year, and decides later what charity or charities will receive distributions from the fund. We know our community and can provide information about charitable causes in the client’s interest areas, if desired.

Avoid immediate capital gain tax

Charitable Remainder Trust - Many clients have appreciated assets that they want to sell but they don’t want to make a large capital gains tax payment. A charitable remainder trust (CRT) can provide lifetime income, eliminate the capital gains tax, allow a sizeable tax deduction, all while supporting the clients’ favorite charities. Many of our donors have transferred their low basis bank stock to CRTs, diversified their investments, and increased their payouts significantly versus the dividends they were receiving. This also works well with appreciated rental property.

Gift from an IRA

Endowment funded by Charitable IRA Distribution - Clients 70 ½ or older may make distributions from their IRA directly to the community foundation to satisfy up to $100,000 of their required minimum distribution. This creates a family legacy through the endowment fund, avoids income tax on the distribution, and allows the client to see their gift in action during life.

Income for a friend or family member

Charitable Remainder Trust - A charitable remainder trust can provide income for life or up to twenty years for a friend or family member and allow the client to support their favorite charity at the end of the trust (period of years or death of the beneficiary).

Leave a legacy

Endowment Fund - Clients can create their own charitable legacy by creating an endowment at the community foundation. They decide the name of their endowment, select assets or the residual of their estate to fund it, and decide the charitable purpose to support in perpetuity (such as favorite charities every year or a certain cause like the arts, education, environment, children in need, seniors, or other areas of charitable interest). Gifts may be made during life or through the clients’ estate planning.

 

Legal name: Cumberland Community Foundation, Inc.

Tax id: 58-1406831

Charitable purpose: Client describes charitable purpose in the will or works with the community foundation in advance to create the fund agreement that will guide the administration of the fund.

We are here to help you

Contact Mary Holmes, Executive Director, for more information on client solutions at Cumberland Community Foundation:

Office          (910)483-4449 x103

Email          mary@cumberlandcf.org