Impact Your Community Today and Tomorrow
Through planned giving such as a bequest in your will or naming The Dallas Foundation as a full or partial beneficiary of a life insurance policy or retirement account, you are able to support the organizations and causes you value the most, achieve tax advantages for you and your loved ones and leave a lasting legacy in your community.
An estate gift to The Dallas Foundation may be used for a wide variety of fund types and purposes. Our team of advisors can help you understand the array of options and create a customized plan for your unique situation. Here are some questions to consider:
- Do you want to respond to the most pressing needs of Dallas? If so, your solution is a gift to the Community Impact Fund of the Foundation. We use these funds to help support our Healthy Start Initiative, which supports programs focused on high quality early childcare, children's mental health, family homelessness, and racial equity and economic justice.
- Do you want to support specific issues, like arts, education, entrepreneurship, or the environment? If so, an estate gift that creates a "field-of-interest fund" at the Foundation will meet your goals. Your fund can be an endowment, meaning it lasts forever, or it can be structured to be spent down over a period of time. And it can be customized to support the issues that you care most about.
- Do you have specific organizations that you wish to support? We can create a "designated fund" in your name that makes annual grants to named organizations, either in perpetuity or for a period of time. Many donors choose this plan because it allows for annual gifts made during their lifetime to continue after death.
- Do you want to empower family or friends to be philanthropic through a donor advised fund (DAF)? A donor advised fund creates a charitable legacy that allows family or friends to recommend grants to charity. Your estate can fund an existing DAF with the Foundation, or it can create a new DAF with advisors and successor advisors that you choose.
- Do you want to do a combination of these? No problem. Your estate gift can be used to fund more than one of the options listed above. For example:
- A portion of the gift is used to create a field-of-interest fund, in the name of the donor, that makes annual grants to organizations battling homelessness in Dallas. The Foundation will identify the most effective organizations each year to receive those grants.
- Part of the gift can be used to create a designated fund, in the name of the donor, that makes an annual grant to the donor's college alma mater. Those grants will be made until the fund is exhausted.
- The remainder will be added to the donor's existing DAF at the Foundation, and her three adult children will act as advisors to the fund with the ability to recommend grants to their favorite charities.
Once you determine what you want your estate gift to accomplish, you will name The Dallas Foundation in your estate documents. There are a number of ways to name the Foundation as a beneficiary of your estate:
- Bequest through a will or trust
- Beneficiary of a retirement account
- Beneficiary of a life insurance plan
- Private foundation termination
- Charitable Remainder Trusts and other vehicles
A Gift in Your Will or Living Trust
A charitable gift from your estate through a provision of your will is called a bequest. By specifying a dollar amount or percentage of money or the residual of your estate, you may be able to receive a substantial federal estate tax charitable deduction. A charitable gift through your estate may be gifted to an existing fund or may establish a new charitable fund. Click here for Sample Bequest Language.
Naming The Dallas Foundation as the beneficiary of your retirement plan assets, life insurance policy or bank account(s) is another easy, flexible way to give. This allows you to add to or establish a charitable fund upon death. You may review and adjust your beneficiary at any time.
IRA Charitable Rollover
In 2015, Congress enacted a permanent extension of the IRA Charitable Rollover provision. As a result, individuals age 70½ or older can make gifts directly from their IRA to a charity. While a distribution from an IRA cannot go into a donor advised fund, The Dallas Foundation offers several qualifying funds, including Field of Interest Funds and our Community Impact Fund.