Here are some different ways you can give back through planned gifts and/or your estate plans:
Outright Gift. You can make a gift of cash, stocks, bonds, real estate, or other assets to the GO BO Foundation. Because the GO BO Foundation is a component fund of the Door County Community Foundation (a 501(c)(3) public charity), your gift generally qualifies for maximum charitable benefit under state and federal law.
Bequest. You can designate a specific gift or portion of you estate to the GO BO Foundation and, very often, receive a substantial reduction in federal gift and estate taxes.
Retirement Account. Some of the most tax-efficient asset types to give are from your retirement plan accounts since heirs would be taxed on the income in respect of the decedent (IRD). A gift to the GO BO Foundation shields the assets from taxes thereby maximizing your gift to charity.
Insurance Policy. You can name the GO BO Foundation as the beneficiary of a life insurance policy if your family is financially secure and no longer needs the insurance payout.
Charitable Remainder Trust. You can place cash or property in a trust that pays annual income to you (or another named beneficiary) for life. After their death, the remainder of the trust transfers to the GO BO Foundation. You will also receive income tax benefits the year you establish your trust.
Charitable Lead Trust. You can place cash or property in a trust that pays a fixed amount to the GO BO Foundation for the number of years you select. Once this period ends, the assets held by the trust are transferred to the beneficiaries you name. In most cases, you receive a substantial reduction in federal gift and estate taxes.
Wills, trusts, beneficiary designations, or other estate documents which articulate your intended gift to the GO BO Foundation should be directed to the following entity:
"Door County Community Foundation, Inc., for the benefit of the GO BO Foundation"
The GO BO Foundation operates as a component fund of the Door County Community Foundation. Through this partnership, the GO BO Foundation is able to minimize its administrative costs and maximize the amount available to further its mission.
As a 501(c)(3) public charity, charitable gifts qualify for the maximum tax deduction as allowed by federal law.