Estate Planning? Remember the Community Foundation.

By Alison O’Carroll, director and philanthropic counsel

Many Americans are taking time during the coronavirus pandemic to create or update their final estate plans. CNBC reports that online DIY will making services have seen large upticks in users. Anecdotally, a colleague shared with me that in the last few weeks, four of her friends indicated they are making or updating their wills.

If you are also creating or updating your plans, please consider including a final gift to the Community Foundation for Greater Atlanta. It is easy to do and there is great flexibility to make your gift in exactly the way you desire. Most importantly during these trying times, you retain control of your assets should you need them during your lifetime, while providing generously for future generations.

The most common types of gifts are:
Gift in your will or living trust. You can leave a stated dollar amount, a specific piece of property, or a percentage of your estate.

Beneficiary designation. You can name the Community Foundation as a sole or partial beneficiary of certain types of assets. It is easy to arrange; very often you can change your account beneficiaries online, on your own time schedule. Consider making this gift with IRAs and other retirement funds (often among the most heavily taxed assets in your estate), bank accounts, and brokerage accounts.

Life Insurance.  If you have a policy you no longer need, consider putting it to immediate use by giving it to the Community Foundation. Alternatively you can name the Foundation as a beneficiary, to receive part or all of the proceeds at your passing.

You may need the following information in arranging your future gift:

Legal Name: The Community Foundation for Greater Atlanta, Inc.
EIN: 58-1344646

Making or having final plans will give you and your loved ones greater peace of mind in the midst in these tumultuous times. If you need help getting started or have questions, please contact me at 404.333.0241 or aocarroll@cfgreateratlanta.org. You can also click here for more information. The Community Foundation is here to help.