February 18, 2020 – Tax season is already underway and the Benton County Community Foundation is encouraging individuals to use this time of year to also look at their broader financial picture to create a long-term financial and legacy plan. The Benton County Community Foundation is an affiliate of the Community Foundation of Northeast Iowa which works with individuals, families and businesses to create charitable solutions that match their passions, maximize tax benefits and create a philanthropic legacy for generations to come.
“Finances are already at the forefront right now as people are preparing their taxes so it makes sense to consider discussing other financial goals with a tax accountant, professional advisor or their local community foundation,” said Terry Gaumer, affiliate development director with the Community Foundation of Northeast Iowa. “We all make plans for our family, career and retirement but many people fail to think beyond their lifetime and the legacy they can leave for their entire community.”
For many, that legacy involves leaving a significant portion of possessions and wealth to loved ones. However, for those who are passionate about their community and want to make a lasting impact, looking at charitable options that leave a legacy for their local community or a specific cause are something to consider. Planned giving can take many forms although the most popular is a charitable bequest, which allows individuals to name in their will the nonprofit organizations that best align with their philanthropic interests. The bequest can be used to create an endowment fund, which will last in perpetuity, or contribute to an existing fund. Some of the benefits of establishing a bequest can include flexibility, tax savings, recognition, personalized giving and efficiency.
A downloadable estate planning guide and other free will planning resources are available atwww.cfneialegacy.org. For questions about planned giving, contact Terry Gaumer with the Community Foundation of Northeast Iowa at 319-243-1354 firstname.lastname@example.org.
More information about the Benton County Community Foundation can be found at www.bentonccf.org.
The Benton County Community Foundation is a local organization making grant investments to organizations that create a stronger and more vibrant quality of life in Benton County and helps people establish permanent funds for the causes they care about in their community. The Benton County Community Foundation is an affiliate of the Community Foundation of Northeast Iowa, a nonprofit committed to creating long-term impact in 20 counties in Iowa. For more information, contact 319-287-9106 or visit www.cfneia.org. CFNEIA is confirmed in compliance with National Standards for U.S. Community Foundations.