Ways to Give Through Your Estate

Our different planned giving options offer you ways to remember worthy causes while offering a range of benefits such as providing for your loved ones, creating current income, or possibly reducing taxes. Any may be used to create or add to a fund at the Community Foundation.The chart below offers a summary of planned giving options (also available for download in our Planned Giving Options brochure).

We are eager to answer your questions or set up a meeting to discuss a gift.
Please email the Philanthropic Engagement Department or call 585.271.4100.

Giving Options that Benefit Specific Charities

TYPE OF GIFT
DESCRIPTION
BENEFITS TO DONORS
MINIMUM
TYPE OF GIFT
Bequest
DESCRIPTION
A gift made through a will.
BENEFITS TO DONORS
Simple to establish and typically requires an attorney to create. Sample language is at www.racf.org/bequest.
MINIMUM
Any amount1
TYPE OF GIFT
Charitable Lead Trust Annuity (CLAT) fixed amount or Unitrust (CLUT) fixed percent
DESCRIPTION
A trust that pays annual income to the Foundation and leaves the heirs a “remainder” after death.
BENEFITS TO DONORS
Provides a partial tax deduction as well as current income to a charity. Remainder passes to named beneficiaries after the donor’s death. Established with trustee of choice.2
MINIMUM
$100,000
TYPE OF GIFT
Insurance
DESCRIPTION
A gift of a new or existing insurance policy (subject to the Community Foundation’s life insurance acceptance policy). The Foundation becomes the owner and beneficiary.
BENEFITS TO DONORS
May provide an immediate tax deduction if there is cash value. Allows a larger gift with smaller cost.
MINIMUM
Any amount1
TYPE OF GIFT
Individual Retirement Account3
DESCRIPTION
A gift through your required minimum distribution3 or through IRA proceeds after death.
BENEFITS TO DONORS
May provide a charitable deduction for the estate.
MINIMUM
Any amount1
TYPE OF GIFT
Life Estate
DESCRIPTION
A gift of a house or farm to the Foundation that allows donors to continue living there for the rest of their lives.
BENEFITS TO DONORS
May provide an immediate partial tax deduction and removes a high-value asset from the estate.
MINIMUM
$200,0004

Giving Options that Create Current Income and Benefit Charities, Interests, or Community

TYPE OF GIFT
DESCRIPTION
BENEFITS TO DONORS
MINIMUM
TYPE OF GIFT
Charitable Gift Annuity
DESCRIPTION
An annuity contract that pays one or two people (who must be 55 or older) a fixed annual income for the rest of their lives. After death, the remainder value is a charitable gift to the Foundation.
BENEFITS TO DONORS
Provides current income and a possible partial tax deduction. Payments are made quarterly and are a fixed percentage based on the donor’s age when established. Income is partially tax free.
MINIMUM
$10,0001
TYPE OF GIFT
Pooled Income Fund
DESCRIPTION
A pool of funds that donors may invest in. Each donor receives a variable annual income based on their relative share of the pool. After death, the remainder value creates a charitable gift to the Foundation.
BENEFITS TO DONORS
Provides current income and a possible partial tax deduction. Payments are made quarterly and are a varying percentage based on the market performance of the pool’s investments. Income is taxable.
MINIMUM
$10,0001
(may be added to later in increments of $1,000 or more)
TYPE OF GIFT
Charitable Remainder Trust Annuity (CRAT)
fixed amount or
Unitrust (CRUT) fixed percent
DESCRIPTION
A trust that pays annual income to the donor and leaves a charitable “remainder” to the Foundation after death.
BENEFITS TO DONORS
May provide a partial tax deduction. Removes an asset from the estate, and provides current income. Established with trustee of choice.2 Income is tax-advantaged.
MINIMUM
$100,0001

All invested funds may gain or lose value.

  1. A minimum of $25,000 is required to create a separate, named fund.
  2. The Community Foundation cannot act as trustee, but can be the recipient of a trust.
  3. Even under the SECURE Act, donors 70½ or older may direct up to $100,000 each year from their IRAs to the Foundation through Qualified Charitable Distributions.
  4. Real estate must have a minimum value of $50,000, and the gift must be reviewed and approved by our board of directors.

When leaving a bequest to the Community Foundation, we suggest that donors keep the language in their wills as general as possible and indicate that additional details are documented in a Declaration of Intent on file with Rochester Area Community Foundation. That way, donors can update their Declaration of Intent at any time without having to incur the expense of rewriting their will.

We also have found that donors’ preferences for the name of their future fund changes over time. If you wish to retain the ability to change the name without updating your will, we suggest simply bequeathing the money to the Community Foundation without referencing a specific fund name.

Here are three samples of bequest language. Choose the one that best fits your charitable intentions:

Bequest for General Endowment

“I give and bequeath (describe gift — amount, asset or percentage) to Rochester Area Community Foundation, Rochester, New York, to the General Endowment Fund. I direct that the spendable balance from this fund benefit community at the discretion of the Community Foundation’s board of directors.”

Bequest to Create a New Fund ($25,000 minimum)

“I give and bequeath (describe gift — dollar amount, percentage, or item) to Rochester Area Community Foundation, Rochester, New York, to establish a permanent endowment fund. I direct that the spendale balance from this fund be used for charitable purposes as defined in the Declaration of Intent on file with the Community Foundation.

Bequest to an Existing Fund

“I give and bequeath (describe gift — dollar amount, percentage, or item) to Rochester Area Community Foundation, Rochester, New York, to add to a permanent endowment fund known as the ______________ Fund. I direct that the spendable balance from this fund be used for charitable purposes as defined in the fund agreement.”

Our Legacy Society recognizes individuals who have named Rochester Area Community Foundation in their wills or as a beneficiary of a planned gift. By remembering the community in your estate plan, you can make a real difference in our region’s future.

Membership in our Legacy Society is open to any individual or family who informs the Community Foundation in writing of their estate gift (see our Declaration of Intent form) to benefit this region through the Foundation.

If you want to take the next step with your philanthropic legacy, email Kayleigh Rae Stampfler, director of legacy giving.

Our Legacy Society Members (* indicates recently deceased)

A & B Associates
Russell K. Achzet
Anonymous (60)
Michael H. Anthony
Gerald J. Archibald
Tom and Carolyn Argust
Ann N. Baker
Deanna G. Baker
Raymond and Violet Barrese
John and Carol Bennett
Sara Berger and Ginny Tucker
Roberta F. Beyer
William Blazey
Jane Ellen Bleeg
Edward and Phyllis Bloom
Angela Bonazinga and Catherine Lewis
Russell H. Bosch and Erin Anheier
Joyce Boucher
Peggy Boucher
Nancy Briggs
David L. Brooke*
Jim Brush
Michael F. Buckley
Carol Jo “C.J.” Bullen
Sally Burdick
Paul H. Bush
James* and Andrea Carlucci
Stephen and Nancy Carlucci
Joanne and Charles Chada
Barbara and Alexander Christoff
G. Thomas and Barbara Clark
Joy Collins
Barbara Colucci
Christine Colucci
Katherine A. Conlon
Carole Cooper-Haims
José and Karen Coronas
Patricia S. Criticos
Michael and Amy Davis
Ellen and Beatrice de Buono
Elizabeth Dewey
Peter and Ann Dillon
Linda Donahue and Sue Dambrowski
Mike Donoghue
Michael and Carol* Doran
Erik R. Duncan
Patricia A. Dwyer
David and Sandra Ebberts
Trevor and Elizabeth Ewell
Preston K. Faulkner
Joan Feinbloom
David and Anne Ferris
Elizabeth Fisher
Gerard E. Fisher and Jonathan Rosenfeld
Scott A. Forsyth
Jonathan D. Foster
Thomas H. Foster
Margaret Mary Z. Foxx
Lauren D. Frank and Annette H. Miller
Ruth Freeman
David and Linda Friedman
Emerson U. and Vernita Fullwood
Carla F. Coombs Garwood and John A. Garwood
Joanne Gianniny
Grant and Bette Gillette
R. Thompson Gilman and Kelly A. Nagle
Richard Goldstein and Lynda Garner Goldstein
Stephanie E. Gradinger
Karl Greenhagle
Frank S. Grosso
James P. Growney
Anthony L. Gugino
Donald S. Hall
Joan M. Halstead
Patricia Hans
Grace Hanson
Dr. Anne Harrison
Shari Harrison
Jim and Rose Hawley
Janet Henderson
Peter Henderson
Roger and Rosemary Herendeen
Larry Herko
David D. Hoesley
Mary and Jim Holleran
Edgar* and Mary Louise Hollwedel
Jeffrey Hough and Marlea Allan
Margot M. Hughes*
Laura Humphrey
Clifford Hurley
Ray and Erika Hutch
Mimi Hwang
Perry and Linda Jacobstein
Dr. Wallace Johnson and Dr. Karen Duguid
Joseph G. Kelly
Mary Kerr
Kate and Tom Kidera
Dawn Klein
David and Beverly Kluge
Leslie* and Nelle Knox
The Hon. Joan S. Kohout
Marlowe B. Hagood Laiacona
Dianne LaLonde
Jeffrey B. Larson and Richard C. Conheady Jr.
Alan and Deborah Lattime
Kristine Lawrence
Jeffrie and Robert* Leahy
Jennifer Leonard and David Cay Johnston
Robert G. Lewis
Alan M. Litman
Jane Littwitz
Chris Maas
Sherryn K. Malm
Joseph J. Mancini
Thomas S. Marsh
Hank Mastalski
Sandy and Suzanne Mayer
Jetson and Gloria McCleary
Richard J. McCollough
H. Winn McCray
Marvin A. and Peggy McMickle
James and Ann McMullen
Thomas E. C. Mees
Caroline and Albert Merenda
Carmel S. Merrill
Richard Woodworth Millard
Carol C. Miller
Glen E. Miller
Deanne Molinari
Karen R. Monast
Joe and Janna Moran
Laura v. Morrissey
John Muenter
Raymond and Patricia Naber
Philip S. Nash and George A. Schutt
Emily Neece and Alan Ziegler
Eleanor Newell*
Kathy and Ted Nixon
Nannette Nocon and Karl Wessendorf
Suzanne A. Olson
Elizabeth Owen Smith
Laurel J. Pace
Amante Parungao
Katie and Scott Peterson
Dom and June Piazza
Cheryl B. Pipkin
Jeff and Tiffany Polino
Anna Ratka
June Reeder
Ron Richardson
Tom Riley and Barbara Kelley
Nathan and Susan Robfogel
Suzanne R. Robinson
Anna L.B. Rodriguez
Nellie J. Rosenberg
Harris H. “Bud” Rusitzky
Tom and Ellen Rusling
H. Bruce Russell*
Harold and Judy Samloff
Robert and Jeanne Sandholzer
Richard W. Sarkis
Ralph H. “Lin” Saunders Jr.
Robert and Barbara Schaefer
Natalie L. Schwartz
Richard A. and Vicki* Schwartz
Anthony and Gloria Sciolino
Mary Seebach*
Jane and Chris Shaffer
Janice E. Silver*
Harvey D. Simmons Jr.
Bertha E. Simpkins
Stephen L. Smith
Hannah J. Solky
Jim and Marie Sorrentino
Jacqueline Sperandio
Dan and Doreen Spoor
Joshua and Kayleigh Stampfler
Ann and David Still
Dolores S. Stover
Arthur Streb
Kathy L. Strong
Alec* and Mindy Sutherland
R. Ian and Eve H. Tatlock
Jaimala and Krishan Thanik
Michael T. Tomaino Sr.
Mary Ellen Tortoretti*
Robert and Susan Touhsaent
Tim Travers
Ms. Nancy L. Turner
Ruth Unzicker*
Connie Valk
James E. and Margaret M. Van Haneghan
Allan J. and Andrea L. Vittum
Erik and Judy von Bucher
Bonita Wallace
Rand L. Warner
Robert D. Wayland-Smith
Elizabeth and Pierce Webb
Philip Wehrheim
Sidney and Linda S. Weinstein
Ann D. Weintraub
Delores Welkley
Norman and Nancy Wetterau
Pamela S. Wilkens White
Timothy B. and Elizabeth C. Wilder
John Williams
W. Steven Wilterdink
William E. and Sandra K. Wynne
Eric I. Zeller
Hanna Zukoski