Leave a Legacy Gift
A legacy gift is a meaningful way to support the people, places, and causes you care about in Barry County, now and for generations to come.
By including Barry Community Foundation in your estate plans, you can create a future gift that reflects your values. Your gift can support an existing charitable fund, establish a new fund, or address a local need that matters most to you.
You do not have to make every decision today. Our team can help you explore your options and work alongside your attorney, financial advisor, or tax professional.
What Is a Legacy Gift?
A legacy gift is a planned charitable gift that takes effect in the future, often through a will, trust, retirement account, life insurance policy, or other estate-planning tool.
When you make a legacy gift to Barry Community Foundation, you can support the Barry County community long after your lifetime. You may choose a specific charitable fund, create a new fund, support a broad area of interest, or allow the Foundation to respond to future community needs.
Your Legacy Can Support What Matters to You
A planned gift gives you the opportunity to support the future of Barry County in a way that is personal to you.
Your gift may help support:
- Local students through scholarships
- Nonprofit organizations and community programs
- Arts, culture, and historic preservation
- Health, wellness, and family support
- Parks, recreation, and environmental projects
- Community improvement efforts
- Faith-based or charitable causes
- Future needs in Barry County
You can direct your gift to a charitable cause you already support, create a new named fund, or give Barry Community Foundation the flexibility to meet future needs as they arise.
Ways to Leave a Legacy Gift
Choose the Giving Option That Fits Your Plans
A legacy gift can take many forms. The right option depends on your goals, the assets you wish to give, and your estate plan. Barry Community Foundation can help you begin the conversation. Your attorney, financial advisor, or tax professional can help determine the best approach for your personal situation.
1. Charitable Bequest Through a Will or Trust
Simple Way to Make a Future Gift
A charitable bequest allows you to include Barry Community Foundation in your will or trust. It is one of the most common and flexible ways to create a legacy gift.
You may choose to give:
- A specific dollar amount
- A percentage of your estate
- Specific property or assets
- The remainder of your estate after other gifts have been made
Why Donors Choose a Bequest
- You keep control of your assets during your lifetime.
- You can update your plans if your circumstances change.
- You can support a specific fund or cause.
- You can create a new charitable fund in your name, your family’s name, or the name of someone you wish to honor.
2. Charitable Gift Annuity
Give Now and Receive Payments Over Time
A charitable gift annuity allows a donor to make a charitable gift of cash or securities in exchange for fixed payments for life or for a set period of time.
At the end of the gift annuity term, the remaining assets support the charitable fund or purpose chosen by the donor.
This Option May Be Right for Donors Who Want To
- Make a charitable gift during their lifetime
- Receive predictable payments over time
- Support a local charitable cause in the future
- Create a lasting fund through Barry Community Foundation
Availability, terms, and suitability should be confirmed with Barry Community Foundation and your professional advisors.
3. Charitable Remainder Trust or Charitable Lead Trust
Use a Trust to Support Family and Community
Trust-based charitable gifts can provide income to people you name while creating future support for charitable work.
A charitable remainder trust may provide income to you or other beneficiaries for a set period of time. After that period ends, the remaining assets support the charitable purpose you selected.
A charitable lead trust may provide income to Barry Community Foundation for a set period of time. When that period ends, the remaining trust assets pass to the beneficiaries you name.
Important Planning Note
Trust arrangements can be complex. Speak with your attorney, financial advisor, and tax professional to determine whether a charitable trust is appropriate for your goals.
4. Life Insurance Gift
Turn a Policy Into a Future Community Gift
You may name Barry Community Foundation as the beneficiary of an existing or new life insurance policy. You may also choose to transfer ownership of a policy to the Foundation, depending on your giving plans.
A life insurance gift can provide a meaningful future charitable contribution while allowing you to support a fund, local cause, or community need.
Options to Discuss With Your Advisors
- Naming Barry Community Foundation as a beneficiary
- Naming the Foundation as a partial beneficiary
- Giving ownership of an existing policy
- Creating a charitable fund through future policy proceeds
5. Retirement Account Beneficiary Designation
Use Your IRA, 401(k), or Other Retirement Plan
You may name Barry Community Foundation as a full or partial beneficiary of an IRA, 401(k), 403(b), pension plan, or another retirement account.
This option can be completed through your retirement plan beneficiary form. It may allow more of your retirement assets to support charitable work in Barry County.
Why Donors Consider This Option
- It may be simple to arrange through a beneficiary designation form.
- You can name the Foundation as a primary, secondary, or partial beneficiary.
- You can continue using your retirement assets during your lifetime.
- Your gift can support the charitable causes that matter most to you.
Create or Support a Charitable Fund
Your Gift Can Be as Personal as Your Story
A legacy gift can support a charitable fund that already exists, or it can create something new.
You may choose to establish a fund that supports:
- A scholarship in honor of a loved one
- A nonprofit organization or cause
- A school district or local community
- A field of interest, such as the arts, education, health, or the environment
- A future community need in Barry County
The Barry Community Foundation Legacy Society
Join Others Who Are Investing in Barry County’s Future
Donors who include Barry Community Foundation in their estate plan may be recognized through the Barry Community Foundation Legacy Society.
The Legacy Society honors people who have made a lasting commitment to Barry County through a planned gift. Recognition can help inspire others to consider how they can create a meaningful impact for future generations.
If you have already included Barry Community Foundation in your estate plan, please let us know. Sharing your plans helps the Foundation understand your charitable wishes and gives us the opportunity to thank you.
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Legacy Giving Frequently Asked Questions
What is a legacy gift?
A legacy gift is a charitable gift that is planned during your lifetime and takes effect in the future. Common legacy gifts include charitable bequests in a will or trust, retirement account beneficiary designations, life insurance gifts, charitable gift annuities, and charitable trusts.
How can I leave a gift to Barry Community Foundation in my will?
You can include Barry Community Foundation in your will or trust through a charitable bequest. You may leave a specific dollar amount, a percentage of your estate, a particular asset, or the remaining balance of your estate after other gifts have been made.
Talk with your attorney to include the appropriate language in your estate documents.
Can I support a specific cause or scholarship with a legacy gift?
Yes. You can direct your legacy gift to an existing charitable fund, scholarship, nonprofit organization, community initiative, or area of interest. You may also create a new fund to support a cause, person, family, or community need.
Can I name Barry Community Foundation as the beneficiary of my retirement account?
Yes. You may name Barry Community Foundation as a full or partial beneficiary of an IRA, 401(k), 403(b), pension plan, or other eligible retirement account. Contact your retirement plan administrator to request the correct beneficiary designation form.
Can I use life insurance to make a legacy gift?
Yes. You can name Barry Community Foundation as the beneficiary of an existing or new life insurance policy. You may also discuss transferring ownership of a policy with your financial advisor and the Foundation.
Do I need to create a new fund to make a legacy gift?
No. You may support an existing fund or create a new fund. Barry Community Foundation can help you identify the best option based on your charitable goals.
Should I tell Barry Community Foundation about my estate gift?
Yes. While you are not required to share your plans, notifying the Foundation helps ensure your charitable wishes are understood. It also gives the Foundation an opportunity to recognize you through the Legacy Society.
Are there tax benefits for a planned gift?
Some planned gifts may offer tax benefits. The potential benefits depend on the type of gift, current tax law, and your personal circumstances. Barry Community Foundation does not provide legal or tax advice. Speak with your attorney, financial advisor, or tax professional before making a planned gift.
Who should I contact to discuss legacy giving in Barry County?
Contact Barry Community Foundation at (269) 945-0526, complete our online form, or visit the Foundation at 231 S. Broadway St., Hastings, MI 49058. Staff can help you begin the conversation and work with your professional advisors.
Important Information: This page is intended for general educational purposes only. Barry Community Foundation does not provide legal, tax, or financial advice. Donors should consult their attorney, financial advisor, tax professional, and other qualified advisors before making estate-planning or charitable giving decisions.
