Estate Planning

Including a charitable gift in your estate plan is a simple, tax-friendly way to make a positive impact on the causes, charities or community that matter most to you. Planned giving does not require a large income or vast estate. It requires only a thoughtful intention to make a difference by designating the Community Foundation of Orange and Sullivan in your will or estate plan.

There are many ways to make a planned gift and the information below can help get you started. We encourage you to seek professional estate planning and legal advice to determine the most effective way for you to give. Foundation staff members are available to meet with you and your professional advisor. Please contact CFOS Director of Development and Communications Nicole Feller Lee at 845-769-9393 or nicole@cfosny.org to discuss your charitable intentions and options for giving.


Bequests

Through a charitable bequest, you can designate a gift of a specific dollar amount, a percentage of an estate, or the remainder of an estate after other bequests are made. You maintain control over your assets now and support the organizations that matter to you later. CFOS recommends working with us during your lifetime to document details of your charitable goals to honor intent.


Gifts of Life Insurance

CFOS or any named fund can be designated as the beneficiary of a fully paid or new life insurance policy. With CFOS as the owner and beneficiary of a irrevocable policy, you can earn an immediate an immediate tax deduction as well as deductions on future premiums, and the policy proceeds will someday support charitable organizations or scholarships through your fund.


Gifts of Retirement Plans

By naming Community Foundation of Orange and Sullivan as the beneficiary of your retirement account, such as a 403(b) or traditional IRA, you can avoid passing on heavy income and estate taxes to your heirs.


Gifts of Real Estate

The Community Foundation considers gifts of real estate where there is a possibility of sale within a reasonable period of time or where there is significant charitable value and an income stream that supports the tax and maintenance liability. A qualified appraisal of the property is the responsibility of the donor and is required. Because of the nature of real estate and the uniqueness of each parcel of property, all real estate gifts are subject to review by the Executive Committee prior to acceptance.


Charitable Remainder Trust

Allows you and/or a designated loved one to receive an income for the life of the trust, with the remainder passing to the Community Foundation to support a cause or fund(s) you’ve identified.


Charitable Lead Trust 

Build a charitable fund with the Community Foundation of Orange and Sullivan during your lifetime and designate anyone you choose as the final beneficiary of your trust upon your passing.


Tangible Personal Property

The Community Foundation may accept gifts of artwork, jewelry or other household or personal property if the property can be sold for charitable benefit or transferred to another organization for use in its charitable purpose. For any gift in excess of $5,000, the donor should provide a qualified appraisal. The valuation of a gift for the donor’s tax reporting is the responsibility of the donor and the donor is urged to have an independent and qualified appraisal that meets the acceptable standards of the IRS.