By LOIS KINDLE
Everyone hopes to leave some kind of lasting footprint on the world – to be remembered for the lives they touch, the causes they champion and the values they pass on.
One meaningful way to do this is by establishing a legacy fund with the Community Foundation Tampa Bay to support the charities or causes closest to your heart. Also known as endowments, these can be created during your lifetime or through a will or bequest, ensuring your impact continues for generations.
You can name your successors as heirs to your fund, establish it in honor or in memory of a loved one, name an unlimited number of nonprofit beneficiaries and have a choice of other option.
For as little as $10,000 you can set up what’s called a field of interest endowment to support one or more of your areas of interest, such as animal welfare, the environment, the elderly, the arts, food insecurity and/or childhood education.
An endowment to support a specific charity, i.e., Girls of the World, My Warrior’s Place, Mary & Martha House, Firehouse Cultural Center or Feeding Tampa Bay can be set up with an initial investment of $25,000.
In either type of fund, your initial amount – the principal – is invested by the Community Foundation, and the earned interest is used to fund your chosen charities or causes. It’s all about creating a lasting financial resource.
Anything you can give can be used to fund your endowment – cash, an IRA minimum distribution, life insurance proceeds, real estate, an interest in a privately held business – even crypto currency.
Folks who itemize their deductions may be eligible for a tax deduction under the tax laws. No legal or tax advice is given, only information, guidance and ideas.
There’s also an option for you to set up a named scholarship fund for an initial outlay of $100,000. Administered by the Community Foundation, these are highly customizable and can be earmarked for specific schools – locally or elsewhere – or for students going into specific fields of study like nursing, veterinary medicine or agriculture.
For example, the Pelican Players Community Theater established the Pelican Players Scholarship Fund to benefit local students pursuing the arts.
And here’s some great news.
Courtesy Photo
Laurie Valentine
Laurie Valentine, the foundation’s senior counsel/philanthropic giving, offers area residents a no-cost, no-obligation meeting here in South Shore to discuss a variety of available options and tips for developing a plan reflecting your values and vision. She’s available by appointment only from 10 a.m. to 12 p.m. the first Tuesday of the month in the Sun City Center Community Association Visitor Center, 901 Cherry Hills Drive.
As part of the Philanthropy Team at Community Foundation Tampa Bay, she’ll work with you and your legal and financial advisors to create the legacy plan that’s right for you and your family.
Valentine can be reached via email at lvalentine@cftampabay.org or by calling 813-692-1880.