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Leaving a Legacy of Love: Creating an Endowment with the Fayette Community Foundation

As we journey through life, we often find ourselves reflecting on the legacy we will leave behind. It’s a contemplation that naturally arises as we grow older and start to consider the impact we’ve had on the world and the mark we wish to make. Estate planning is a delicate subject, but one that–when approached thoughtfully–can become a powerful tool to ensure that your values and passions endure beyond your lifetime. At the Fayette Community Foundation, we understand the importance of this reflection and offer a meaningful way to leave a lasting impact on our community through our endowments.

The Significance of Estate Planning

Estate planning is not merely about the distribution of your assets; it is a profound opportunity to leave a legacy that mirrors your values, beliefs, and the causes you hold dear. It’s about making a conscious choice to continue supporting the things that have shaped your life, even when you are no longer here to do so personally. In essence, it is a beautiful act of love and care for the community you cherish. It also helps your loved ones know how to carry out your wishes and avoids potential conflict during a sorrow-filled time.

Why an Endowment?

Endowments hold a special place in estate planning because they are designed to be enduring. When you create an endowment with the Fayette Community Foundation, you are making an investment in the future of our community. The initial funds you donate to the Foundation to support the community will generate interest for decades while the principal amount remains safe to grow. In this way, endowments provide a stable source of funding that allows us to support local causes, organizations, and projects in perpetuity. Your legacy becomes a perpetual wellspring of support for the community you hold close to your heart.

Working Together with Trusted Advisors

We understand that estate planning can be complex and requires careful consideration. That’s why we encourage individuals to work with their trusted attorney when considering creating an endowment. Your attorney will help you navigate the legal intricacies of estate planning, ensuring that your wishes are documented accurately and legally. Additionally, we urge you to contact the Fayette Community Foundation early in the process so that we can work together to set up the terms of the fund in advance. This collaboration ensures that your intentions are realized and your legacy is preserved according to your desires.

Assets That Can Make a Difference

Your endowment with the Fayette Community Foundation can be funded through a variety of assets, making it accessible to a broad range of individuals. Some of the assets that can be directed toward your endowment include:

• Bequests: You can include the Fayette Community Foundation in your will, specifying the amount or percentage of your estate that you would like to contribute to the endowment.
• Retirement Plan Assets: Designate the Foundation as the beneficiary of your retirement plan assets, such as IRAs or 401(k)s, ensuring that your endowment receives tax-advantaged funds.
• Pensions or Other Tax-Deferred Plans: Similar to retirement plan assets, you can designate the Foundation as the beneficiary of your pensions or other tax-deferred plans, creating a lasting impact.
• Life Insurance Policies: You can name the Fayette Community Foundation as the beneficiary of your life insurance policy, providing vital support to the causes you care about.

Estate planning is an act of love and foresight, allowing you to leave a legacy that continues to support the community you hold dear long after you’re gone. By creating an endowment with the Fayette Community Foundation, you can ensure that your values, passions, and commitment to our community live on. We encourage you to work with your trusted attorney and reach out to us early in the process so that we can collaborate to bring your vision to life. Together, we can create a legacy of love that makes a lasting impact on our community for generations to come.

–Abigail Roszell, Executive Director and CEO, Fayette Community Foundation