What is the John Hancock Legacy Society?
Named in honor of Hancock County’s namesake, The John Hancock Legacy Society was created to recognize living individuals who share the Community Foundation’s dedication to our community. Members of the John Hancock Legacy Society merit the Community Foundation’s highest gratitude for their investment in the future of our community. It’s our way to recognize your thoughtful commitment to help make a difference in our community.
How to become a member of the John Hancock Legacy Society:
The John Hancock Legacy Society is open to anyone who makes a planned gift provision to benefit the Hancock County Community Foundation. The provision can be made in many different ways. These include:
- Making a bequest to the Hancock County Community Foundation in your will or revocable trust
- Making the Community Foundation a beneficiary of an IRA or other retirement plan
- Making a life income gift agreement such as a charitable remainder trust, charitable lead trust, pooled income fund or charitable gift annuity
- Making the Community Foundation the owner of a paid-up life insurance policy or the beneficiary of a life insurance policy
There is a $1,000 gift requirement for membership in the John Hancock Legacy Society, and the anticipation that the value of the planned gift will meet HCCF’s named fund minimum requirements upon gift maturity. Many estate provisions are expressed as a percentage or remainder of your estate and thus may vary over time.
The Legacy Society recognizes all gifts that, in effect, continue a donor’s support of the Hancock County Community Foundation after his or her lifetime.
To gain membership status, all you need to do is to let us know of your gift or gift intent by completing a gift intention form and return it to the Community Foundation staff.
Planned Giving Instruments
Not sure where to start? Our Deciding to Give brochure will help you determine how charitable giving fits into your personal financial goals.
Charitable Bequest in Your Will or Trust
The simplest and most common way to leave your legacy is to designate a gift or percent of your estate to set up or give to an existing endowment fund; in some cases,you may receive a substantial reduction in federal gift and estate taxes while supporting Hancock County. Include a simple statement in your will such as:
“I give [a specific $ sum] or [percentage of my estate] or [number of shares of stock of X Company] to the ________ Fund, a component fund of the Hancock County Community Foundation, 312 E. Main Street Greenfield, Indiana.” Optional, additional language: “The Hancock County Community Foundation, inc. is an Indiana nonprofit corporation exempt from federal income taxes under Internal Revenue Code (“Code”) sectin 501(c)(3), a public charity described in Code section 170(b)(1)(A)(vi), and accordingly an appropriate institution within which to establish charitable fund.”
Gifts of Life Insurance Policies
Whether it’s a policy you already have but no longer need or a new policy you buy for the specific purpose of naming a fund(s) as beneficiary, a gift of life insurance can be advantageous to both you and the organization(s) named in your endowment fund.
Gifts of Retirement Plan Assets
Qualified retirement plans are very expensive assets to pass on to our children; they carry a significant income tax liability and can also be eroded by estate taxes. Naming a fund at HCCF as the beneficiary of your retirement plan may reduce or avoid federal estate and income taxes owed and leaves less highly taxes assets for your children.
Gifts of Appreciated Stocks/Bonds/Securities
Your gifts of stocks, bonds, and other property may provide significant tax benefits. If you sell appreciated property, you will pay considerably higher income taxes; however, if that same property is gifted, you may deduct the full value while avoiding the higher tax on the gain.
Click Here for a guide for planning you will and trust.