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Often the estate and tax planning analysis for a family will conclude that a charitable gift or bequest of a portion of retirement plan assets is prudent financially and also meets the individual or family's charitable goals. The Oklahoma City Community Foundation provides a simple, flexible and efficient way to make such a gift or bequest. There are three easy steps to the process: First, consider executing a fund agreement for an Advised Fund at the Oklahoma City Community Foundation. This fund agreement will describe how the donor wishes for any contribution to be used. The fund agreement can name specific charitable organizations, it can create an advised fund for your client, or his or her family, to suggest annual distributions, or it can restrict contributions to be used for specific purposes. A fund agreement can even establish a scholarship or award fund to be administered in your client's name. Most importantly, the fund agreement can be changed at any time to reflect the wishes of the donor and his or her interests in the community. Second, make the Advised Fund the beneficiary of the retirement plan or the recipient of the proceeds of the retirement account. This is done through a legal change in the beneficiary of the retirement plan or through documents such as your client's will or trust. See Planned Giving Sample Documents for appropriate language. Third, if the donor's charitable goals or interests change, the only change which needs to be made is in the fund agreement with the Oklahoma City Community Foundation. The legal documents will refer to your client's fund, and the fund agreement can be changed to reflect your client's interest. Because the Oklahoma City Community Foundation works with a wide range of organizations and is able to implement a donor's charitable goals in so many different ways, a Community Foundation fund provides great simplicity and flexibility for your client. Several organizations can be named providing an efficient way to make multiple gifts.
Utilizing Advised Funds |
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©1999-2008 Oklahoma City Community Foundation. All Rights Reserved.
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Use of Retirement Plan Assets