The Rodriguez Family wants to help children with disabilities and to support environmental causes.
The family is donating this year’s IRA distribution for a huge tax savings. The Community Foundation helps them create two, equal funds for the following local nonprofits:
- Save our Streams
- Children Disability Services
The family establishes a Charitable Remainder Trust with the Community Foundation. The trust provides the family with an immediate tax break and a six percent annual payout for the rest of their lives. The Community Foundation receives the remainder of the trust upon their deaths. It will be used according to the Rodriguez Family Fund agreement:
- 60 percent of the trust will create a field of interest fund that supports a variety of programs for children with disabilities.
- 30 percent go into the Foundation’s Environment Community Impact Fund. A committee of community members meets annually to review and decide on grants for environmental causes.
- The final 10 percent will be used as an unrestricted gift to the Community Foundation.
These are just two of the many options possible in this scenario.
Foundation staff can work with you to customize your giving plans. Contact Elena at Elena@cf-sc.org or (425) 212-4056 to learn more.