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You have spent a lifetime building your legacy through your family, career, and values. Thoughtful planning can extend that legacy beyond your lifetime. For donors who wish to make a charitable gift through their estate plans without maintaining a charitable account during their lifetime, a legacy plan is an excellent option. A simple document makes you a fundholder and only activates once assets are received from your estate.
A legacy plan articulates the charitable component of your estate, customized to include your successors or heirs, field(s) of interests, specific nonprofits, or any combination of these factors. All of our funds can accept noncash assets, including complex gifts like privately held business interests, real estate, or cryptocurrency.
Legacy funds offer flexibility—you can adjust the named charities, percentage of funds allocated to each, and investment options as often as needed, without having to update your estate plan, saving you time and money. Additionally, you can close the fund if your plans change. By establishing a legacy fund in your estate plan, you can support your family and create a charitable impact you may never have imagined.
You have spent a lifetime building your legacy through your family, career, and values. Thoughtful planning can extend that legacy beyond your lifetime. For donors who wish to make a charitable gift through their estate plans without maintaining a charitable account during their lifetime, a legacy plan is an excellent option. A simple document makes you a fundholder and only activates once assets are received from your estate.
A legacy plan articulates the charitable component of your estate, customized to include your successors or heirs, field(s) of interests, specific nonprofits, or any combination of these factors. All of our funds can accept noncash assets, including complex gifts like privately held business interests, real estate, or cryptocurrency.
Legacy funds offer flexibility—you can adjust the named charities, percentage of funds allocated to each, and investment options as often as needed, without having to update your estate plan, saving you time and money. Additionally, you can close the fund if your plans change. By establishing a legacy fund in your estate plan, you can support your family and create a charitable impact you may never have imagined.
With a planned gift to a legacy fund, you can:
Pass the fund to heirs who will then advise donations to your favorite causes, ensuring your family’s legacy endures.
Significantly reduce estate tax liability for heirs.
Include family in estate planning discussions to ensure clarity on philanthropic legacy.
Increase charitable impact.
Address urgent needs in the community that arise now or in the future.
Provide lasting support for causes that matter to you, such as education or the environment.
Provide perpetual support for your favorite nonprofit organization(s).
How Legacy Plans Work
Endowments can be set up in a variety of ways, depending on your wishes.
The legacy fund is a “shell” until it receives assets, with no fees incurred until then.
The fund outlines your plan to support the named nonprofit(s) or causes. The estate will name Community Foundation Tampa Bay as a recipient, and you can make unlimited changes. Then, heirs or trustees can advise the fund.
You choose whether your selected nonprofit(s) receive an immediate payout upon receipt of assets or are placed on a payout schedule.
You may also designate a cause, then the Community Foundation staff will identify an appropriate nonprofit that fits your specifications.
You can elect to include any specific program designations or restrictions.
You may designate a “Plan B” in the event some of the named nonprofit(s) go out of business or dramatically alter their mission.
You have the option to participate in fundholder events, such as legacy luncheons or behind-the-scenes tours of nonprofits, where you can network with fellow philanthropists. Alternatively, you can choose to opt out of these events.
Legacy Funds are
Enduring
Legacy funds are ideal for families and individuals who wish to designate how their assets will be distributed after their lifetimes.
Legacy funds can be established in honor or memory of a loved one.
Customized
You have the flexibility to name your heirs as successors to your legacy fund.
You may designate an unlimited number of nonprofit or causes as beneficiaries.
You may name your fund, held at Community Foundation Tampa Bay.
Legacy funds are revocable, allowing you to close the fund at any time if your plans change.
Strategic
Community Foundation Tampa Bay can accept gifts designated in a will or estate plan, including life insurance policies, IRAs, 401(k) plans, real estate, charitable gift annuities, and charitable remainder trusts.
Legacy funds can be easily modified without altering estate documents.
Legacy funds offer greater flexibility compared to naming multiple charities to receive gifts in estate plans. Simply name your legacy fund at Community Foundation Tampa Bay, list as many nonprofits as you wish in the legacy agreement and make changes as needed.
Benefits of Legacy Funds
Custom Giving: Legacy funds can accept a wide variety of gifts, including non-cash, and complex assets.
Professional Management: You have the option to have your legacy fund managed by your own investment advisor or invest it in the Community Foundation’s portfolios.
Versatility: Legacy funds can be established for any amount.
Tax Deductions: Legacy funds may qualify for the estate tax charitable deduction.
Lack of Fees: There are no administrative fees until assets are received.
The Philanthropy Team at Community Foundation Tampa Bay will work with you alongside your legal and financial advisors to create the legacy plan that aligns with your vision and is right for your family.