Planned Giving

The Cleveland Foundation offers a variety of planned giving options to help you create a lasting philanthropic legacy. Planned giving allows you to be creative in aligning your personal, family and charitable objectives, while also maximizing tax and financial savings.  

Explore the different types of planned giving options below to discover one or a combination that best meets your philanthropic goals and financial planning needs.

Bequest by Will or Trust

A bequest to the Cleveland Foundation is a simple yet powerful way to leave a lasting impact on your community. By including a bequest in your will or trust, you can create a legacy that reflects your values and helps shape the future. This flexible, revocable gift allows for adjustment during your lifetime. When the time comes, the entire bequest would flow to the Cleveland Foundation, ensuring that your philanthropic intentions are fully realized and continue to make a difference for generations to come. 

For your convenience, we’ve provided sample language you and your trusted advisor can use to incorporate a bequest to the Cleveland Foundation in your estate plans.  

Charitable Gift Annuity

A charitable gift annuity is a way to secure lifetime income for yourself or you and a loved one, while making a lasting philanthropic impact. With a minimum gift of $20,000, you can contribute cash or marketable securities in exchange for guaranteed lifetime payments for one or two lives.

In addition to providing a reliable income stream, this type of gift offers an income tax charitable deduction. After your lifetime, the remainder of the charitable gift annuity will be used to establish a fund at the Cleveland Foundation, supporting your chosen organization(s) or other causes you care about, ensuring your legacy continues to make a difference for years to come. 

Charitable Remainder Trust 

A charitable remainder trust offers a powerful way to support the Cleveland Foundation while maintaining income for yourself or a loved one. With a minimum gift of $500,000, you can contribute virtually any asset—whether cash, securities or other property—with the potential to save significantly on capital gains.

This type of gift allows you to receive an income stream, and provides a current income tax charitable deduction. Upon termination of the trust, the remaining principal amount would establish a fund at the Cleveland Foundation, supporting your chosen organization(s) or causes that matter most to you in perpetuity.  

Charitable Lead Trust 

A charitable lead trust offers a unique way to make an immediate philanthropic impact, while benefiting family members in the future. With a minimum gift of $1 million, you can contribute virtually any type of asset—cash, marketable securities, real estate, and more—to the trust.

While the trust is in place, the Cleveland Foundation receives income from the trust annually, supporting its mission. After the trust term ends, the remaining principal is returned to you or, more commonly, to your children or grandchildren, providing financial security to future generations.  

IRA or Qualified Plan 

Using your IRA or retirement plan to support your philanthropic goals is a powerful way to leave a legacy while maximizing tax benefits. At the time of your passing, the balances in your retirement accounts are typically included in estate and income taxes and taxed sometimes as high as 85 percent.

By designating the Cleveland Foundation as a beneficiary of these types of retirement assets, you can ensure your gift is made with pre-tax dollars, reducing the tax burden on your estate and heirs. This strategy not only helps you avoid passing on tax liability to your heirs but also allows you to make a meaningful impact for generations of Clevelanders to come. 

Qualified Charitable Distribution/Charitable IRA Rollover 

For those 70½ or older, making a QCD from your IRA may be the perfect fit for your charitable planning. A distribution made directly to the Cleveland Foundation from your qualifying IRA will not be included in your taxable income. Regardless of whether you itemize or use the standard deduction, the tax savings with this option might be optimal for you and your situation. 

Following IRS guidelines, gifts from QCDs only can create named designated or field of interest funds at the Cleveland Foundation, which allow you to support organizations or causes you care most about in perpetuity.  

Life Insurance  

Life insurance policies offer a unique opportunity to make a significant and lasting charitable impact. Policies that were once intended for other purposes can be transformed into meaningful gifts to the Cleveland Foundation in a number of ways. 

There also are options for establishing new life insurance policies which can make exciting gifts to further your philanthropic goals. The Philanthropy Team will be able to work with you and your trusted advisors to determine what might be best for you and your unique situation.