By Rose S. Prinzi 

Creating a legacy was once thought to be a rich man’s indulgence; however, with new laws and legal tools now available, this is no longer the case. Today, you can create a legacy through careful financial planning no matter how modest your means.

You can create a legacy by establishing a permanent endowment fund at the Chautauqua Region Community Foundation. An endowment fund is a means, whereby you can continue to support your favorite charity, church or passion after your lifetime. There are three simple ways, among a variety of options, in which you can create a legacy through the Chautauqua Region Community Foundation’s endowment fund process.  Your alternatives include the establishment of a Will, the modification of a life insurance beneficiary, or the donation of a cash amount.

One of the most common approaches to creating a legacy is by establishing a bequest through a Will. When creating a Will, it is recommended that you work with a lawyer, preferably one with estate planning experience, to assure that your intentions are clearly understood. Once a lawyer is engaged, you will be asked to complete an estate planning form. This form will give you an opportunity to assess your financial status and assist you in determining how you may want to distribute your estate to family members, qualified charitable organizations, or others.

There are three distribution options you will need to consider when composing the language of a charitable bequest included in your Will. These options include designating a percentage of your estate, designating a specific amount of your assets, or designating the residue of your estate.

A Will assures that your wishes are thoroughly carried out. Additionally, your charitable goals will be met by directing the Chautauqua Region Community Foundation to create an endowment for your favorite charity.

If your Will is already established or you believe that this approach may not be appropriate for you, consider naming the Foundation as a beneficiary to your life insurance policy for the purpose of creating an endowment fund. As time passes, so do your needs. Your original reasons for the establishment of a life insurance policy may no longer exist. By simply submitting a change of beneficiary form to your insurance company, you can create a legacy.

There is one last way of establishing a legacy, and that is to make a gift of cash to the Chautauqua Region Community Foundation for the purpose of the establishment of an endowment fund. 

Keep in mind, in order for an endowment fund to be established, all of the above options require a minimum gift of $5,000 over a five year period or at the time of death to the Community Foundation

For more information on how to create a legacy at the Foundation, contact the Chautauqua Region Community Foundation at 661-3390 or go to www.crcfonline.org.