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Community Foundation Encourages Long-Term Financial, Legacy Planning in Conjunction with Tax Prep

CFNEIA
February 18, 2020

Tax season is already underway and the Community Foundation of Northeast Iowa is encouraging individuals to use this time of year to also look at their broader financial picture to create a long-term financial and legacy plan. The Community Foundation works with individuals, families and businesses to create charitable solutions that match their passions, maximize tax benefits, and create a philanthropic legacy for generations to come.

“Finances are already at the forefront right now as people are preparing their taxes so it makes sense to consider discussing other financial goals with a tax accountant, professional advisor, or their local community foundation,” said Niki Litzel, development director with the Community Foundation of Northeast Iowa. “We all make plans for our family, career, and retirement but many people fail to think beyond their lifetime and the legacy they can leave for their entire community.”

For many, that legacy involves leaving a significant portion of possessions and wealth to loved ones. However, for those who are passionate about their community and want to make a lasting impact, looking at charitable options that leave a legacy for their local community or a specific cause are something to consider. Planned giving can take many forms although the most popular is a charitable bequest, which allows individuals to name in their will the nonprofit organizations that best align with their philanthropic interests. The bequest can be used to create an endowment fund, which will last in perpetuity, or contribute to an existing fund. Some of the benefits of establishing a bequest can include flexibility, tax savings, recognition, personalized giving, and efficiency.

A downloadable estate planning guide and other free will planning resources are available at www.cfneialegacy.org. For questions about planned giving, contact Niki Litzel with the Community Foundation of Northeast Iowa at 319-243-1352 or nlitzel@cfneia.org.

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