Making a Planned Gift With Life Income
Many donors desire to make a contribution but feel constrained by current income needs.  The Outer Banks Community Foundation has several gift vehicles to allow you to make an irrevocable contribution to the Foundation.  Specific types of life income gifts include:

Charitable Remainder Trusts: Quite simply, a charitable remainder trust provides for the payment of periodic income to a beneficiary for the beneficiary’s life or specified term of years.  Upon the death of the beneficiary, or the expiration of the specified term of years, the principal of the trust (remainder interest) is distributed to the Outer Banks Community Foundation to carry out the charitable goals of the donor.

There are two types of charitable remainder trusts:
CHARITABLE REMAINDER ANNUITY TRUSTS:  A charitable remainder annuity trust pays to the beneficiary a fixed income which must be at least five percent of the fair market value of the assets initially contributed to the trust. This amount does not change, and no additional gifts may be made to the annuity trust after its creation.
CHARITABLE REMAINDER UNITRUSTS:  A charitable remainder Unitrust pays to the beneficiary a fixed percentage (at least five percent) of the fair market value of trust assets as valued annually.  Because the value of assets can be expected to change from year to year, the Unitrust payment will vary in amount each year.  Additional contributions may be made to the trust after it is established.

Charitable Lead (Income) Trust: A charitable lead trust is the opposite of a charitable remainder trust.  In a charitable lead trust, the donor irrevocably transfers the property into trust with the income from the trust being paid to the Outer Banks Community Foundation for the life of the individual or for a specified term of years.  Upon termination of the life or the term, the remainder interest (the principal of the trust) is either retained by the donor or passed to another non-charitable beneficiary (i.e., son, daughter, etc.)

Charitable Gift Annuities: A charitable gift annuity is similar to a charitable remainder annuity trust in that a donor transfers cash or other property to a charity in exchange for a commitment by the organization to pay the donor a specified amount each year.  At the death of the donor, the remaining assets are distributed to the Outer Banks Community Foundation.

Revocable Trusts (Living Trust): Revocable trusts are becoming an increasingly popular planned giving tool.  Many individuals believe this to be a preferable way to transfer property in lieu of a will.  However, there are many considerations one should be aware of, such as transfer costs and titling all future acquired assets in the name of the trusts.

Giving through your will or trust
Bequests are gifts made by will or trust to the Outer Banks Community Foundation and are a wonderful way to build the assets of the Foundation.