A gift to The Pittsburgh Foundation through your will supports organizations you care about, while maximizing the tax benefits to your estate. Bequests will be applied to the charitable purpose you request, as long as those organizations are a 501(c)(3) charitable organization, and within the broad mission of the Foundation.

Some of the ways to make a gift through your will:

• Make an unrestricted bequest leaving a portion or all of your estate.
• Make a bequest to an existing fund at The Pittsburgh Foundation.
• Establish a named fund through your will that will benefit one or more charities you care about in perpetuity. 

You can make the most of your retirement plan assets to reduce taxes and make an impact in the community.  

Did you know that retirement accounts are exposed to federal income taxes that could reach as high as 37% upon your death? Consider leaving your loved ones less heavily taxed assets by leaving your retirement plan to The Pittsburgh Foundation to start a fund or add to your existing fund. As a nonprofit organization, we are tax-exempt and will receive the full amount of what you designate to us from your plan.  

IRA Planned Gift Options:

• List The Pittsburgh Foundation as the primary beneficiary of your IRA.
  • This is the simplest way to leave an IRA to The Pittsburgh Foundation. We create a Memorandum of Understanding to clearly direct the assets (either by creating a new fund or adding to an existing fund) and the impact you want to leave in the community.
• If you would prefer to leave your children or spouse as primary beneficiary, you can list The Pittsburgh Foundation as a contingent beneficiary or leave a percentage to us.  
• Give outright from your IRA during your life to establish a designated fund, scholarship fund, an unrestricted fund or a field of interest fund at The Pittsburgh Foundation. A gift from an IRA account cannot be added to a donor-advised fund. If you already plan to give your IRA to The Pittsburgh Foundation, you can still make an outright gift and see your philanthropic dollars at work, jump-starting your legacy!
  • Current IRS regulations state that if you are 70½ or older, you can give from your IRA directly to The Pittsburgh Foundation. When you turn 73, you can use your gift to satisfy all or part of your required minimum distribution.  
  • IRS regulations change often, so we strongly recommend you speak with a trusted tax professional prior to making a gift from your IRA.  

Providing a gift of Life insurance makes it possible to gift a significant amount at a relatively small cost. Here are the most common methods for gifting life insurance to a fund at The Pittsburgh Foundation: 

• Name The Pittsburgh Foundation as your primary beneficiary.
  • This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount.
• Name The Pittsburgh Foundation as your successor beneficiary.
  • You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you.  
• Donate an existing policy to The Pittsburgh Foundation.
  • You can name us as the owner and beneficiary of an existing policy. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift when you itemize.
• Purchase a new policy and donate it to The Pittsburgh Foundation.
  • You must work with a provider to identify and/or obtain a policy that is right for you. Once you do this, you can irrevocably name The Pittsburgh Foundation as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for younger donors. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize on your taxes. 

With a charitable gift annuity, you irrevocably transfer a specific sum of cash, appreciated securities or other property to The Pittsburgh Foundation in return for its promise to pay fixed and guaranteed annual payments for life to you, another - or both. The remainder of the Annuity is used to support your fund. Your payment will be determined based on your age.

This is a smart vehicle if you’re retired, wish to increase your cash flow, seek the security of guaranteed payments and want to save taxes.

If you fund your gift annuity with cash or appreciated property, you qualify for a federal income tax deduction if you itemize. In addition, you can minimize capital gains taxes when you fund your gift with appreciated property.

You can also fund your gift using your IRA assets. If you are 70½ and older, you can make a one-time election of up to $54,000 to fund a gift annuity. While your gift does not qualify for an income tax deduction, it does escape income tax liability on the transfer and count toward all or part of your required minimum distribution. 

You must work with their trusted advisor on this planned giving vehicle. The Pittsburgh Foundation can collaborate with you and your advisor on the charitable components of your plan.  

A charitable remainder trust is a specifically designed trust that provides a payment stream to the donor or another beneficiary for a fixed term up to 20 years or life (“the income interest”), after which the trust terminates and the trust assets are distributed to one or more charitable organizations (“the charitable remainder interest”).

A charitable remainder trust must be in writing and is irrevocable. As the donor, you may be the trustee, or you may appoint an independent trustee. Creating a charitable remainder trust could provide you with an income tax deduction

You must work with your trusted advisor on this planned giving vehicle. The Pittsburgh Foundation can collaborate with you and your advisor on the charitable components of your plan.

Through a charitable lead trust, you can make significant charitable gifts now while providing for the eventful transfer of substantial assets to individual beneficiaries. You and your legal or financial advisor select assets to fund a lead trust. The charity receives a fixed annual payout from the trust, and the remainder goes to your beneficiaries at the end of the charity’s payout term. These funds may be distributed to charities you specify or add to a donor-advised fund, designated fund, a field of interest fund or the Foundation’s community fund.

Charitable lead trusts are attractive during times of low interest rates. They hold further appeal if you want to reduce taxes associated with passing assets to heirs or if you’re looking to delay the receipt of an inheritance.

A charitable lead trust is one of the best ways to help our community while reducing your taxable income or planning a deferred transfer of assets to children or grandchildren.