Leave a Bisbee Legacy
In conjunction with the 25th anniversary of The Bisbee Foundation, a Legacy Building campaign was established to encourage people to consider making provisions in their wills for the benefit of a Bisbee organization, program or need.
Each of us, whether a community native or a relative newcomer, has grown to love the Bisbee community. We have experienced Bisbee as a very special place to live, learn, work, play and raise a family. We have the opportunity—both during our lifetimes and after—to contribute to Bisbee’s future.
Estates of any size can leave a mark on the future by supporting community programs that are dear to us. Projects related to the arts, historic preservation, the environment, education, health, Evergreen Cemetery or scholarships are among the programs that can be affected.
Each Person can Help
A study undertaken by the Arizona Community Foundation in partnership with Northern Arizona University indicates that if Bisbee residents earmarked just 5 percent of their estates to charity, $42 million could be invested in Bisbee by 2055.
Actions can be taken during your lifetime so that you can be personally involved in the creation of your legacy gift and to view its benefits. Here are four simple vehicles for leaving a legacy gift:
1. A Provision in Your Will
Your will can provide both for your family and your favorite community charities. Creating a legacy gift can be accomplished by simply adding a provision to your will or trust that says, “I wish to give ____ (dollar amount or given percent of my estate) to The Bisbee Foundation endowment to be used for the following purpose…”
This vehicle costs nothing during your lifetime and can be easily modified or revoked if your situation changes.
2. Insurance Policy
The Bisbee Foundation can be named as the beneficiary of your life insurance policy. Such an action makes more sense as we get older and the needs of a young family for which we originally purchased the insurance are no longer a concern.
3. Beneficiary Designation
Assets such as bank and investment accounts, certificates of deposit, savings bonds and IRAs can be conveyed directly to The Bisbee Foundation by simply naming The Bisbee Foundation as the beneficiary in your financial and plan documents. This simple process can be initiated or changed at any time.
Consider establishing a named charitable endowment under the umbrella of The Bisbee Foundation. The Arizona Community Foundation staff can work closely with you to spell out in writing your wishes for using the endowment to benefit a local program or cause.
The power of an endowment is that only a portion of the earnings on that endowment (generally 5%) are distributed annually to community organizations according to your wishes, while the fund balance has the potential to grow in perpetuity. Contributions to the endowment also provide immediate tax benefits.
As you are able to see your endowment grow and witness the community benefits provided, you can then make provisions in your will to bequeath a portion of your estate to the endowment upon your death.
Note that the Arizona Community Foundation requires a minimum of $25,000 to establish a named endowment fund, but allows three years to meet that goal.