Planned Giving: Leave a Legacy at Lakeland

"What's a planned gift?"

A planned gift, also known as a legacy gift, is any gift that is part of a donor's overall financial and/or estate planning.

"Why should I consider making a planned gift?"

Making a planned gift to The Lakeland Foundation, regardless of your income or age, is a powerful way to open doors to education for generations of Lakeland students to come. Planned giving lets you defer your gift as part of your overall financial planning process, and many options cost you nothing during your lifetime. Other options provide income to you or allow you to make a small investment during your lifetime, and then provide a larger gift in the future through your estate.

"What are my options for planned giving?"

You may want to consider a planned gift in one of the following forms, which could offer you the greatest benefit in terms of your income, capital gains, and estate tax savings as best befits your financial situation:


A bequest is a gift that is made as part of a will or trust. It can be made as a specific amount, percentage, remainder, or a total of your estate. With proper planning, a bequest allows you to save on estate taxes, provide for your family, distribute your assets according to your wishes, and lets you leave a legacy without giving up assets during your lifetime.

Bequests of $10,000 or more are most often used by donors to establish an endowed, named fund in memory or tribute (for example, "The Jane and John Doe Family Scholarship Fund") that generates support for Lakeland students through scholarships or other efforts in perpetuity.

Beneficiary Designations

A beneficiary designation is one of the simplest ways to make a gift to The Lakeland Foundation. By filling out a beneficiary designation form, you can specify the individuals and charities you want to support, and you can also specify the percentage of the assets you want each beneficiary to receive. Beneficiary designations are available when giving the following assets:

Retirement Plan Assets
Designating The Lakeland Foundation as the beneficiary for some or all of what's left in your IRA, 401(k), 403(b), or other qualified plan when they end has a number of benefits. It removes highly-taxed assets from your estate and allows you to preserve non-retirement assets for family or heirs.

Life Insurance
Naming The Lakeland Foundation as irrevocable owner and beneficiary of a fully paid policy allows you to take an income tax deduction equivalent to its cash value. Naming us as a contingent beneficiary allows for greater flexibility and security for your family or heirs. You can also assign ownership of an existing policy that you no longer need for your plans, or initiate a new policy and designate The Lakeland Foundation as owner and beneficiary.

Charitable Trusts

enables you to make a tax-deducible gift while removing taxable assets from your estate and generating income for yourself, your family, or other beneficiary for life or for a specified period. There are two types of charitable remainder trusts:

  • unitrust provides income based on a set percentage of the trust principal that is chosen by you at the outset.
  • An annuity trust provides a fixed dollar income that is chosen by you at the outset.

For more information on these and other planned giving options, you can access our Leave a Legacy at Lakeland brochure.

"What information do I need to include The Lakeland Foundation in my planned giving?"

To include The Lakeland Foundation in your planned giving directives, please use our legal name and federal tax ID number noted below.

Legal Name: The Lakeland Foundation
Address: 7700 Clocktower Drive, Kirtland, OH 44094
Federal Tax ID Number: 34-1369714

Find sample language to use for bequests here clicking here.

It's important to notify us of your planned gift so we can ensure your intentions are honored. Many retirement plan administrators assume no obligation to notify a charity of your designation or to monitor whether your gift designations are followed. We will be pleased to work with you and your attorney or financial adviser on your options to make a planned gift, or you can complete a confidential intention of future philanthropy form.
(Download a PDF version of this form that can be returned by US Mail.)

"How do I include a Donor Advised Fund as part of my planned giving?"

When you initially create a donor advised fund with a sponsoring organization or community foundation, you will typically be asked to indicate whether the assets in your account should be distributed to charities of your choice upon your passing, or whether you wish to name "successor advisers," such as family, friends, or other representatives, who will continue to recommend grants to charities from the account so it will continue to function as a donor advised fund. Your sponsoring organization can review all of the options available to you and what benefits they may provide to your estate and for your philanthropic wishes. Find more information on giving through a donor advised fund here.

"Can I make a gift to The Lakeland Foundation through a Charitable IRA Rollover (QCD?)"

Yes - if you are at least 70½ years old with a traditional IRA or Roth IRA, this may be an option for you. Please visit our Ways You Can Give page for information on giving through charitable IRA rollover.

"What if I still have questions about my planned giving options?"

We'll be pleased to assist you and your attorney or financial planner in deciding which of these or other planned gift opportunities will be most beneficial to you and to The Foundation. Please contact Greg Sanders, executive director, at 440.525.7086 or to discuss next steps, or complete a confidential intention of future philanthropy form.

(Download a PDF version of this form that can be returned by US Mail.)


Information contained on this page was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax adviser. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.

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