Legacy and Gift Planning

A bequest, or a gift made through your will or trust, is an easy and flexible way to make a planned gift. Bequests are a particularly meaningful way to help The Colonial Williamsburg Foundation plan for the future while protecting your assets during your lifetime.

An unrestricted bequest allows the Foundation to direct your legacy to the area with most need and sustain everyday operations. Unrestricted bequests are invested in our general endowment fund, where the annual earnings perpetually support our educational mission.

Restricted bequests can be designated to benefit one or more permanent endowment funds that have already been established by the Foundation to support specific core areas of Colonial Williamsburg. If no permanent endowment fund meets the desired purpose of your bequest, you may choose to create a new restricted or named endowment fund. Our staff in Gift Planning would be happy to discuss your options with you to ensure that your intentions are fulfilled as stated.

For any questions around bequests, please contact us here or by email at legacy@cwf.org or phone at 1-888-293-1776.

Another popular option for making a future gift is to name The Colonial Williamsburg Foundation as a beneficiary of your life insurance policy, bank account, brokerage account or retirement account. Whether you would like to designate the Foundation to receive a partial or full amount of these assets, updating your beneficiaries is as simple as contacting your plan administrator or account manager.

Assets such as retirement accounts are subject to income tax, and potentially estate tax, when left to individuals. However, because it is a recognized nonprofit organization, Colonial Williamsburg is exempt from any tax burden when designated as the beneficiary, meaning your generosity can go even further.

(for review by your attorney)

Sample Language for an Unrestricted Bequest:
“I give to The Colonial Williamsburg Foundation, Tax ID # 54-0505888, a not-for-profit, Virginia corporation located in Williamsburg, Virginia, the sum of $____________ [or property described herein] [or ____ percent (____%) of the rest and residue of my estate] to be used by the Foundation for its general purposes.”

Sample Language for a Restricted Bequest:
“I give to The Colonial Williamsburg Foundation, Tax ID # 54-0505888, a not-for-profit, Virginia corporation located in Williamsburg, Virginia, the sum of $____________ [or property described herein] [or ____ percent (____%)] of the rest and residue of my estate] to be used for (see Restricted Gifts above).”

Additionally, you may choose to include the following language to ensure that your restricted bequest can continue to benefit the Foundation:

If, in the judgement of Colonial Williamsburg’s Board of Trustees, all or part of this Fund cannot be used in the future in the manner described above, Colonial Williamsburg’s Trustees may designate an alternative use for the Fund, considering the Fund’s original purpose and the Donor’s interests.”

Colonial Williamsburg’s Pooled Income Fund provides you with tax savings and income for life, while also providing a meaningful gift to The Colonial Williamsburg Foundation. If you are 40 years of age or older, the CWF Pooled Income Fund may be a life income gift you would like to explore.

When you donate to the CWF Pooled Income Fund, your irrevocable gift of cash or securities is invested together with the gifts of all other Fund donors. You and your designated beneficiaries then receive quarterly income distributions for life, based on your initial contributions and the performance of the investments held by the trust.

After the final life income distribution is made, the principle attributable to your gift is removed from the Fund and given to The Colonial Williamsburg Foundation, to be used for the purpose you designate.

Our Gift Planning team would be happy to speak with you about further details for contributing to the Fund, including information on minimum initial donations and your charitable tax deduction.

Establishing a charitable gift annuity is a great option to guarantee a fixed income for life for you or another beneficiary (“annuitants”) you name, while ensuring that Colonial Williamsburg can continue to preserve and share the history of early America.

A charitable gift annuity (CGA) is a simple contract between you and The Colonial Williamsburg Foundation. A CGA can be established with a gift of $10,000 or more to the Foundation. You qualify for a charitable income tax deduction in the year that you make your gift. The Colonial Williamsburg Foundation and most other charities follow the gift annuity rates recommended by the American Council on Gift Annuities. The older the designated annuitants are at the time of the gift, the higher the gift annuity rate and the greater the fixed annuity payment will be.

CGA income payments begin as soon as an annuitant turns 60 years old, but they can be deferred for a minimum of one year. Additionally, part of each annuity payment is usually not subject to income tax.

A charitable remainder trust — in the form of either a charitable remainder unitrust or a charitable remainder annuity trust — is a charitable giving plan that creates a lifetime income stream for you and your designated beneficiaries, while making a generous gift to The Colonial Williamsburg Foundation from the remainder of the donated assets. The payments you received may continue for the lifetimes of the beneficiaries you name, a fixed term of not more than 20 years, or a combination of the two.

With a charitable remainder unitrust (CRUT), your beneficiaries receive a fixed percentage of the unitrust’s current value, as revalued annually, and additional contributions can be made into the fund can be made; whereas with a charitable remainder annuity trust (CRAT), your beneficiaries receive a fixed dollar amount each year, and additional contributions on top of your initial gift are not allowed. For both, no tax is payable by the trust at the time investment gains are realized, either when funding the trust or after, making it possible to enjoy increased income over time based on tax-free growth within the trust.

The current minimum to establish such a gift with The Colonial Williamsburg Foundation is $100,000.

To further discuss if a charitable remainder trust would be a good option for you and your family, please contact the Gift Planning Office by email at legacy@cwf.org or by phone at 1-888-293-1776.

A qualified charitable distribution is a tax-wise way to support Colonial Williamsburg and the causes that matter most to you.

If you are 70½ or older, you can make a tax-free distribution from your traditional or Roth IRA to Colonial Williamsburg, known as an IRA Qualified Charitable Distribution (QCD) or IRA Charitable Rollover. Benefits include:

• The IRA rollover amount is excluded from your taxable income.
• You may roll over up to $100,000 every year from your IRA as a QCD.
• If you are age 73 or older, the QCD can also count towards your required minimum distribution (RMD).
• You may establish a charitable gift annuity with Colonial Williamsburg of up to $50,000 (limited to only one tax year during your lifetime).
  
  

For more information on how to make an IRA QCD gift to Colonial Williamsburg and whether this option works for you, please speak with your IRA administrator or financial advisor. Instruction on how to make a gift can also be found on our IRA QCD gift form.

Please note that IRA administrators frequently do not include the donor’s name on IRA QCD checks. If you are planning or have initiated a QCD gift, please let us know by contacting us at 1-888-293-1776 so we may promptly and correctly acknowledge your generous donation.

Many of us plan for the financial security of our families through investments. A gift of stock to The Colonial Williamsburg Foundation can do the same for the future of historic preservation and research.

A direct donation of appreciated securities, including stocks, to Colonial Williamsburg allows you to use your investments to potentially make a greater impact than if you sold the stock and made a cash donation. By donating stock, you can not only support our educational mission, but you may qualify for a charitable tax deduction and reduce your future capital gains burden.

Donations of stock can be arranged with your financial institution or be handled through another account like a donor-advised fund. If you choose to initiate a gift, please contact us at 1-888-293-1776 so we may promptly and correctly acknowledge your generosity.

A donor-advised fund (DAF) allows you to contribute to an established giving account at a sponsoring organization, community foundation or financial institution to support The Colonial Williamsburg Foundation, which then distributes funds in the amount and timing of your choosing. In addition to being a useful option for charitable giving during your lifetime, you may choose to designate Colonial Williamsburg as a beneficiary of your donor-advised fund in the future. Donor-advised funds have become especially popular because of the tax benefits they offer.

With a charitable lead trust (CLT), you can witness, during your lifetime, the tangible impact of your generosity on The Colonial Williamsburg Foundation.

In contrast to life income gifts, which provide you with a current payment stream and The Colonial Williamsburg Foundation with a future remainder interest, a charitable lead trust (CLT) provides a current payment stream to the Foundation to meet current program or other needs for an established period of time. At the end of the trust term, the trust remainder will be returned to you or to other beneficiaries you designate.

Additionally, setting up a CLT may significantly reduce gift or estate taxes and make you eligible for a current income tax deduction.

For many individuals, their personal residence represents one of their most substantial and personal assets. A retained life estate allows you to donate your personal residence — your home, farm or even a vacation property — to The Colonial Williamsburg Foundation while retaining the right to use it for the rest of your life and not affecting your current lifestyle.

While you continue to use and live on your property, you remain responsible for all routine expenses — maintenance fees, insurance, property taxes, repairs, etc. If you later decide to vacate your property, you may rent all or part of the property to someone else or sell the property in cooperation with The Colonial Williamsburg Foundation.

When your retained life estate ends, The Colonial Williamsburg Foundation can then use your property or the proceeds from the sale of your property for the purpose you designate.

In addition to a retained life estate, gifts of real estate can be arranged as part of a bequest or used as a significant asset to fund other planned giving arrangements, such as a charitable remainder trust or charitable lead trust.

Sometimes referred to as “the father of the Restoration of Colonial Williamsburg,” Rev. Dr. Goodwin is credited as the inspiration behind Colonial Williamsburg, convincing John D. Rockefeller Jr. and his wife Abby Aldrich Rockefeller to help restore the historic town as a living history museum. The W.A.R. Goodwin Society recognizes the Foundation’s supporters and philanthropists who have committed to sustaining Goodwin’s vision for years to come.

Today, friends who make a life income gift, bequest or other non-contingent gift in their estate plan for The Colonial Williamsburg Foundation and document that gift with the Foundation are invited to become a member of The W.A.R. Goodwin Society.

Colonial Williamsburg presents those who have documented their gift with the Foundation a Certificate of Membership in The W.A.R. Goodwin Society, recognizes members in the Foundation’s Donor Registry and invites those members to attend special events and receive other unique benefits.

View the full list of Member Courtesies