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Planned Giving Planned Giving Options in Personal and Family Philanthropy
the Foundation will use the proceeds to carry out your charitable objectives. Retirement Plan Assets from qualified 401(k), Keogh, 403(b), IRA, or profit sharing plans can be used to create a charitable fund in your name. Gifting retirement plan assets may also reduce estate tax liabilities incurred by your heirs. Ritchie Houge, Vice President of Philanthropic Services, is your resource for information about ways to give and types of gifts that will benefit your long-term charitable objectives for the most direct and lasting impact. Please call him toll free at 1-800-659-7859 or e-mail ritchh@nwmf.org. He would be happy to meet with both you and your financial/legal advisor(s) to establish a gift vehicle that most effectively meets your needs. Please visit the Northwest Minnesota Foundation web site www.nwmf.org and click on our Planned Giving Guide for complete, comprehensive and easy-to-understand information about your gift options. Our site contains a comprehensive resource for your gift planning questions. • Discover all of the tax and income benefits of the various kinds of planned gifts. • Read in-depth about trusts and annuities that pay you an income for life. • Get tips on how you can make gifts from life insurance policies, retirement plan assets or appreciated property. • Learn how to set up your will so that the government does not benefit more than your heirs. • Discover a virtual encyclopedia of information on how and what to give. • Access hundreds of up-to-date articles on making the most of your charitable giving. • Calculate your income tax deduction for charitable gifts.
Philanthropy offers some of the most satisfying pleasures in life because it calls forth and gives expression to the best in us. Grounded by values, fueled by caring and optimism, extended by generosity, and evaluated on concrete results, it is rewarded by the deep gratification of a job well done. Planned giving allows you to take advantage of a favorable tax deduction now in exchange for a future commitment to the foundation from you or your estate. Including the Northwest Minnesota Foundation and/or component funds in your will is an easy way to create a permanent memorial to the good works you cared about during your lifetime. Here are some options: Bequests of cash, securities, or property can significantly reduce estate tax liability which ultimately benefits your heirs. Charitable Remainder Trusts offer you or another beneficiary income for a lifetime or through the term of the trust. When the trust expires, the Community Foundation receives the remainder to carry out your charitable intentions. Charitable Lead Trusts provide you with the opportunity to enjoy your philanthropy during your life. The Foundation receives income from the trust now. After a set period of time determined by you, the trust remainder is distributed to you or another beneficiary. Life Insurance is an excellent choice for creating a major gift at little cost to you. By naming the Community Foundation as owner and beneficiary of a new or existing life insurance policy, you receive a tax deduction for the value and any subsequent premium payments. When the policy is redeemed, 18