Planned Gifts and Estate Planning
Planned gifts are charitable donations that provide a wide variety of tax advantages. Some planned gifts provide income during your lifetime, while others provide estate and tax planning tools that build your legacy. Gift annuities, charitable trusts, bequests of liquid assets, and gifts to qualified endowments all fall into the planned giving category.
If you would like to explore how you can have an historic impact, call us today at 406.449.3770
Bequests of CDs and Bank Accounts
You can give these assets as a bequest and bypass probate and estate taxes. CD’s and bank accounts can be donated directly to the Montana History Foundation by working with your financial institution to designate them as “payable-on-death.” This allows you to continue to own and use the assets throughout your lifetime, while ensuring that after your death, the assets will pass directly to the History Foundation without going through probate.
The Montana History Foundation accept gifts of real property both during your lifetime and as bequests. The benefit to you (or your heirs) is that you can deduct the fair market value of your gift and eliminate all capital gains taxes, while simultaneously removing the asset from your taxable estate.
A very efficient estate planning option is to leave all or a portion of your retirement plan to the Montana History Foundation, thus avoiding income and estate taxes that may be incurred upon your death. Also, some IRA disbursements can be donated annually or as a lump sum to the History Foundation during your lifetime, offering additional income tax advantages.
Many people find that they no longer need the protection offered by life insurance later in their lives. A life insurance policy is thus an ideal tool for charitable giving. You can name the Montana History Foundation irrevocably as the sole beneficiary, making annual tax-deductible contributions to cover the policy’s premium. Or, if the policy is paid up, you can simply designate the Foundation as the beneficiary and receive an immediate tax deduction equal to the policy’s cash surrender value.
Charitable Gift Annuity
You can make a charitable gift to the Montana History Foundation that allows you and/or someone you designate to receive lifetime income from this gift. The gift amount goes to the Foundation, but the Foundation pays you a monthly sum, with the remainder staying with the Foundation upon your passing. This can reduce and defer capital gains tax and reduce probate costs and estate taxes.
Charitable Remainder Trust
A charitable remainder trust pays you a fixed or variable income. The payments are made either for life or a period of time not to exceed 20 years. At the end of the trust’s term, the balance in the trust goes to support the charity you designate. You’ll also receive a partial income tax deduction.
Montana Charitable Endowment Tax Credit
The Montana Charitable Endowment Tax Credit is a unique and exciting tax incentive that offers individual donors a credit of 40% of a qualifying planned gift’s federal charitable deduction, up to a maximum of $10,000 per individual, per year. The Montana History Foundation’s Permanent Operations Endowment qualifies for the Montana Charitable Endowment Tax Credit.
The Montana Charitable Tax Credit also allows a qualified business to receive a tax credit of 20% of a gift’s federal charitable deduction for a direct gift to our endowment, up to a maximum of $10,000 per year.
Call us today to begin your historic legacy: 406.449.3770