Setup your legacy now so it can continue to empower our community
Welcome! We are pleased that you have interest in learning about the many benefits of gift plans. If you have any questions about the best way for you to benefit through a planned gift, please call. A member of our Planned Giving Team will be very pleased to help you.
“We decided to set up the flexible deferred gift annuity and were able to achieve all of our goals. In addition, the flexible deferred gift annuity makes it possible for us to receive a large portion of our income tax free, and this is an attractive benefit!”
What to Give
Find out what type of assets make the best planned gifts. Learn about gifts of cash, securities and property.
Gifts of Retirement Assets
Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to Greater Northwest Kansas Community Foundation.
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission.
BENEFITS OF GIFTS OF RETIREMENT ASSETS
- Avoid potential estate tax on retirement assets
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
- Receive potential estate tax savings from an estate tax deduction
HOW TO MAKE A GIFT OF RETIREMENT ASSETS
To leave your retirement assets to Greater Northwest Kansas Community Foundation, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Greater Northwest Kansas Community Foundation as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
MORE ON GIFTS OF RETIREMENT ASSETS
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to Greater Northwest Kansas Community Foundation. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
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If you have any questions about gifts of retirement assets, please contact us. We would be happy to assist you and answer any questions that you have.
Please let us know if you have already included Greater Northwest Kansas Community Foundation as a beneficiary of your retirement assets. We would like to thank you and recognize you for your gift.
Gifts of Real Estate
Donating appreciated real estate, such as a home, vacation property, undeveloped land, farmland, ranch or commercial property can make a great gift to Greater Northwest Kansas Community Foundation.
BENEFITS OF GIFTS OF REAL ESTATE
- Avoid paying capital gains tax on the sale of the real estate
- Receive a charitable income tax deduction based on the value of the gift
- Leave a lasting legacy to Greater Northwest Kansas Community Foundation
HOW TO MAKE A GIFT OF REAL ESTATE
Your real property may be given to Greater Northwest Kansas Community Foundation by executing or signing a deed transferring ownership. You may deed part or all of your real property to Greater Northwest Kansas Community Foundation. Your gift will generally be based on the property's fair market value, which must be established by an independent appraisal.
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If you have any questions about gifts of real estate, please contact us. We would be happy to assist you and answer any questions that you have.
MORE ABOUT REAL ESTATE GIVING
Mortgaged Property - Please contact us if the property you wish to give has existing debt or a mortgage. Indebtedness can affect your charitable tax deduction.
Difficult Property Gifts - Certain properties pose challenges. We have adopted policies to limit the acceptance of certain kinds of real estate. Please check with us before making a gift of real estate so we can explain our gift acceptance policies.
Capital Gains Tax - Check with us on the capital gains tax implications of your gift. You may also be interested in life income options.
Gifts of Cash
A cash gift is a simple and easy way for you to make a gift.
Here are some of the potential benefits:
- Make an immediate impact on our mission today.
- Benefit from a charitable income tax deduction.
SEND US YOUR GIFT BY MAIL
You can send us a check or money order. Please let us know if you want your gift used for a specific purpose, by indicating that purpose either in the memo line or in a letter to us.
CONTACT US FOR MORE INFORMATION
If you have any questions about making your gift, please contact us by clicking here to send us an email with your questions or comments.
How to Give
Learn how to make a gift that provides tax benefits and even life income. Discover the best gift option to meet your goals.
Life Estate Reserved
You may desire to leave your home or farm to Greater Northwest Kansas Community Foundation at your death but would also like to receive a current charitable income tax deduction. A life estate reserved might offer the solution you need!
BENEFITS OF A LIFE ESTATE RESERVED
- Receive a federal income tax deduction for the value of the remainder interest in your home or farm
- Preserve your lifetime use and control of your home or farm
- Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child
HOW A LIFE ESTATE WORKS
- You deed your home or farm to Greater Northwest Kansas Community Foundation. The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.
- You and Greater Northwest Kansas Community Foundation sign a maintenance, insurance and taxes (MIT) agreement to explain that you will do your best to keep the property in good condition and that you will maintain property insurance and pay the property taxes.
- When the owners of the life estate have passed away, your home or farm will belong to Greater Northwest Kansas Community Foundation. We will use or sell the property to further our charitable work.
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To learn more about a life estate, please contact us. We would be happy to assist you and answer your questions.
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Life Estates Work for Spouses Too - The life estate can last for your life or based on your life and that of another person, such as a spouse or loved one.
Mortgage Debt - It is possible for you to make a gift of your property even though there is a mortgage upon the residence.
Maintenance Issues - You will be responsible for the maintenance, insurance and taxes on the property, just as you were prior to creating the life estate.
Life Estates Are Flexible - If, at some point in the future, you are no longer able to live independently in your home, we may be able to help you use your life estate to create a lump sum cash payment (with a joint sale) or create an income stream (using the life estate to fund a charitable remainder trust or charitable gift annuity).
Give It Twice Trust - Help Family and Charity
You may be looking for a way to provide your children with income while making a gift to Greater Northwest Kansas Community Foundation. The "give it twice" trust is a popular option that allows you to transfer your IRA or other asset at death to fund a term of years charitable remainder unitrust. We call this kind of unitrust a give it twice trust because you can use the trust to pay income first to your family for a number of years and then distribute the balance of the trust to charity.
BENEFITS OF A GIVE IT TWICE TRUST
- Use the full value of your unused retirement account to provide income to your surviving spouse and to provide income to children or other loved ones for a specified period of time
- Create an estate tax deduction and savings from the charitable gift
- Support the important charitable work of Greater Northwest Kansas Community Foundation
HOW A GIVE IT TWICE TRUST WORKS
- We can help you and your attorney with the process of creating a charitable remainder unitrust.
- You complete an IRA or other retirement account beneficiary designation form, naming the charitable trust as the beneficiary, and return the form to the account custodian.
- When you pass away, the custodian will transfer your retirement account to the charitable trust.
- The trust will pay income to your spouse, children or other individual beneficiaries for their life, term of years or life plus term of years.
- At the conclusion of the payments, the balance of the trust will be transferred to Greater Northwest Kansas Community Foundation.
CONTACT US
If you have any questions about a give it twice trust, please contact us. We would be happy to assist you and answer any questions you might have.
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Provides Tax Savings. The give it twice trust produces income and estate tax savings.
Promotes Fairness. The give it twice trust establishes a mechanism that will help you treat each of your children equally. This can help promote peace in your family.
Teaches Your Children. Give children income rather than a lump sum. Studies of inherited wealth have concluded that many children spend lump sum inheritances, whereas they learn to be more responsible with inheritances paid out over time.
Bargain Sale
Do you have property that you would like to sell? Are you looking for a strategy to reduce your income taxes? A bargain sale might be the right strategy for you.
BENEFITS OF A BARGAIN SALE
- Avoid capital gains tax on your charitable gift
- Receive a tax deduction that will reduce your tax bill this year
- Take the cash received from the sale and reinvest it to create future income, save for retirement, buy new property or achieve other financial goals
- Help Greater Northwest Kansas Community Foundation further our important charitable work
HOW A BARGAIN SALE WORKS
- You sell Greater Northwest Kansas Community Foundation your property for a price less than fair market value.
- You receive cash from the sale.
- You can take a charitable deduction for the value of your gift which is the difference between the fair market value of the property less the sale price.
- While you may owe some tax on the sale proceeds you receive from Greater Northwest Kansas Community Foundation, the charitable deduction from your gift could offset some, most or all of your capital gains taxes associated with the sale.
MORE ON BARGAIN SALES
A bargain sale may be accomplished even if you have a mortgage on your property. Because relief from indebtedness can have tax implications, please consult with your tax advisor prior to completing a gift of a bargain sale.
CONTACT US
If you have any questions about a bargain sale, please contact us. We would be happy to assist you and answer any questions you might have.
Sale and Unitrust
Are your appreciated assets, such as stock, bonds or real estate, producing little or no income?
If you sell your appreciated assets, you will pay a large capital gains tax. A sale and charitable remainder unitrust may be the solution to avoid capital gains tax.
BENEFITS OF A SALE AND UNITRUST
- Receive cash from the sale. You can use this cash to purchase another residence, to save for retirement, to travel, to meet your daily needs or to meet some other financial goal
- Receive income from the unitrust for the rest of your life and future retirement
- Obtain an income tax deduction that may reduce your tax bill this year
- Further the work of Greater Northwest Kansas Community Foundation with your gift
HOW A SALE AND UNITRUST WORKS
- You establish a charitable remainder unitrust and transfer a portion of your assets to the trust.
- The assets are then sold. You receive cash from the sale, and the rest of the sale's proceeds are paid to the charitable unitrust.
- The trust will provide you with income for the rest of your life.
- You receive a charitable deduction this year to offset your tax on the cash proceeds that you receive from the sale.
MORE ON SALE AND UNITRUST
When transferring a portion of your primary residence to fund a unitrust, you may apply your one-time home exclusion to reduce or eliminate capital gains tax that would otherwise be due from the sale. Your tax advisor can assist you to determine if you should utilize this strategy.
CONTACT US
If you have any questions about a sale and unitrust, please contact us. We would be happy to assist you and answer any questions you might have.
Charitable Lead Trust (For Family)
If you are looking for a way to pass on some of your assets to your family while reducing or eliminating gift or estate taxes, a charitable lead trust is an excellent option.
BENEFITS OF A CHARITABLE LEAD TRUST
- Receive a gift or estate tax charitable deduction
- Pass inheritance on to family at a reduced or zero cost
- Establish a vehicle from which you can make annual gifts to charity
HOW A CHARITABLE LEAD TRUST WORKS
- You make a contribution of your property to fund a trust that pays Greater Northwest Kansas Community Foundation income for a number of years.
- You receive a gift or estate tax deduction at the time of your gift.
- After a period of time, your family receives the trust assets plus any additional growth in value.
CONTACT US
If you have any questions about charitable lead trusts, please contact us. We would be happy to assist you and answer any questions you might have and to provide you with an illustration demonstrating your specific tax benefits.
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Zero Tax Plan - It is even possible to set up a lead trust that will allow you to transfer assets to your family with zero transfer taxes. The IRS assumes that a lead trust is only earning at the current low federal rate. If the actual investments of the trust produce a higher return than the payments made to Greater Northwest Kansas Community Foundation over the term of the trust, then the full value of the trust may be transferred to family with zero gift tax.
FLP/Lead Trust Plan - To discount your gift to family even more, you may consider first transferring your real estate or other assets into a family limited partnership (FLP), which will fund your lead trust. The combination of the FLP, the lead trust and a gift exemption can permit the lead trust to pay income to us for a number of years and potentially transfer substantial assets tax-free to your family.
Increasing Payment Lead Trust - With increased volatility in the stock market, you may also want to consider creating a lead trust that makes fixed payments of increasing amounts to us over time. Because the payments to us are fixed, your family ultimately benefits from any growth in the trust. Low payouts in early years allow the trust to grow, thus allowing protection should the economy produce below-average returns in the future.
Grantor Lead Trust - A grantor lead trust permits you to transfer your cash or assets to a trust that will make gifts to charity for a number of years. At the end of the trust term, you receive the assets back from the trust.
Charitable Remainder Unitrust
You may be concerned about the high cost of capital gains tax with the sale of an appreciated asset. Perhaps you recently sold property and are looking for a way to save on taxes this year and plan for retirement. A charitable remainder unitrust might offer the solutions you need!
BENEFITS OF A CHARITABLE REMAINDER UNITRUST
- Receive income for life, for a term of up to 20 years or life plus a term of up to 20 years
- Avoid capital gains on the sale of your appreciated assets
- Receive an immediate charitable income tax deduction for the charitable portion of the trust
- Establish a future legacy gift to our organization
HOW A CHARITABLE REMAINDER UNITRUST WORKS
- You transfer cash or assets to fund a charitable remainder unitrust.
- In the case of a trust funded with appreciated assets, the trust will then sell the assets tax-free.
- The trust is invested to pay income to you or any other trust beneficiaries you select based on a life, lives, a term of up to 20 years or a life plus a term of up to 20 years.
- You receive an income tax deduction in the year you transfer assets to the trust.
- Our organization benefits from what remains in the trust after all the trust payments have been made.
CONTACT US
If you have any questions about a charitable remainder unitrust, please contact us. We would be happy to assist you and answer any questions you might have.
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Charitable remainder unitrust for income. A charitable remainder unitrust pays you income that reflects the value of the trust's assets. Your income has the potential to increase over time as the trust grows in value.
How to select the right unitrust payout. There are several unitrust payout options to meet your needs. The best payout option may depend on the nature of the asset used to fund the trust. We would be happy to work with you and your tax advisor to determine which payout option is best for you.
Beneficiary Designation Gifts
A beneficiary designation gift is a simple and affordable way to make a gift to support Greater Northwest Kansas Community Foundation. You can designate us as a beneficiary of a retirement, investment or bank account or your life insurance policy.
BENEFITS OF A BENEFICIARY DESIGNATION GIFT
- Support the causes that you care about
- Continue to use your account as long as you need to
- Simplify your planning and avoid expensive legal fees
- Reduce the burden of taxes on your family
- Receive an estate tax charitable deduction
HOW A BENEFICIARY DESIGNATION GIFT WORKS
- To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker or insurance agent.
- Ask them to send you a new beneficiary designation form.
- Complete the form, sign it and mail it back to your broker, banker or agent.
- When you pass away, your account or insurance policy will be paid or transferred to Greater Northwest Kansas Community Foundation, consistent with the beneficiary designation.
IMPORTANT CONSIDERATIONS FOR YOUR FUTURE
If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.
CONTACT US
If you have any questions about leaving a beneficiary designation gift to us, please contact us. We would be happy to assist you.
If you have already designated us as a beneficiary of an asset or as part of your estate plan, please let us know. We would like to recognize you and your family for your gift.
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Flexibility—Most beneficiary designation forms are very flexible. You can name Greater Northwest Kansas Community Foundation as a "full" or "partial" beneficiary of your account or life insurance policy. You can also name Greater Northwest Kansas Community Foundation as a "primary" or "contingent" beneficiary.
Family Considerations—Beneficiary designation gifts allow you to provide for family and support the causes that matter most to you. With a designation form you could, for example, name your spouse as the "primary" beneficiary and each of your children and Greater Northwest Kansas Community Foundation as "partial contingent" beneficiaries. With this arrangement, if your spouse survives you, he or she would receive the account. If not, the account or policy would be paid out to your children and Greater Northwest Kansas Community Foundation in whatever shares (or percentages) that you chose on the designation form.
Terminology—Beneficiary designation gifts are simple and straightforward. Common terminology includes "beneficiary designation" but also includes "payable on death" or "transfer on death." The term "beneficiary designation" is most commonly used when naming beneficiaries of retirement plans or life insurance policies. The term payable on death (or "POD") typically involves the designation of a beneficiary of a checking account, savings account or certificates of deposit, and transfer on death (or "TOD") often involves the designation of a beneficiary of stocks, bonds or mutual funds.
Additional Materials
To download a brochure and learn more about Beneficiary Designation gifts, click here.
To download a brochure and learn more about TOD gifts, click here.
To download a brochure and learn more about POD gifts, click here.
Beneficiary Designations and Real Estate—Some states even allow "beneficiary designation deeds" or "transfer on death deeds," which would allow you to name Greater Northwest Kansas Community Foundation as the survivor beneficiary of your home, farm or other real estate. As with other beneficiary designation gifts, these gifts are revocable by filing a revocation or new beneficiary designation deed.
Charitable Bequest
A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to Greater Northwest Kansas Community Foundation that will make a lasting impact.
BENEFITS OF A BEQUEST
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to charity
HOW A BEQUEST WORKS
A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends or Greater Northwest Kansas Community Foundation as part of your estate plan, or you can make a bequest using a beneficiary designation form.
HERE ARE SOME OF THE WAYS TO LEAVE A BEQUEST TO GREATER NORTHWEST KANSAS COMMUNITY FOUNDATION
- Include a bequest to Greater Northwest Kansas Community Foundation in your will or revocable trust
- Designate Greater Northwest Kansas Community Foundation as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Name Greater Northwest Kansas Community Foundation as a beneficiary of your life insurance policy
A BEQUEST MAY BE MADE IN SEVERAL WAYS
- Percentage bequest - make a gift of a percentage of your estate
- Specific bequest - make a gift of a specific dollar amount or a specific asset
- Residual bequest - make a gift from the balance or residue of your estate
Click here to review sample bequest language.
CONTACT US
If you have any questions about leaving a bequest to us, please contact us. We would be happy to assist you. If you have been so generous as to include a bequest to Greater Northwest Kansas Community Foundation as part of your estate plan, please take the time to let us know. We would like to recognize you and your family for your generosity.
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The method used to make a bequest will depend on the kind of gift you choose to leave to Greater Northwest Kansas Community Foundation.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate "beneficiary designation" or "payable on death" form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to Greater Northwest Kansas Community Foundation. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.
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