Planned giving is the process of making charitable donations from assets other than your normal income. Planned giving can provide advantages to you as the donor when compared to giving from normal income. There are many types of planned gifts. This page briefly describes some common types. You should consult with a financial advisor or estate planning attorney to determine which types of planned giving best meet your life situation and goals.
These are planned gifts that benefit a charitable organization such as Mount Olive now.
If you give stock that you have owned for at least a year that has risen in value, you do not have to pay taxes on the capital gains. If you would like to donate stock to Mount Olive, contact Bill Hollander, email@example.com, for more information.
Donor Advised Funds
Donor Advised Funds allow you to consolidate your tax-deductible giving and distribute the gifts when you choose. This can be beneficial to you if you donate to several organizations and want to simplify your tax records, if you want to donate assets other than cash, or if you want to itemize your tax deductions in some years and take the standard deduction in other years.
If your donor advised fund is with Fidelity, Schwab, or BNY Mellon, you may recommend a gift to Mount Olive with DAF Direct.
You can make a Qualified Charitable Distribution from retirement funds under certain conditions. You do not need to report the amount of the distribution as income. This can help you if you must take Required Minimum Distributions that would raise your tax rate if reported as income.
These are planned gifts that benefit a charitable organization at a later time, generally upon the death of the donor. The Mount Olive Endowment Fund is one way to leave a lasting legacy. If you plan to make a legacy gift to Mount Olive, we ask you to let us know by completing and returning the following Memo of Intent.
A bequest is a gift made through a will or a living trust. It is usually a set dollar amount or percentage of an estate. The following is suggested wording for a bequest to Mount Olive:
“I hereby give, devise and bequeath ___% of the residue of my estate [or $______] to Mount Olive Lutheran Church, a Minnesota charitable corporation located at 2830 18th Avenue NW, Rochester, MN 55901, Federal Tax ID #41-1461244 to promote Mount Olive’s charitable objectives and mission.”
Beneficiary designations can generally be added to assets such as bank accounts, securities accounts, retirement accounts, life insurance policies, savings bonds and some other type of assets. Designating a beneficiary will determine how an asset is distributed at the owner’s death, regardless of the provisions of the person’s will or trust. Charitable organizations such as Mount Olive can be designated as beneficiaries.