Estate Planning Guide
If you are new to estate planning, it can be overwhelming. Our checklist has some helpful tips and guidelines to work through it efficiently.
Leave a gift in your will
Your thoughtful plans mean a great deal to Northern Plains. Leaving a gift in your will provides a strong financial base to help us fulfill our mission in many ways. When you make a bequest to Northern Plains, we hope you will notify us so we can express our appreciation for your generosity and recognize it appropriately.
Please see our bequest brochure for more information: Northern Plains Bequest Brochure
Retirement Accounts or Life Insurance Policies
You can name the Northern Plains Resource Council as a beneficiary for your retirement account, life insurance policy, certificate of deposit, bank account, brokerage account, or other assets. Simply request a beneficiary form from your financial institution and complete it.
Montana Endowment Tax Credit
The state of Montana offers extra tax credits for gifts made to the Northern Plains Endowment. Direct gifts are eligible for a 20% credit. Planned gifts are eligible for a credit of 40% up to a maximum of $10,000. Credits cannot be carried forward or backward so it’s important to plan the structure and timing of gifts to maximize your tax benefits.
Gifts That Pay Income
There are many ways to make a legacy gift to support work you care deeply about while also ensuring fixed income for you for life. Income payments are at least partially free of income tax and can qualify for the Montana Endowment Tax Credit, capital gains taxes from selling the underlying assets are avoided, and there can be additional estate tax savings.
There are different ways to structure these gifts and we can work with you to make sure your gift is personalized to your needs. Please contact us or your financial advisor for more details.
With a charitable gift annuity, you can earn annual income for life based on the value of your gift placed in the annuity. A gift annuity can be a great way to leave a lasting legacy with added benefits for you like income for life, income tax savings, and avoiding capital gains taxes on the asset used to underwrite the annuity.
If you are interested in using your home, property, business, or similar assets to make a legacy gift, we can help you structure that gift with a charitable trust to maximize the tax savings for you and your estate. There are ways to make a legacy gift to Northern Plains and return the underlying asset to the heir(s) of your choice. These gifts can also qualify for the Montana Endowment Tax Credit.
Charitable Lead Trust
With a Charitable Lead Trust, the assets you designate are held in trust and income is paid to Northern Plains for a set term. Upon fulfillment of the gift, the asset is returned to you or your designated heir. This gift structure can be a great way to reduce taxes on inherited assets as well as generate income tax savings on the gift paid to Northern Plains.
Charitable Remainder Trust
With a Charitable Remainder Trust, you can receive income for life and the assets you designate are held in trust and transferred to Northern Plains upon fulfillment. This gift structure can be particularly beneficial if funded with highly appreciated assets. You can reduce your income taxes immediately upon funding the trust, reduce estate taxes, and avoid capital gains taxes on the sale of assets.
Contact us if you have any legacy planning questions
Fill out the form below or call us at (406) 248-1154.