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The term "planned giving" is commonly used to describe a gift which has been legally provided for by the donor. It is an opportunity to carry on the service of an organization that has had an impact in your life, or whose mission is important to you. The greatest benefit of planned giving is that you can choose from a variety of gift vehicles that provide different types of benefits to both you, the donor, and the organization.
- Planned gifts may provide you with an opportunity to give, and enjoy a current federal income tax deduction.
- Some planned gifts may supplement your retirement income.
- Some planned gifts funded with highly appreciated assets may allow the donor to avoid or reduce capital gains tax liabilities.
- Planned gifts often reduce estate taxes and probate costs, and create wealth replacement opportunities to retain or increase amounts passed to heirs.
The 2007 North Dakota legislature passed Senate Bill 2391 which grants a tax credit up to $10,000 for a planned gift to a qualified North Dakota nonprofit organization. The credit is equal to 40% of the present value of the aggregate amount of the charitable gift portion of the planned gift. This tax credit is in addition to any deduction taken on the filer's Federal Tax form. Gifts made after July 31, 2005 are eligible for the credit.
Montana Tax Credit for Endowed Giving allows the taxpayer to claim a tax credit of up to $10,000 for a planned gift to a qualified endowment. The credit is equal to 40% of the present value of the aggregate amount of the charitable gift portion of a planned gift. This tax credit is in addition to any deduction taken on the filers Federal Tax form.
The Upper Missouri Bar Association along with Sidney area attorneys has developed a program to encourage preparing a will and making a planned gift. Many local attorneys in the Williston and Sidney area are participating.
- If a charitable gift of at least $2,000 in value is included in the will - one hour of free legal time will be credited.
- If the gift is over $10,000 - the credit will be for two hours of legal time.
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