INCLUDE NORTHSTAR SEARCH AND RESCUE IN YOUR TRUST
A simple sentence can help change the future of Northstar Search and Rescue. By making Northstar Search and Rescue a beneficiary of your estate plan you can help ensure future generations live our shared vision.
Support your favorite charity without having to donate today
Plan for your future security, that of your loved ones, and that of Northstar Search and Rescue’s community all at once
You can modify your estate plan beneficiary designations at any time
A gift through an estate plan is often the largest donation someone will ever make! Donating even 1% of the totality of your assets (instead of, for example, an annual donation from your current cash flow) can maximize your philanthropic potential and mission impact.
There is no upper limit on the estate tax deduction for your charitable bequests.
WHAT YOU’LL NEED
To include Northstar Search and Rescue in your will, complete and provide this sample language – a simple sentence – to your estate planning attorney:
“I give and devise to Northstar Search and Rescue (Tax ID #41-1855873) [percentage, specific amount, or asset] to be used for its general support [or to support a specific fund, program, and/or a specific state].”
For sample language that fits more specific situations, click here.
CAN YOU RESTRICT YOUR GIFT?
Yes, you can restrict your gift, but please do so as broadly as possible. To discuss restrictive programmatic and location-specific opportunities, please contact us. The needs of Search and Rescue are ever changing and if we are unable to restrict the gift as your will directs, we may have to forfeit the gift.
TYPES OF TRUSTS
For many people, a revocable living trust is part of a comprehensive estate plan for various reasons:
Trusts bypass probate, unlike a will, saving your estate and executor both time and money
You shift control of your assets to the trust and maintain control over investment decisions
Generally, trusts provide greater privacy for your assets than a will can
Charitable gifts from a trust are typically tax-exempt
CHARITABLE REMAINDER UNITRUSTS
A Charitable Remainder Unitrust (CRUT) can protect your assets, reduce your taxes, provide variable income to you or other beneficiaries during their lifetime or a set number of years, and pass the remainder to your favorite charity.
You fund the CRUT with cash or appreciated assets with a suggested minimum of $100,000 and then the trust will pay a percentage of the principial value annually to the beneficiary(ies), susceptible to market fluctuations.
When you transfer the assets to the CRUT, you receive an immediate income tax deduction, you pay no up-front capital gains tax where applicable, and you may be able to contribute to the trust throughout life for additional income and tax benefits.
CHARITABLE REMAINDER ANNUITY TRUSTS
A Charitable Remainder Annuity Trust (CRAT) can protect your assets, reduce your taxes, provide fixed income to you or other beneficiaries during their lifetime or a set number of years, and pass the remainder to your favorite charity.
You fund the CRAT with cash or appreciated assets with a suggested minimum of $100,000 and then the trust will make fixed annual payments to the beneficiary(ies), regardless of market fluctuations.
When you transfer the assets to the CRAT, you receive an immediate income tax deduction and pay no up-front capital gains tax as applicable.
CHARITABLE LEAD TRUSTS
A Charitable Lead Trust (CLT) can most often most effectively protect your assets and minimize taxable asset transfers. A CLT is especially great for building intergenerational wealth.
You fund the CLT with a suggested minimum of $1,000,000 in cash or appreciated assets and then the trust pays income from these investments to your favorite charity for a set period. When the trust terminates, the remaining principal is distributed to your loved ones with greatly reduced – or possibly even totally eliminated – gift and estate taxes, regardless of how much the trust has grown.
Are you looking to create your estate plan for the first time? Request our free life and estate planning guides today! We’re here to help guide you and even provide you with recommendations of local estate planning attorneys.
Are you looking to update your estate plan? Adding or revising beneficiaries can be done through a simple amendment known as a codicil and does not require a total rewrite of your will, saving you time and money. Simply consult your estate planning attorney.
The information presented here is for educational purposes only. Always consult a legal or tax advisor to determine what is best for you.