Learn how to give the gift of a publicly traded stock here.
The Forever Friends Legacy
Establish a permanent legacy through the True Friends Foundation, a nonprofit, tax-exempt organization that encourages, receives and manages bequests and planned charitable gifts on behalf of True Friends. Any of the below ways of giving qualifies donors to become members of the Forever Friends Society. Membership can be anonymous. Call our gift planning office for more information at 952.697.2281.(Click the picture to the right to see the full list of current members.)
A provision in a will or estate plan that allocates all or part of the individual’s estate to a designated charity. Click here for more information and sample language.
Retirement Plan Beneficiary Designation
Name True Friends Foundation as a beneficiary in your retirement plans such as IRA’s, 401K’s & 403B’s. This is simple and avoids the probate process.
Occurs when a donor sells property to a charitable organization for less than the property’s fair market value. The charitable gift is usually the difference between the appraised fair market value and the selling price.
Charitable Remainder Trust
An irrevocable trust that pays a specified annual amount to one or more people for a fixed period of years (often the life of the individual). At the end of the term of the trust, the remaining trust assets are distributed to the charity. A charitable remainder annuity trust provides a fixed payment; a charitable remainder uni-trust pays out a fixed percentage of the trust value each year.
Charitable Lead Trust
Similar to a charitable remainder trust, but the principal reverts back to the donor or his or her designated heirs at the end of the trust term. If the principal reverts to the donor, he or she gets a charitable income tax deduction; if an heir, that person gets a charitable gift tax deduction.
Charitable Gift Annuity
An irrevocable transfer of property (e.g. cash or securities) in exchange for a contract to pay the donor an annuity for life. Because the value of the property exceeds the value of the annuity, it is partially a gift to the institution.
An arrangement in which a donor gives a life insurance policy to the charity. The cash value of that gift is tax deductible, as are any future premiums the donor may opt to pay on that policy. Note that only life insurance policies that are paid in full qualify as planned gifts.
An arrangement in which a donor gives their home to the nonprofit while retaining the right to live there for the remainder of her life. The donor receives an immediate income tax deduction. The charity may sell the property upon the donor’s death.
Types of Endowment Funds
Donors may endow gifts during their lifetime or through a testamentary provision. No gift can be permanently endowed or restricted unless in writing by the donor or a signed provision in the donor’s estate. Contact our Gift Planning Officer for more information.Unrestricted Endowment (permanently restricted) A gift that allows the institution the flexibility to use the return on investment as best serves the immediate needs of the institution for a specified purpose. Examples might be an endowment for a specific program, camp scholarships, technology, etc.Restricted Endowment (permanently restricted) A gift that requires the institution to use the return on investment for a specified purpose. Examples might be an endowment for a specific program, camp scholarships, technology, etc.Term Endowment(restricted for a period of time) A gift that requires the institution to use the return on investment for a specified purpose. Examples might be an endowment for a specific program, camp scholarships, technology, etc.
Quasi-Endowment (unrestricted, long-term investments) A quasi-endowment (aka board designated endowment) is established when an institution designates assets to be invested as an endowment, but the fund is not permanent and is at the discretion of the board of directors. Unrestricted bequests are examples of the types of gifts that go towards the quasi-endowment.
Named Endowment Donors wishing to name a fund can establish a named endowment fund with a minimum gift or pledge of $25,000 or more. A donor can set this fund up while living and fund the endowment through a testamentary gift.
To discuss any of the above options or other ideas you might have, please contact our gift planning office at 952.852.0128.