The most common gifts received are cash, appreciated assets and publicly traded stock. Below are other options to consider for those interested in leaving a legacy.
Retirement plans provide an opportunity for you to help plan for your community’s future and can be one of the most effective assets to transfer to your local community foundation because they produce taxable income. By naming your local community foundation as the beneficiary of your retirement plan, you could be eligible to receive a number of benefits.
Charitable gift annuities are easy to establish, require no trust administration, incur no setup costs to the donor and provide a partial charitable income tax deduction for the donor. The donor escapes worries about managing the donated asset and keeping its value up with inflation.
By giving grain to the Community Foundation of Marshall County, you avoid including the sale of the grain in your farm income. Although a charitable income tax deduction is generally not available to you, the avoidance of declaring it as income and the possibility of an Endow Iowa Tax Credit are significant benefits. You deduct the cost of growing the crops that typically results in saving self-employment tax, federal income tax and state income tax. You can benefit even if you don’t itemize your deductions and take the standard deduction. A 25 percent Endow Iowa Tax Credit may be available to you for gifts to a permanent endowment fund benefiting an Iowa charitable cause.
No matter what type of endowment you choose to establish or support, you can be sure that your gift of grain is growing the future of Marshall County.
