Leaving a Legacy for Clean Water
Please consider making a legacy gift to the Flathead Lakers. The Flathead Lakers work to protect Flathead Lake and clean water – work that started in 1958 and continues to benefit current and future generations.
You can provide a future gift to the Flathead Lakers by including a bequest in your will. Naming the Flathead Lakers in your will is not difficult. You can designate the amount or remainder interest, or certain property, such as a number of shares of a specific company, as you wish. The assets remain in your control during your lifetime and your bequest can be modified as circumstances change. Codicil language added to an existing will enables the desired change. Your attorney can prepare a codicil that adds a new bequest while reaffirming other terms of your will.
A bequest may be for general use which allows the Lakers to use funds for its highest priority. Alternatively, you may wish to direct your bequest to a particular purpose, for example, protecting critical lands. If this is the case, please consult the Flathead Lakers to ensure that your bequest can be used as intended.
Insurance, Retirement Funds, and Bank Accounts
Gifts of life insurance policies, annuities and retirement accounts, such as IRAs or 401(k)s can also be made. You can designate the Flathead Lakers as a beneficiary on a form provided by the life insurance company, the payor of the annuity or the holder of retirement funds.
A gift from your bank or investment account can be provided through a “transfer on death” form. You can designate either a certain amount of money or a certain stock to be given to the Flathead Lakers on your death. These forms are available from your bank and are easy to complete.
A gift to the Flathead Lakers Endowment Fund at the Montana Community Foundation (phone: 406- 443-8313, email: firstname.lastname@example.org <email@example.com>) creates a legacy for the future – income from the endowment supports the ongoing work of the Flathead Lakers.
In addition to the normal income tax deduction permitted for a charitable gift, a qualified planned endowment gift benefits from uniquely favorable tax treatment. The Montana Endowment Tax Credit reduces Montana state income taxes when individuals or businesses give a qualifying planned gift to a Montana charitable endowment. The incentive is 40% of the gift’s federal charitable deduction, up to a maximum $10,000 tax credit, per year, per individual, and a credit of 20% of a direct gift by a qualified business, up to a maximum of $10,000 per year. For example: A couple aged 70 and 71 gives $10,000.00 for a MCF Deferred Gift Annuity with the Flathead Lakers Endowment as the beneficiary. The charitable deduction for federal tax purposes is about $9,000. If the marginal tax rate for this couple is 35%, this results in federal tax savings of $3,150. The Montana tax credit of 40% reduces Montana taxes by $3,600. The net (after-tax) cost to the donors of the $10,000 gift is about $3,250.
This is a wonderful way to leave a legacy for clean water.
The Montana Community Foundation can provide additional information about the tax credit and the Flathead Lakers Endowment Fund.
Legacy gifts, welcome at any time, may be made directly to the Flathead Lakers or to the Flathead Lakers Endowment Fund at the Montana Community Foundation.
Your participation in the Lakers Legacy Circle helps ensure that future generations will benefit from a legacy of clean water in our lake and watershed.
The Flathead Lakers is tax exempt under section 501(c)(3) of the Internal Revenue Code.
If you decide to include the Flathead Lakers in your estate plans, please contact our office so that we can express appreciation and, if you approve, recognize your generosity in our annual report and newsletter. You will receive a certificate acknowledging your bequest.
Thank you for considering a legacy gift to the Flathead Lakers. We are deeply grateful to those who choose to leave a legacy for clean water protection.
– Flathead Lakers’ board of directors