Philanthropy is a key to the success of our region. The financial generosity of donors combined with donations of time and talents directly enrich the lives of those in need. This indirectly enriches the lives of us all. If you would like to make a gift now that will benefit both you and the charitable organization of your choice, one of the options listed below might be right for you.
Would you like to make a substantial give to a favorite charity, but hesitate because you may need those assets to support you while you are living? If so, you may want to consider a charitable remainder trust. The trust will pay taxable income to you (and your beneficiaries, if desired) for life or a term of years. The balance of the trust is then transferred to charity. Highly appreciated assets are excellent for funding charitable trusts, as the trust does not pay capital gains tax if those assets are sold and the donor uses the appreciated fair market value to determine the amount of the charitable contribution. Establishing a charitable remainder trust creates a current federal charitable contribution itemized deduction. North Dakota residents may also qualify for the ND Tax Credit for Planned Gifts. There are a number of payout options for charitable trusts: