At Great River Rescue, we depend upon and appreciate all forms of gifts from our supporters. This page is intended to give you some guidance if you are considering planned giving. Some examples of planned giving would be putting Great River Rescue in your Will, donations of Stock or Appreciated Securities, creating a donor advised fund, leaving an endowment, or including Great River Rescue as a Life Insurance Beneficiary.
To learn more about planned giving, check out this website – Plannedgiving.com
This webpage can only give you very basic information about planned giving to Great River Rescue. If you are considering any type of planned giving, please do it thoughtfully. Contact a knowledgeable professional who can guide you through the process.
What is a planned gift?
Planned giving is commonly understood to mean planning for the distribution of one’s estate at death. This often involves distributions to family, as well as gifts to nonprofits that were important to the person during their life. Studies show that many people talk of leaving an estate gift to an organization or organizations that were important to them while they were living but they failed to formalize those wishes before their death and sadly the gift is not honored because they failed to formalize their wishes. By not taking the time to ensure that their gift will be honored, the gift is omitted from the distribution of their assets at death. Planned giving is very simple to completed and for many people, in addition to honoring one’s wishes for how their estate will be distributed, it can provide useful tax savings at their death as well. Planned giving, like all estate planning, requires attention before death to ensure that your wishes will be honored after death.
Isn’t planned giving only for the very wealthy?
That is a common misconception about making a planned gift. All gifts have an impact in helping maintain and sustain the work of Great River Rescue. By making a planned gift, everyone has the opportunity to leave a lasting legacy that will directly impact the quality of life for companion animals.
I am considering providing an estate gift to Great River Rescue, but can I also provide for my children or grandchildren.
Yes, providing for family is what most people wish to achieve with the distribution of their estates at death. Yet, it is not uncommon for people to also provide for a distribution of a portion of their estate assets to an important nonprofit organization. Making the decision to provide even a small portion of one’s estate assets can have a huge impact in helping us care for companion animals.
What happens if I make a planned gift with some of my assets but then I need those assets while I am alive?
Most planned gifts are revocable which means that the person that established the gift can change his/her mind and the gift can be undone. None of us really knows what the future will hold and one important benefit of making a planned gift is that the gift is not actually distributed until after death. Therefore, if you need the assets during your life, they remain available for your use.
Can I change my mind about a planned gift?
Yes, as mentioned above, most planned gifts are revocable which means that the person who established the gift can change his/her mind. There are a few types of planned gifts which are irrevocable which means that once they are established they cannot be altered. Knowing about the different types of planned gifts is important. Great River Rescue works with an experienced, knowledgeable specialist who can listen to your wishes and offer suggestions about what type of planned gift might be the most advantageous considering your circumstances.
I already have my estate in order; will I have to pay a lawyer again to make changes?
You might – depending on how your estate is structured. Often the fee is small because you are making a slight change to an existing plan. Making certain that your plan reflects your wishes is important even if there is some cost associated with doing so.
I would like to make a planned gift to Great River Rescue but don’t want my gift to be acknowledged?
We will of course honor your wishes regarding gift recognition. If you are considering or have made arrangements for a planned gift to Great River Rescue, we would like to know ahead of time primarily so we can appropriately express our appreciation. Some donors like to be acknowledged hoping their gift to Great River Rescue might inspire others to do the same. We also have donors who simply prefer to make their gifts without any acknowledgement or recognition.
I am considering making a planned gift, what kinds of assets are best used for making such a gift?
Since planned gifts don’t generally get distributed until death, it is important to consider what type of assets should be used to make a planned gift. For example, if you have an asset such as an IRA or 401k that will be distributed to a family member, that family member will likely have some income tax consequences related to receipt of that asset. One alternative is to distribute the assets that will trigger a tax liability to an organization such as Great River Rescue, which is legally recognized by the IRS as tax exempt and thus will not trigger any tax liability upon distribution. It is very important to pay attention to the way your assets will be distributed at death.
I have a life insurance policy; can I name Great River Rescue as a full or partial beneficiary?
You sure can! Using life insurance can be a very smart and easy way to benefit Great River Rescue. You will need to request and complete a new beneficiary designation from the life insurance company. To complete the new beneficiary form and add Great River Rescue, you will need a little information about Great River Rescue such as our address, and tax ID number (often called an EIN Number). There are a number of additional ways to use life insurance to benefit Great River Rescue and doing so may prove advantageous to avoiding estate tax.
Can I provide a planned gift that goes exclusively to support a particular program at Great River Rescue?
Yes indeed! Some supporters want their gift to go exclusively to the care of dogs or cats. Others just want the gift to go toward emergency medical needs or routine veterinary expenses. You can direct your giving to whichever area you like and we will follow through on your wishes.
I am not certain that I am ready to make a planned gift, but I am interested in hearing more, who should I contact?
Please contact our Executive Director, Brandon Mustful, at 218-751-7910 or email@example.com.
Information You May Need:
Our Mailing Address:
Great River Rescue
1612 Carr Lake Road SE
Bemidji, MN 56601
Our Federal Tax ID Number: 41-1551248
Our Investment Fund Information:
Raymond James Investment Company
DTC # – 0725
Account # – 31675976
Our Investment Manager: Ryan Welle at First National Bank Bemidji