Photo by Seamus Murphy
WAYS TO MAKE A LASTING IMPACT
GIFTS THROUGH WILLS OR TRUSTS A will or trust is one of the simplest and most common ways to provide for CAI in your estate plans . Gifts through a will or living trust leave a legacy that will benefit future generations for years to come .
BEQUEST A bequest is generally a revocable gift , which means it can be changed or modified at any time . You can choose to designate that a bequest be used for a general or specific purpose , so you have the peace of mind of knowing that your gift will be used as intended . Bequests are exempt from federal estate taxes . If you have a taxable estate , the estate tax charitable deduction may offset or eliminate estate taxes , resulting in a larger inheritance for your heirs .
Sample Bequest Language If you are considering making a bequest to CAI , we recommend the following language : “ I hereby give , devise and bequeath _________ to Central Asia Institute , a nonprofit organization located at 2409 W . Main Street , Suite 1 , Bozeman , MT 59718 , Federal Tax ID # 51-0376237 , for the organization ’ s general use and purpose .”
Bequest Policy The general policy of Central Asia Institute is that all gifts shall be presumed to be unrestricted unless an explicit restriction is expressed . This allows the organization to apply the funds to the most pressing needs at the time of funding .
DONOR ADVISED FUND ( DAF ) A donor advised fund is a type of giving program administered by a third-party sponsoring organization ( e . g ., the Fidelity Charitable Gift Fund , the Goldman Sachs Philanthropy Fund , and the Schwab Charitable Fund ) that allows you to combine the most favorable tax benefits with the flexibility to support your favorite charities . Created for managing charitable donations on behalf of an organization , family , or individual , DAFs are an excellent way to both simplify your charitable giving and facilitate your strategic philanthropic goals .
Donors can make gifts of cash , stock , and other assets to the DAF . The donor receives an immediate tax deduction when the contribution is made . However , distributions from the DAF are not required immediately . Donors may take time to research and select grants of specified amounts to the charities of their choice before advising their DAF administrator to make a gift .
You can also choose to have any remaining DAF funds distributed to CAI after your lifetime by naming CAI as a beneficiary of all or a portion of remaining funds .
CHARITABLE LEAD TRUSTS Charitable lead trusts allow you to combine a charitable donation with gifts to children or other family members . The lead trust pays income to the charity for a specified number of years . At the end of the trust ’ s term , the principal is transferred to family members . This type of trust is often used to make intra-family asset transfers with substantial gift and estate tax savings .
12 | 2023-2024 JOURNEY OF HOPE CENTRAL ASIA INSTITUTE