Mr. Steve Hample
March 10, 2003, - Mr. Steve Hample, owns an advisory business, Financial Planning Associates, LLC. Due to complexities in the tax code, only a business or trust can make cash gifts that qualify for the charitable endowment tax credit. For the past few years, his business has annually donated approximately $6,000 and, in return, received a $3,000 tax savings on Montana income tax, plus federal income tax and capital gains savings. For a net cost under $2,000 for four years ($8,000 total). Mr. Hample will provide an estimated $1,000 perpetual annual cash flow to local charities.Charitable Gift Annuities
Joe & Mary's example of a donor profile
March 10, 2003, Bozeman, MT
Joe and Mary are in their forties, have a profitable business and do
not need any current income. They might like to have a little extra fun
money to spend at retirement and would like to see it grow tax deferred
while also creating a significant charitable gift.
They decide to donate $22,000 in cash for an annuity with the
Bozeman Area Community Foundation. This annuity will begin 20 years
from now and pay $1,000 per year for 10 years.
In effect, Joe and Mary envision making roughly a $20,000 charitable
gift that will provide up to about $14,000 in tax savings. The annuity
portion of their gift grows tax deferred and eventually pays them
$10,000.
They benefit and the community benefit.
To learn more about how you can take advantage of an opportunity like this, please contact us today.
Mr. and Mrs. Herbert Kirk
March 10, 2003,
Mr. and Mrs. Herbert Kirk enjoyed many years of living in Bozeman and raising their family. As part of their estate planning, they established the Harris Kirk Fund within the Foundation so that annual earnings could benefit the community. That fund now totals over $100,000. Earnings are distributed annually by the Board with advice from Mr. and Mrs. Kirk's family. In this way, Mr. and Mrs. Dirk repaid their community, established a legacy, and involving their children in community charitable giving.
