Wills
A bequest - making a donation through your will - is one of the easiest and most effective ways to make sure that your family and friends are fully provided for by your estate, while at the same time supporting the important work of an organization such as the Central Minnesota Task Force on Battered Women. A bequest has the added advantage of lowering your federal estate taxes and reducing estate fees.
Through your will, you can specify that the remainder of your estate (after your family and friends are provided for) goes to charity, or you can specify that a charity receive a pre-determined fixed gift.
If you already have executed your will, you can amend it easily through a simple legal device known as a "codicil."
Here is some suggested wording for leaving a bequest to CMTFBW - but please consult your attorney or tax adviser for further information:
I give, devise, and bequeath to the Central Minnesota Task Force on Battered Women, the sum of $_____________ to be used for the general purposes of CMTFBW."
- or -
"I give, devise, and bequeath to the Central Minnesota Task Force on Battered Women, for its general purposes, _____________ [a fraction or percentage] of the rest, residue and remainder of my estate, both real and personal."
Our Legal Name and Address:
Central Minnesota Task Force on Battered Women
PO Box 367
St Cloud, MN 56302
Tax Identification # 41-1344743
Click here for more information about charitable giving through a will or from an estate.
Trusts
When you decide to make a donation through a trust, you transfer property to the charity to be invested over your lifetime. This charitable trust generates regular income to you and your spouse (or other designated beneficiary) for your lifetime(s). When you and your beneficiary die, the trust terminates, and the remaining amount in the trust passes to the charity you selected, such as the Central Minnesota Task Force on Battered Women.
In many cases, the income you receive from this trust during your lifetime will be tax free (depending upon the property used to fund the trust). Also, there are no capital gains taxes on the property that is used to fund the trust. There also may be estate and gift tax savings. Please consult your estate planner for further information.
Life Insurance
Life insurance has long played an important role in charitable giving. Whether you donate an older policy you no longer need, or start a new policy to donate to a charity, this is a unique way to turn modest annual premiums into a significant donation. There are four basic ways you can use life insurance to benefit the Central Minnesota Task Force on Battered Women:
- NAME CMTFBW AS YOUR SUCCESSOR BENEFICIARY:
You may currently own a life insurance policy and have named your spouse as beneficiary. You could name CMTFBW as "successor beneficiary" in the event that your spouse dies before you. Your estate would then receive a charitable deduction and the money would pass to charity tax-free.
- NAME CMTFBW AS YOUR PRIMARY BENEFICIARY:
If you purchased a life insurance policy several years ago, but your chosen beneficiary no longer needs the protection or you no longer want him/her to receive the benefit (for example, if you were divorced, your spouse died, or you felt your children didn't need the money), you could designate CMTFBW as beneficiary. Once again, your estate would receive a charitable deduction and the money would pass to charity tax-free.
- DONATE AN EXISTING POLICY YOU NO LONGER NEED TO CMTFBW:
If you have an older insurance policy or policies which you no longer need and would like the benefit of a current income tax deduction, you can donate one or more life insurance policies to CMTFBW. As long as all of the rights of ownership are completely transferred to CMTFBW, you will receive a current income tax deduction roughly equal to the cash surrender value of the policy.
- PURCHASE A NEW INSURANCE POLICY FOR CMTFBW:
You may wish to make a significant contribution to CMTFBW. You can purchase a new life insurance policy and name CMTFBW as owner and beneficiary. You will be making a sizeable gift that will be available to CMTFBW in the future.
