You Can Make a Difference (PDF - 35k)

The Whitefish Community Foundation has a goal of reaching $10 million in Endowment Funds by 2010. Any contributions to the Whitefish community Foundation, a 501(c)(3) corporation, are tax deductible under state and federal tax laws. In making charitable gifts, we recommend donors consult with their tax and legal advisors.

Montana offers a Qualified Charitable Endowment Credit which will allow qualified donors a chance to reduce their Montana income taxes by making a contribution to a Montana charitable endowment. Senate Bill 15, passed by the legislature during the 2002 Special Legislative Session, made several changes to the way that the credit is calculated. This Montana Department of Revenue web site has more information: www.discoveringmontana.com/revenue/content/pdf/qualified_charitable_endowment_credit.doc

You have taken care of your loved ones and would like to leave something behind for your community. A charitable bequest is one of the easiest ways to make a gift that will make a lasting difference in the lives of others. The savings in estate taxes resulting from your gift to the community foundation can be dramatic. Bequests can take a variety of forms. You can leave the community foundation a specific sum of money, a percentage of your estate or a specific piece of property. For specific language to incorporate a bequest to the Whitefish Community Foundation into your Will or Living Trust, Please contact us to request a copy of our "Language for Bequests from Wills or Living Trusts".

This is often the most simple and easy way to make a charitable contribution. Cash gifts are 100 percent tax deductible. This gift, like others, may also reduce your taxable estate.

A contribution of appreciated securities can produce significant tax savings to you. You receive a double benefit: an immediate charitable deduction for the fair market value of the securities you contribute, and you are not subject to any capital gains tax on the appreciation.

Gifts of real estate can include a house, apartment building, farm, vacation home, commercial building, and land. You can make an outright gift of real property now or use it to fund a planned gift that provides income to you.

You can benefit today from a future gift of your principal residence or vacation home. You and your spouse can continue to live in your residence for life while obtaining a current income tax deduction. A qualified appraisal and title report are required.

Many people find that the protection offered by their policies is not longer needed later in life. A life insurance policy can be an ideal tool for charitable giving. This gift may also give you both a current and future income tax deduction.

With a Charitable Remainder Trust (CRT), you can support your community while gaining an immediate income tax deduction, reducing estate taxes, potentially eliminating capital gains taxes, increasing income from your assets, and providing for yourself, your spouse, and your heirs. This very flexible planned giving strategy is best suited for gifts of over $100,000. A CRT is created when a donor makes a gift of an asset to the Foundation in an irrevocable trust in which income from the trust is distributed to the donor/beneficiary during his or her lifetime or a fixed term not exceeding 20 years. When the beneficiary dies, the assets of the trust belong to the Foundation. The IRS states that the CRT must distribute at least five per cent of the net fair market value of its assets annually.

This is the reverse of a CRT. A donor makes a gift of an asset to the Foundation, and the income from the asset is earned by the Foundation. At the end of the trust or at the donor's death, the asset is returned to the donor's estate. Again, legal advice is required.

Income taxes and estate taxes could take up to 80 percent of your IRA or qualified retirement plan. A good solution: create a Charitable IRA by naming the Whitefish Community Foundation as the beneficiary of your IRA or qualified retirement plan. You'll completely avoid the double tax bite of estate and income taxes and create a permanent charitable legacy.

For more information, answers to your questions, or a free consultation, please contact the Whitefish Community Foundation through our contact us page or at 406-863-1781. We will be pleased to work with you, your family and tax advisor to carry out your philanthropic goals and assist in making sure you receive the maximum income and estate tax savings.