Don’t have disposable cash or assets now to give to the GSC? Consider making a bequest or other “Planned Gift” to create a legacy of music for northwestern Montana. Your gift can be unrestricted and will be put to the best use as determined by the Board of Directors, or you can restrict it for the Endowment of the GSC. Call us today to ask questions about our Legacy Giving Program or download a brochure.
Montana Charitable Endowment Tax Credit – What is it?
The Montana Qualified Endowment Tax Credit allows donors to pay less in Montana state income taxes when they give a qualifying planned gift to a qualified Montana charitable endowment like the GSC’s permanent endowment fund at the Montana Community Foundation or the Whitefish Community Foundation.
Individuals who make a planned gift to a qualified Montana endowment fund will receive a tax credit of 40% of their gift, with a maximum credit of $10,000 ($20,000 for joint filers).
Businesses and corporations that make a direct gift to a qualified Montana endowment fund will receive a tax credit of 20% of their gift, with a maximum credit of $10,000.
It is easy to do
For example, a couple would like to take advantage of the Montana Charitable Endowment Tax Credit and benefit their favorite nonprofits’ endowment funds. They contact the Community Foundation and set up a deferred gift annuity for $20,000. They receive a tax “credit” of 40% of this gift /$8,000 plus a significant federal tax deduction. The out-of-pocket cost for a deferred gift annuity (deferred to full life expectancy) is potentially only about 1/3 of the gift.
Read more at the Endow Montana website. http://www.mtnonprofit.org/PlannedGiving/
Contact your financial advisor to see if the Montana Endowment Tax Credit is right for you.