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Planning Your Giving in Uncertain Times

Here are two giving tools you can use to support the causes you care about.

2020 has been a tumultuous year, yet we continue to be inspired by our fundholders’ ongoing, generous support of nonprofits’ mounting needs. We know it can be difficult to plan in times of uncertainty, and our team is here to help.

Removing restrictions on grants and naming your fund as the beneficiary on your accounts are two ways you can easily support the organizations and causes you care about – now, and in the future.

Removing Grant Restrictions

The events of 2020 have presented unique economic challenges for our nonprofit sector. As you recommend grants, consider eliminating any restrictions on how the funds can be used. General operating grants are flexible and allow nonprofits to use the dollars where they are needed most.

This is an easy way for you to help nonprofits meet their current ― and most pressing ― needs while allowing them to keep essential services available for the community and support their staff.

Beneficiary Designations

Did you know that you can name your donor advised fund at the Foundation as the full or partial beneficiary on retirement accounts, bank accounts, securities accounts or life insurance policies, in addition to your family and other loved ones?

As a part of your overall estate plan, beneficiary designations are easy to set up and don’t require any changes to your will. They are also flexible and revocable, so you can change them at any time.

Assets passing by beneficiary designation to your donor advised fund are not subject to income or estate tax. This means that 100 percent of your gift is available for the advisors of your fund according to the stipulations in your fund agreement.

Learn more about the ins and outs of beneficiary designations in this video with Beth McCray, a gift planner at the Foundation.

To learn more about either of these simple ways you can continue supporting your community during times of uncertainty, contact your philanthropic advisor. Our team is here to help you, however you need us.

The Saint Paul & Minnesota Foundation does not provide tax, legal or accounting advice. Please consult your own tax, legal and accounting advisors regarding your individual situation before engaging in any transaction.

Copyright © 2020 Crescendo Interactive, Inc. Used by permission.

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