As you consider what kind of legacy you want to create, thoughtful planning around which assets you give to your heirs, and which you give to charity, can have important tax consequences. Giving through your Retirement Plan or your Individual Retirement Account’s (IRA) assets are excellent ways to donate to the causes you believe. This is because if you leave those assets to your heirs, the assets may be significantly eroded by income and estate taxes, leaving your heirs with much less than you intended.
Born in Missoula, Tom Boone has been a dedicated supporter of Five Valleys for decades. His wife, Ann, who sadly passed away in 2023, was an important member of our Board. An attorney like his father Bill, Tom knows the impact that people can make on their favorite charities through estate planning.
“For people with any kinds of assets, beneficiary designation is a necessity,” Tom maintains.
Because of his strong belief in our mission, Tom took a few simple steps to name us as the beneficiary of a percentage of his retirement plan. As he sees it, it is his way to say thanks for all of Five Valleys’ great work preserving habitats in western Montana today and for future generations. Helping Five Valleys protect even more of our treasured landscapes is a way to honor Ann and create an enduring legacy.
Beneficiary designation can be done quickly and easily. Simply access your retirement account online, find the beneficiary designation area, and type in Five Valleys Land Trust and tax id number (23-7182055)in the given form. You can also contact your retirement plan administrator directly for assistance.
The benefits of this approach include:
• Assets from your retirement plan/IRA, life insurance, investment or bank accounts that you donate to charity through beneficiary designation are not subject to income tax. If those same assets go to your heirs, they may be subject to income tax at a rate as high at 37%.
• You retain ownership and control of your assets
• You can change your mind at any time by modifying the beneficiary designation form
To learn more and for questions please contact:
Minette Johnson, Planned Giving Officer
Direct phone: 406-519-5191
Email: minette@fvlt.org
Header photo of a grandfather and grandson by Athena Photography
