PLANNED GIVING
Charitable Bequests
You can support the Shane Center’s mission far into the future by adding a bequest to your will or living trust. This type of gift will not alter your current lifestyle, and is fully deductible for estate tax. Following is an example of language you can use:
“To the Shane Lalani Center for the Arts, a not-for-profit, tax-exempt organization incorporated in the state of Montana in 2002, having as its principal address 415 E. Lewis Street, Livingston, MT, and tax identification number EIN: 45-0490660, I, [name], of [city, state ZIP] hereby give and bequeath the sum of $______ or _____percent of my estate to be used as determined by the Shane Center for the general purposes of the Shane Lalani Center for the Arts.”
Retirement Accounts
Did you know you can name the Shane Center as beneficiary of your retirement funds and the entire designated amount passes to the Shane Center tax-free? And that your gift is fully deductible for estate tax purposes? Alternatively, retirement accounts like IRAs, Keoghs, and 401(k) plans are taxed as income to your heirs, and may be subject to estate tax. You may designate:
Your entire retirement account
A set dollar amount
A percentage of your total retirement funds
An amount contingent on other conditions being met, such as having a loved one predecease you.
Consult your financial advisor or your employer’s human resource department to get the simple form to designate the Shane Lalani Center for the Arts (tax identification number EIN: 45-0490660) as a beneficiary of your retirement account.
Other Types of Planned Giving
There are a variety of other types of planned gifts that are of great help to the Shane Center that can also help you create wealth and leave a lasting charitable legacy. These include Charitable Gift Annuities, Deferred Payment Gift Annuities, Charitable Remainder Trusts, IRA Rollover Gifts and others. Please contact us or your financial planner to see if these types of gifts are right for you. In the right situation, planned gifts can help you save on your taxes, avoid capital gains tax on the sale of appreciated assets, and plan and save for the future.
Let Us Know Your Plans
If you have included the Shane Center in your estate plans, please let us know by calling or emailing us. Thank you for your generous commitment to the Shane Center.
If you’re 72 or older and have an IRA, you likely know that you are required to transfer a percentage of your IRA each year (the “Required Minimum Distribution” or RMD). Did you know that you can turn your RMD into a charitable gift by transferring it directly to the Shane Center? That way, it will not be taxed and will qualify toward your required minimum distribution. This is a win for you as well as for the arts in our community. Simply contact your IRA administrator to request that a charitable distribution be transferred to the Shane Lalani Center for the Arts. [Tax ID is 45-0490660, and our mailing address is PO Box 58, Livingston, MT 59047]
Guidelines for charitable IRA rollover gifts
You must be at least 70 ½ years of age or older when the gift is made.
Transfers from traditional IRAs are ideal for charitable giving.
Transfers must be made directly by the IRA administrator to the Shane Lalani Center for the Arts.
A maximum of $100,000 per taxpayer, per year qualifies for the tax-free status.
IRA rollover gifts can be used to pay a pledge.
Contributions for life income gifts, such as charitable gift annuities or charitable remainder trusts, do not qualify.
Transfers must be made by December 31 to qualify for the current tax year.
Steps to make a Charitable IRA Rollover gift to the Shane Center to help us continue to strengthen community through participation in the arts
Contact your IRA administrator to request that a charitable distribution be transferred to the Shane Lalani Center for the Arts.
To ensure your gift is properly recognized, instruct your IRA administrator to indicate the donor’s name on the check and specify the gift is a charitable IRA distribution.
Inform us of the designation of your gift by contacting Erika Adams, Executive Director via phone 406-403-8986 or email.
We are grateful for your support of our important work.