You may identify MRPF as the beneficiary of a certain amount, specific asset, or percentage of your estate under your Will or Revocable Trust. Although you will not receive any tax benefits during your lifetime, following your passing, your estate may be eligible to take income and estate tax charitable deductions for the testamentary bequest to MRPF.
The following is a sample language that individuals can include in their wills or provide to their attorney to direct their giving to the Minnesota Recreation and Parks Foundation:
"I give, devise, and bequeath [specific amount, percentage of the estate, or description of property] to the Minnesota Recreation and Parks Foundation (Tax ID# 23-7299529), a nonprofit organization located at 200 Charles Street NE, Fridley, MN 55432, for its general purposes and use."
Please note that it's crucial for individuals to consult with a legal professional, such as an estate attorney, when drafting or amending their will to ensure that the document accurately reflects their intentions and complies with applicable laws.
We encourage you to connect with the leadership of the Foundation to share your estate.
The National Recreation and Parks Association has created a partnership with FreeWill to provide free online tools allowing you to make a gift to MRPF in your will or trust. You can create a will in 20-mintues or less.
IRA Assets or Other Qualified Retirement Benefits
You can designate MRPF as a partial, contingent or sole beneficiary of your IRA or other qualified retirement plans, such as your 401(k), 403(b), Keogh plan or profit-sharing pension. Designating MRPF as a beneficiary of your retirement account(s) is a tax-efficient way to maximize support for MRPF, as the amount distributed to MRPF will not be subject to income tax and will qualify for the estate tax charitable deduction. Be sure to review your plan documents and obtain any necessary approvals.
In addition, if you are over 70½ years old, you may make a qualified charitable distribution of up to $100,000 per year from your IRA directly to MRPF without having to include the amount distributed as income for federal income tax purposes. No charitable deduction may be taken, but such distributions will qualify for all or part of the IRA’s required minimum distributions. Be sure to share this gift plan with your financial or tax advisor.
You can designate MRPF as the beneficiary of all or a percentage of your life insurance policy proceeds, which will be deductible for estate tax purposes following your passing. You may also irrevocably transfer ownership of a paid-up life insurance policy to MRPF during your lifetime and may take an income tax charitable deduction for the current value of the policy.
Certificates of Deposit, Savings or Brokerage Accounts
A simple way to provide for the future of our parks and recreation is by making MRPF the “pay on death” beneficiary of the account. Charitable contributions made in this manner are treated the same as testamentary bequests for tax purposes.
Final distribution of contributions remaining in a donor advised fund is usually governed by the terms of the agreement at the time the fund was created. You can name MRPF as a successor beneficiary or designate MRPF to receive a portion of the remaining account value, leaving the balance for your family or friends to continue your legacy of philanthropy.