Legacy Gifts

When considering a legacy gift or a significant current gift, it is important to consult with your personal advisors. Your attorney, accountant or estate planner can help you decide on the form and timing of a gift that will best meet your needs and fulfill your charitable intent. If you'd prefer, we can provide access to professionals who can help you review charitable options, but we always want you to be confident that the charitable choices you make are the best fit for your unique circumstances and philanthropic desires.

PhilanthroCalc To create a personalized and anonymous gift calculation, go to:

Please select the type of gift that best describes what you would like to accomplish. If you would like additional information about how any of these giving vehicles can help you accomplish your financial, estate, and charitable planning goals, please call Joan Oswald at (218) 786-1504 or contact us by email.

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Gifts that Provide You with Income

Charitable Gift Annuity

[ Immediate ]
A Charitable Gift Annuity enables you to transfer cash or marketable securities to the Miller-Dwan Foundation in exchange for a current income tax deduction and our promise to make fixed annual payments to you for life. Payments can begin immediately or can be deferred to some future date.

A Charitable Gift Annuity offers many benefits to the donor:

• It provides an immediate income tax deduction to the donor in the year the property is transferred to charity.
• It pays a lifetime income to one or two individuals, which can include the donor, part of which is federal income tax-free.
• The income payout from the gift annuity can begin immediately or can be deferred until some future start date.
• The charity's promise to pay the annuity is backed by the general assets of the charity.
• Capital gains tax liability can be spread over life expectancy if the donor is the annuitant.
• It removes the transferred assets from donor's gross estate for federal estate tax purposes.

This gift calculation is only a sample of how planned giving tools can work for you. Please contact us, or your attorney or accountant, for more detailed information.

Charitable Remainder Annuity Trust

[ Lives | Term ]
A Charitable Remainder Annuity Trust (CRAT) is a popular type of planned gift. To set up a CRAT, you transfer cash, securities or other appreciated property into a trust. The trust makes fixed annual payments to you or to anyone you name for your lifetime or for a fixed number of years. When the trust ends, the principal passes to the Miller-Dwan Foundation.

Benefits include:

• An immediate income tax deduction for a portion of your contribution to the trust.
• No capital gains tax on any appreciated assets you donate.
• You or your designated income beneficiaries receive stable, predictable income for life or a term of years.

This gift calculation is only a sample of how planned giving tools can work for you. Please contact us, or your attorney or accountant, for more detailed information.

Charitable Remainder Unitrust

[ Lives | Term ]
The most popular and flexible type of planned gift is a Charitable Remainder Unitrust (CRUT). To set up a CRUT, you transfer cash, securities or other appreciated property into a trust. The unitrust may pay income to multiple beneficiaries for a lifetime or for a term of up to 20 years. The trustee (either you or someone you assign) manages the trust assets and pays you, or others you choose, a variable income for life, or for a term of years. When the trust terminates, the remaining assets in the trust are transferred to the Miller-Dwan Foundation.

Some of the benefits of a Charitable Remainder Unitrust are:

• The trust assets are not counted as part of your estate for probate or estate taxes.
• A unitrust may be structured to accept gifts of assets that are temporarily liquid - such as real estate or a family business - which should not be donated for a gift annuity or an annuity trust.
• You receive a charitable deduction on your federal income tax for the charitable portion of the unitrust.
• You may be able to eliminate capital gains taxes.

This gift calculation is only a sample of how planned giving tools can work for you. Please contact us, or your attorney or accountant, for more detailed information.

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Gifts that Provide Income to Charity

Charitable Lead Annuity Trust

[ Lives | Term ]
Charitable Lead Annuity Trusts (CLAT) enable you to transfer property to a trust, which pays a fixed annual amount, usually for a term of years, to the Miller-Dwan Foundation. At the end of the trust term, the remaining assets in the trust and any growth the trust has realized are passed to your heirs.

Although there is no income tax deduction when you create a CLAT, it is one of the only planned giving vehicles that can discount the value of the original assets and result in little or no taxes.

This gift calculation is only a sample of how planned giving tools can work for you. Please contact us, or your attorney or accountant, for more detailed information.

Charitable Lead Unitrust

[ Lives | Term ]
A Charitable Lead Unitrust is an individually managed trust that allows you to give a variable annual amount to the Miller-Dwan Foundation for a fixed term of years or for the life of one or more individuals. When the term ends, the trust terminates and distributes its remaining assets back to you or to one or more individuals that you have specified.

For some people, a Charitable Lead Unitrust is a good way to pass an estate to grandchildren. You also recieve a charitable income tax deduction.

This gift calculation is only a sample of how planned giving tools can work for you. Please contact us, or your attorney or accountant, for more detailed information.

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Gifts with Retained Use

Life Estate Agreement

[ Lives | Term ]
A life estate agreement is an arrangement whereby you transfer title to a personal residence, farm, or vacation home to charity while retaining the right to occupy and otherwise enjoy the full use of the property for your choice of a term of years or the lifetime of one or more individuals.

This gift calculation is only a sample of how planned giving tools can work for you. Please contact us, or your attorney or accountant, for more detailed information.

To make an online credit card gift, click here.

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Give a Gift through your Will

You can't take it with you, but when you create a legacy gift, you can ensure that your desire to make a difference continues beyond your lifetime.
The will is one of the most popular ways to give and can be funded with virtually any asset: cash, stock, property, real estate or a gift of the residue and remainder of your estate after other bequests have been fulfilled. The process can be as simple as adding new language to your will (see below), and you'll have the satisfaction of knowing that you're providing for the future of health care service in our area with no impact on your present circumstances. You can specify the preferred use of your gift and direct it to a program, service, institution or group of people in need. Your gift then becomes a part of the Miller-Dwan Foundation at the time your will is probated, and your estate will qualify for a federal estate-tax charitable deduction.

Bequest language for Gifts to the Miller-Dwan Foundation

Many people have made charitable bequests or trust designations to the Miller-Dwan Foundation. We are extremely grateful for these generous gifts. If you have already made such a gift for the future, we would appreciate the opportunity to personally thank you and talk with you about the use of your legacy gift. The better we understand your philanthropic intent, the better we can fulfill your wishes. With your permission, we would also like to include you as a member of our Legacy of the Heart program. If you have already remembered us in your estate plans, please take a moment and let us know by clicking on the link below.

Inform us of your gift

Legacy of the Heart Brochure

Request Brochure on Wills and Estate Planning

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Life Income Gifts

In return for the irrevocable transfer of assets to the Foundation, you and your specified beneficiaries receive income for life. Upon the death of the beneficiary, the assets are used by the Foundation for the charitable purpose you defined. Donors receive an immediate income-tax deduction for the charitable portion of the gift and can often benefit from an increased revenue stream during their lifetime. Life income gifts include Charitable Gift Annuities and Charitable Remainder Trusts.

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Charitable Gift Annuity

A charitable gift annuity is a very popular way to make a planned gift; it's easy to see why. Gift annuities have been in existence for more than 100 years and represent one of the safest income plans available. The full faith and assets of the Foundation stand behind all gift annuity payments. A charitable gift annuity can be established for one or two people in exchange for a charitable contribution.

In return, it provides:

• Guaranteed income for the life of the one or two people named as income recipients in the gift annuity contract. You are assured of receiving the same annual income no matter what happens to the stock market or interest rates.
• A charitable deduction which translates into a current income-tax savings for the donor.
• Partial avoidance of capital-gains taxes if the annuity is funded with appreciated assets.
• A part of each income-tax payment may be a tax-free return of principal.
• Future support for the Miller-Dwan Foundation's mission and an easy way to create a significant legacy gift for health-related projects in our region.

A charitable gift annuity is a simple contract between the donor and the Miller-Dwan Foundation. The contract specifies the amount of income to be paid annually, the name of the income recipients who will receive the income and the charitable purpose of the gift after the death of the last income recipient.

The amount of the annuity paid is based upon the age of the income beneficiaries. The older you are, the higher the rate of return. Annuity rates for a one-life contract and a two-life contract are different, e.g., annuity rates are lower for two-life gift annuity agreements. Deferred gift annuities are also available for those who don't need the income right away, those who want to realize a higher rate of return at some future time and those who receive a current charitable tax deduction.

To create a personalized gift calculation, go to:

Request Brochure on Charitable Gift Annuities

Charitable Gift Annuity Examples

One Life

Sara Williams is 80 years old and has common stock in a company that pays her a dividend of 2% per year.  This means that $10,000 worth of stock provides Sara with a quarterly check of only $50.  Sara can transfer this stock to the Miller-Dwan Foundation for a charitable gift annuity.  With a gift annuity rate of 8% (based on her age at the time of the gift), she would receive $200 each quarter or $800 yearly.  And her payments are secured by all the assets of the Miller-Dwan Foundation!  Plus, Sara gets a charitable deduction of $4,695 in the year of her gift, and $197.40 of her yearly payment is tax-free.

Two Lives

John and Mary Jones are both 75.  They are interested in contributing to the work of the Miller-Dwan Foundation, but they need the security of a steady income.  John and Mary have some Certificates of Deposit coming due on which they get a low rate of return.  When their CDs mature, they decide to establish a $50,000 gift annuity with the Miller-Dwan Foundation.  Their two-life annuity rate is 6.3%, providing them an annuity of $3,150 (or $787.50 quarterly) for the rest of their lives.  Even after one of them dies, the remaining spouse will continue to receive the payments.  On top of this, the Joneses could receive a charitable income tax deduction of $16,529 in the year they establish the gift annuity, and $421.40 of their annuity payments are tax-free.

Deferred Gift Annuity

Don Smith maxes out his pension plan contributions each year.  He would like to set more aside for his retirement years, but the restrictions make that difficult.  Don is 40 and would like to retire at 62.  One year, he sends a check (or appreciated stock) to the Miller-Dwan Foundation for $10,000 to obtain a deferred payment gift annuity (DPGA), which will begin making quarterly payments to him when he reaches age 62.  The annuity payments will be $1,710 once payments begin, and $335.16 of that will be tax-free.  And because part of the $10,000 is considered a charitable gift, he could receive an immediate income tax charitable deduction of $2,486.30.

Don can obtain other DPGAs every year until he reaches retirement age, understanding that each year the deductible amount will decrease because there is less time between the gift and the benefit.  But he could also give more than $10,000 at any time because, unlike other retirement plans, there's no upper limit. Most importantly, the payments Don will receive during retirement are fixed; they aren't subject to the ups and downs of the economy.

Summary

In all these cases, donors are making wise financial decisions while still providing gifts to the Miller-Dwan Foundation.  Whatever remains of the gift upon their deaths will become part of their philanthropic legacy and part of the future good work of the Miller-Dwan Foundation.

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Charitable Remainder Trust

The assets in a Charitable Remainder Trust are separately invested and managed by a trustee designated by the donor. Donors can transfer cash or property to a trust, which will pay the designated beneficiary an income stream for his or her lifetime or a term of years. Upon the death of the beneficiary, the Miller-Dwan Foundation receives the remaining assets to use for the health-related purposes specified by the donor.

You may find this type of gift attractive if:

• You want to diversify assets and increase your income from the assets without paying capital-gains tax.
• You want a current income-tax deduction for a future gift and want to remove the appreciated asset from your estate. The higher the income payment you receive, the lower the charitable deduction allowed at the time the trust is established.
• You want either a variable annuity (Unitrust) or a fixed annuity (Annuity Trust).
• You wish to make a substantial future gift to the Miller-Dwan Foundation and retain higher income on the gift assets during your lifetime.

Two types of charitable remainder trusts exist: a Unitrust and an Annuity Trust. Both types of trusts may be funded with cash, appreciated securities and real estate. Upon termination of the trust, the remaining assets will be used to support the mission of the Miller-Dwan Foundation.

The Charitable Remainder Unitrust pays the income beneficiary a fixed percentage of the net fair market value of the trust's assets as determined each year. The payments are made for the life or lives of the income beneficiaries or for a fixed period not to exceed twenty years.

A Charitable Remainder Annuity Trust is similar to a unitrust except it pays the income beneficiaries a fixed dollar amount annually. The annuity never varies during the life of the trust, regardless of the trust's assets.

To create a personalized gift calculation, go to:

Request Brochure on Charitable Remainder Trusts

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Charitable Lead Trusts

A Charitable Lead Trust provides for payments to the Miller-Dwan Foundation during the term of the trust, and at the end of the trust, distributes trust assets to family members or other trust beneficiaries.

People with large estates who want to preserve assets for family members, minimize the gift or estate tax, and/or make a charitable gift often use a Charitable Lead Trust. It is also used by owners of family businesses or farms to enable the family to keep the family business intact. It is a strategic way to transfer large blocks of assets while leveraging taxable gifts.

A Charitable Lead Trust can:

• Make a legacy gift to the Miller-Dwan Foundation and continue your investment in the health issues you care about. The Foundation could receive income for the life of the trust (term of years), with the principal reverting to you or your family at the termination of the trust.
• Be created at the death of an individual through a will or revocable trust.
• Be set up as annuity trusts (percentage of initial value) or as unitrusts (percentage of the trust based upon a trust value that is recalculated every year).
• (When the principal reverts to the family) Provide your estate with a gift-tax deduction which, when combined with any remaining unified credit, will offset the gift tax.
• (When the principal reverts to the donor) Provide the donor with an income- tax deduction in the year the plan is created.
• Allow your family to receive a gift that is much larger than the original value of the trust assets. Any growth in value of a well-managed trust passes to the family with no additional gift tax at the termination of the trust. Charitable Lead Trusts are not tax-exempt, but they receive a charitable deduction for charitable distributions, so the trust pays less income tax.

To create a personalized gift calculation, go to:

Request Brochure on Charitable Lead Trusts

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Retirement Plan Assets

You may have accumulated significant assets in a retirement plan such as a 401(K), 403(B), IRA or other qualified retirement program. Death benefits payable from retirement plan assets to your beneficiary may have tax consequences between 50 and 80 percent. Using retirement-plan assets to fund a gift can be a wise estate-planning strategy and provide a meaningful gift to the Miller-Dwan Foundation. It can make sense to name the Foundation as the beneficiary and bequeath other assets not burdened with this high level of tax to other beneficiaries. This strategy can allow some individuals to leave more to their family while giving more to charities they care about.

Request Brochure on Retirement Plan Gifts

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Real Estate—Retained Life Estate

You can contribute a private residence, vacation home or farm while retaining the right to live in and use the property. This could provide you with a current and potentially substantial income-tax deduction for the full fair market value, avoiding any applicable capital-gains taxes. You can retain the right to use or live in the property for the rest of your life or the joint lives of you and your spouse.

To create a personalized gift calculation, go to:

Request Brochure on Retained Life Estates

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.

Life Insurance

Life insurance policies can be given in several different ways. Donors may designate the Foundation as beneficiary or owner of the policy. There are special tax advantages for the gifting of an existing policy, a paid-up policy or a newly purchased policy.

Request Brochure on Life Insurance

Contact

For questions or comments specific to giving opportunities and charitable partnerships with the Miller-Dwan Foundation, call 218-786-5829 or contact us at giving@mdfoundation.org.