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We appreciate
any donation or contribution you can make—monetary, material,
or time. Please consider helping children and families by making
a gift today to The Village Family Service Center.
For more information email us,
call us at 701-451-4900,
or send us mail at:
Attention: Development
The Village Family Service Center
P.O. Box 9859
Fargo, ND 58106-9859
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Gifts to The Village Family Service Center or its Foundation are tax-deductible under Federal income tax law. |
About Planned
Giving
Planned Giving is compelling to many donors because the methods are well-established in tax law and are relatively easy to initiate. Through thoughtful planning with trusted advisors, you can find appropriate means to benefit yourself, your family and worthy causes.First of all, as a donor you can derive immense joy from making charitable commitments during your lifetime. Also, charitable gift plans may help you achieve some or all of the following financial objectives:
- Increase annual income
- Supplement retirement income
- Reduce income taxes
- Reduce or eliminate capital gain tax
- Diversify income-producing assets
- Manage income-producing assets
- Reduce estate taxes
- Assure appropriate inheritances for family members
You can initiate and fund planned gifts in a variety of ways. The following information provides an overview of the most prevalent forms of planned giving. These planned gifts fall into three general categories:
The concepts herein are intended to provide information of a general rule only.
They should not be construed as legal, tax and/or financial advice.
Readers are urged to consult with their own professional advisors for their specific situations.
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North Dakota Tax Credit for Planned Gifts
The 2007 North Dakota State Legislature gave a boost to North Dakota taxpayers and the charitable organizations they support. Senate Bill 2363 creates an individual income tax credit for planned charitable gifts made to North Dakota charitable organizations if completed in taxable years beginning after Dec. 31, 2006.
The amount of the credit is 40% of the federal income tax deduction allowable for the planned gift. The maximum credit amount is $20,000 ($10,000 for single taxpayer), which can be used to offset the North Dakota individual income tax in the year of the gift, plus a three-year carryover.
Charitable trusts and gift annuity agreements must contain conforming language to follow the legislation’s specifications and allow such gift arrangements to qualify for the credit.
“Planned gifts” for purposes of this credit include:
- Charitable Remainder Trusts
- Charitable Lead Trusts
- Charitable Gift Annuities
- Charitable Pooled Income Funds
- Charitable Life Estate Agreements
- Certain paid-up life insurance policies
A qualifying gift favoring The Village Family Service Center or the Children’s Village Family Service Foundation will likely enable a North Dakota taxpayer to enjoy the benefits of this new credit. You should check with your tax advisor to determine how the credit would apply to your situation. |
