Planned Giving
A Family Tradition of Giving Time and Treasure
Scouting has been an important part of the Koepke family for four generations. Bob is an Eagle Scout as are his father, brother and two sons. He believes in giving back and followed in his father's and grandfather's footsteps by taking an active role in volunteering for the program.
With Scouting being such a large part of his life, he wanted to make sure his yearly contributions to Northern Star Council continued after he was gone. Bob gained an appreciation for endowments, particularly through his father's influence.
Bob: Non-profits need volunteers but they also need the funds to support their cause. It takes both the time and money from volunteers. There are people like me, who have been in Scouting 30-40 years, and have had the chance to see, first-hand, the impact the program has on young people. When you give to an endowment you are supporting the organization forever, and it is also a great way to help protect from the ups and downs of the economy. And, it is nice to make that commitment while you are still alive even though the organization won't receive the gift until after you are gone.
To support his passion for endowment giving, Bob made Northern Star Council the beneficiary of his IRA.
Bob: What people need to realize is that when you retire and have a good amount in IRAs and a 401K, that money can be heavily taxed for you or your heirs. NSC can receive the assets from the IRA tax-free, allowing the organization to use the funds to continue its good work. It is a nice feeling to know that not only do my yearly donations through the Friends of Scouting campaign help support the Scouting program; my donations to the endowment fund will help provide a steady income to Northern Star Council far into the future.
But there are many ways to support the Northern Star Council's endowment.
Bob: I began supporting the Council's endowment through the James E. West award. It is a $1,000 gift and it can be paid over three years. That is a commitment that many everyday Scouters can do and is an excellent way to assure that the Scouting program will remain strong.
Is a gift of an IRA to charity right for you?
Your retirement plan is probably among your most valuable assets. While the retirement asset is a great asset for you, it may not be the best asset to leave to children. If you have a taxable estate, your IRA or 401(k) plan will be subject to the estate tax, and any distributions to children will also be subject to income tax. That is why many tax planners suggest leaving retirement plans to charity. This gift will produce an estate tax deduction and the charity will not have to pay the income tax on the gift.
If you are in the process of determining which assets are "good" assets to leave to charity and which assets might be "good" to leave to family, please give us a call. We can help you with estate planning strategies that will reduce your taxes and allow you to maximize the gifts you leave to family and charity.
*Please note: The names and image above are representative of a typical donor and may or may not be an actual donor to our organization.