Both Congress and the Senate have approved making the Charitable IRA Rollover permanent. The President is expected to sign the bill, so if you’ve been waiting you don’t need to wait any longer. If you or a client would like to make a gift from an IRA to the Community Foundation, please give me a call on Monday.
Three new charitable funds and a CRUT have been established at the Community Foundation during the last two weeks. CRUT stands for a Charitable Remainder Unitrust, a great gift planning tool. Through a CRUT, you receive an income stream, receive important tax benefits, and establish a future legacy gift to your favorite charities in through your estate. You can see a simple illustration of a CRUT here.
This particular couple worked with the Foundation in 2007 to set up the CRUT and a charitable fund. At that time, they arranged for their trust to pour over after they die to “fund” the CRUT. The income from this investment will go to their daughter for the rest of her life which will likely be 30-40 years. Following that period, the CRUT will pour over into an endowment that will provide gifts to the couple’s three favorite charities in perpetuity.
After eight years of enjoying good health, and being in great financial shape, the couple has decided to start to fund the CRUT this year. They can take advantage of certain tax benefits now that they can’t after they pass. They plan to add to the CRUT each year, which will gradually increase the income stream to their daughter at a time in life when she can use the extra help. It is hard to express how much I have enjoyed the friendship and company of this couple over the years. I am delighted to help them now that they have decided they don’t want to wait any longer. The timing of their gift is not unusual for us. Many of the people we work with take years to decide how to give and when to start. I am glad Community Foundation donors do not feel they are rushed.
I am amazed at how dynamic 2015 has been for northern Nevada. I attended an EDAWN event on Tuesday where 33 new and expanding companies in our region were announced. 28 of the businesses are new companies to our region, coming from Minnesota, Texas, Ohio, Wisconsin, Florida, Indiana, Kansas, Illinois, North Carolina, Utah, Pennsylvania, New Jersey, Florida, and of course, California. 2,902 jobs are being added to our economy, and the list doesn’t include Tesla and some of the other companies that have been in the news. It is clear that 2015 growth is a precursor for even bigger growth next year.
The Community Foundation has been making big changes to be ready for community growth. We are looking inward, at our community, at the needs of its residents, and at the opportunities to improve the quality of life, as well as our community’s economy. Our work has become so much more than gifts and grants. We are grateful for your support and involvement. If you would like to join the Community Foundation in our work, please give us a call.
Merry Christmas to you and yours.
Chris Askin, President & CEO. 775-762-1932.