You know your clients. We know philanthropy.
The Winona Community Foundation is here to help you provide charitable solutions that bring the greatest benefit to your clients and the causes they care about. Why? Because when we unlock the philanthropic potential of every individual, we build a stronger community today and for the future.
When it comes to helping your clients meet their philanthropic goals, the Winona Community Foundation is your trusted partner. We believe everyone has the desire and potential to be a philanthropist. Together, we can show them how to fulfill that desire and help them achieve that potential.
The Winona Community Foundation will stay current on the impact various tax laws may have on your clients’ charitable giving. Here are just a few recent changes, or often made mistakes that you will want to be aware of:
Can your client use a QCD to make a gift to the Winona Community Foundation? The short answer is “yes,” but the full answer includes, “it depends.” The Winona Community Foundation is a qualified 501(c)(3) and is eligible to receive QCDs, but it depends upon where the QCD is directed. We would welcome the opportunity to meet with you and your client to help identify their goals and objectives for their giving, find an existing fund that meets those needs, or establish a field of interest or designated fund for that purpose.
The Internal Revenue Code (IRC) strictly prohibits an individual from making a QCD to their own donor advised fund. Therefore, individuals wanting to establish or add to their donor advised funds during their lifetimes should use a different asset such as appreciated, mutual fund shares, or cash.
On December 20, 2019, the president of the United States signed the SECURE Act into law. It becomes effective January 1, 2020. The SECURE Act has several positive provisions for your clients, but there are a couple less favorable provisions, including limitations on the “stretch IRA.”
One option for your charitably-minded clients holding tax-qualified IRAs is the use of a testamentary Charitable Remainder Unitrust (CRUT). A CRUT is also known as a “split interest gift” whereby the asset is divided into a stream of income to their heir(s) for a specified period of time up to two lifetimes and a remainder balance that goes to charity after the specified term. We will work with you and your client to establish the intended purpose of the charitable remainder.