Planned Giving
Fight hunger & nourish your community…for years to come.
What is a legacy gift?
A legacy gift is a planned gift that designates a beneficiary to receive a portion of your assets after you pass away whether that is through your retirement plan, IRA account, Will, trust, brokerage account, annuity, or insurance policy. A legacy gift is a powerful way to fight hunger and nourish our community…for years to come.
Benefits of a legacy gift?
Why do people like making planned gifts?
How will my legacy gift fight hunger?
Ways to Leave a Legacy Gift
Bequest
There are several ways to make a bequest to The Food Group:
- Include The Food Group in your will or revocable living trust. You can designate a specific dollar amount, a percentage of your estate, or a particular asset.
- Name The Food Group as a beneficiary of a retirement account, such as an IRA, 401(k), 403(b), or pension. You may designate The Food Group as a full, partial, or contingent beneficiary.
A planned gift like this can help provide for The Food Group’s future while allowing you to retain control of your assets during your lifetime.
Qualified Charitable Distribution (QCD)
Make a charitable gift directly from your IRA while potentially receiving tax benefits.
If you are age 70½ or older, you can make a Qualified Charitable Distribution (QCD) directly from your traditional IRA to The Food Group.
- Give directly from your IRA. A QCD allows you to transfer funds directly from your IRA to The Food Group without first taking the distribution yourself.
- Potentially reduce taxable income. A QCD can count toward your required minimum distribution (RMD) and may be excluded from your taxable income, subject to IRS rules and limitations.
To make a QCD, contact your IRA administrator or financial institution and request that the distribution be sent directly to The Food Group at 8501 54th Ave N, New Hope, MN 55428 (Tax ID# 41-1246504).
Please consult your tax or financial advisor to determine whether a QCD is right for you and how it may affect your individual tax situation.
Beneficiary Designation Gift
A beneficiary designation is a simple way to create a lasting legacy without changing your will. You can name The Food Group as a beneficiary of:
- Retirement accounts, including IRAs, 401(k)s, 403(b)s, or pensions
- Bank or investment accounts
- Life insurance policies
To designate The Food Group as a beneficiary:
- Contact your financial institution or insurance provider. Ask your broker, banker, financial advisor, or insurance agent for the appropriate beneficiary designation form.
- Complete and return the form to your financial institution or insurance provider.
- Keep a copy with your estate planning documents and let your loved ones know about your designation.
A beneficiary designation can be changed at any time, subject to the terms of your account or policy.
Donor Advised Fund (DAF)
A donor-advised fund (DAF) allows you to contribute assets to a charitable fund, receive a charitable tax deduction when you make the contribution, and recommend grants to organizations such as The Food Group over time.
- Establish a donor-advised fund with a sponsoring organization and make an irrevocable contribution of cash, appreciated stock, or other eligible assets. Contributions may qualify for a charitable income tax deduction in the year they are made, subject to applicable IRS rules and limitations.
- Your contributions can be invested and potentially grow tax-free within the donor-advised fund, providing additional resources for future charitable giving.
- Recommend grants to The Food Group and other charitable causes you care about throughout your lifetime.
- Continue your charitable legacy. Depending on your DAF provider’s policies, you may be able to name your children or other loved ones as successor advisors so they can continue recommending grants from the fund after your lifetime.
We recommend consulting with your tax or financial advisor to determine whether a donor-advised fund is right for you and how contributions may affect your individual tax situation.
And more…
There are many ways to create a lasting charitable legacy.
In addition to the options described above, you may be able to support The Food Group through other planned gifts, including charitable gift annuities, charitable remainder trusts, appreciated real estate, mineral interests, and other assets.
Your financial or legal advisor can help you explore options that align with your financial, tax, and charitable goals.
Please contact The Food Group to discuss a planned gift or to learn more about the types of assets we may be able to accept.
Cultivator Circle
Donors who include The Food Group in their estate plan is offered Exclusive membership in our Cultivator Circle. As a member, you will receive:
- Special recognition for your generosity on our Cultivator Circle webpage and in our Annual Impact Report.
- Insider updates from our Executive Director.
- Invitations to virtual updates and special in-person events.
Leaving a legacy gift to The Food Group is simple:
Leaving a bequest to The Food Group in your personal Will or trust. Here is sample legal language: [“I ________ give to The Food Group Minnesota, 8501 54th Avenue North, New Hope, MN, 55428 EIN #41-1246504, _____ percent of my estate, or the sum of _____ dollars, or the remainder of my estate.”]
Making The Food Group a beneficiary of a brokerage account, IRA account, 401(k), insurance policy, or annuity. You can simply add “The Food Group Minnesota” as a beneficiary to your account or designate The Food Group as a beneficiary of your non-probate asset.
Frequently Asked Questions
Flexibility, Privacy & Shaping Your Impact
Can my gift remain anonymous?
Yes! Knowing in advance about your intentions is helpful to our staff, but you are always welcome to not share your gift or let us know but request that your gift be kept anonymous.
Can I update or edit my plan after I’m done?
Yes! You are always free to update your estate plan.
Can I designate my gift be used for a specific need or project?
Yes! The Food Group’s staff would be happy to hear about your wishes and goals for your planned legacy gift.
Other General Questions
Is my estate big enough to leave a planned gift?
Yes! Gifts of any size are deeply appreciated. Many people choose to leave a percentage of their estate, which scales up or down with your estate size.
Does it cost anything to plan my estate?
Potentially. A financial or legal advisor will likely have a fee associated with finalizing your plans. However, some options, like completing a beneficiary designation form are free and easy to do.
Who should I contact if I have questions?
For questions or more information about a planned gift please email Kelsey Ohme, The Food Group’s, Associate Director of Development.
Want to learn more?
Email Kelsey Ohme, The Food Group’s Associate Director of Development at [email protected].
