Sullivan discusses planned giving

Amy Sullivan, Director of the Office of Gift Planning at the Montana Community Foundation, made several stops in the Whitehall area last Thursday to discuss not only the importance of building permanent wealth in communities throughout the state, but also the importance of planned gifts through a will or estate.

Sullivan first visited the Whitehall Senior Center where she discussed wills. Sullivan said that currently only three out of 10 Montana residents have a will, and without one there is no room for giving.

In stops at the Golden Sunlight Mine and at the Jefferson Valley Community Foundation Grant Awards Ceremony, Sullivan discussed the power of community wealth and the planned giving.

According to the Sullivan, the estimated wealth transfer from one generation to the next in Montana between 2010 and 2020 is $12 billion, with the number reaching $123 billion for 50 years. The 10-year number in Jefferson County is $135,990,037. If five percent of this was endowed, the county total would be $6,799,502.

Along with discussing charitable instruments like outright gifts, bequest by will, gift annuity, remainder trusts, Sullivan detailed the benefits of the Montana Endowment Tax Credit that allows donors to play less in state income tax when they give a qualifying planned gift to a Montana charitable endowment. According to the MCF, the incentive is 40 percent of the gift's federal charitable deduction, up to a maximum $10,000 tax credit, per year, per individual, and a credit of 20 percent of a direct gift by a qualified business, up to a maximum of $10,000 per year.

Sullivan also stressed the importance of the JVCF and other foundations across the Treasure State, adding they an endowment can only grow. JVCF Board Chair Millie Baycroft said that since 2001 they have awarded grants to 37 area non-profits, including nine in 2017.

Sullivan said a charitable gift to an endowment is not just for the wealthy, and donors really do help money stay in the community.

Sullivan lauded local donors at the awards ceremony Thursday night.

"Because of what you do, it makes Montana a better place to live," she said.

For more information about the MCF, visit mtcf.org.