BEQUESTS
For donors who wish to support your organization's endowment fund at the Lutheran Community Foundation through a provision in their will or trust, the following language is typically used, subject to individual attorney's styles and requirements of state law. Donors should consult with an attorney for the most appropriate way to express their wishes, and to ensure that the bequest is in compliance with the laws of your state:
Specific Bequest
I give to the Lutheran Community Foundation, a Minnesota nonprofit corporation, [asset to be gifted], for the benefit of the [insert Endowment Fund name].
Residuary Bequest
I give, bequest and devise all of the rest, residue and remainder of my estate to the Lutheran Community Foundation, a Minnesota nonprofit corporation, for the benefit of the [insert Endowment Fund name].
If the donor wishes to include the Foundation's tax-id number, it is 41-1802412. The Foundation's address is 625 Fourth Avenue South, Ste 1500, Minneapolis, MN 55415.
BENEFICIARY PROCEEDS
Too often, the significant tax advantage of naming a charity as beneficiary of a qualified asset is missed because the donor forgets to complete and return the appropriate beneficiary form to the plan administrator. Attempting to accomplish the designation only in the will or living trust may result in adverse tax consequences. When naming your organization's endowment fund at the Lutheran Community Foundation as the beneficiary of a qualified asset such as an IRA, tax sheltered annuity, or 401(k) or 403(b) plan, or of another product such as a life insurance contract, the donor should:
- Request the beneficiary change form from the plan administrator or agent
- Use the following in the appropriate boxes
on the form:
- Beneficiary Name: "Lutheran Community Foundation, for the benefit of the [insert Endowment Fund name]."
- Beneficiary Address: 625 Fourth Ave. S., Ste. 1500, Minneapolis, MN 55415
- Tax-id: 41-1802412
- Return the signed form to the appropriate address.