Members and supporters like you have kept this organization strong, steady, and determined for nearly five decades. We have fought together for equal pay and reproductive freedom, and against racism, discrimination, and violence against women. Unfortunately, our struggle is far from over.
Thank you for considering a ‘planned gift’. Planned giving is a tool that allows you to extend your commitment to women and girls beyond your lifetime and makes it possible for future generations to keep up the fight for as long as it takes. Planned giving gives you the power to ensure that our hopes and dreams for a feminist future do not wither away, but flourish and grow.
Outlined below are just some of the many ways you can make a planned gift. As with any important financial decision, we recommend that you consult an attorney and/or financial advisor as you consider your options.
What are the benefits of making a planned gift?
You do not need to be wealthy to make a planned gift and still ensure that you have adequate income for yourself and your heirs. A planned gift is a way of providing for yourself and/or your loved ones, while achieving both your investment and philanthropic goals. By preparing today, you can support the causes you care so deeply about, and also realize tax benefits for yourself and your family.
For example, if you intend to leave your family the proceeds of your retirement plan, it is possible that they may actually get less than half of the total amount after income and estate taxes are paid. This is because most retirement plan assets are taxed as ordinary income to beneficiaries. By structuring a planned gift funded by your IRA, 401(k), or other retirement plan, you could secure income for yourself for the rest of your lifetime and make a substantial gift to your heirs and your favorite charities.
Making a planned gift to Minnesota NOW or the Minnesota NOW Foundation gives you the ability to leave a proud legacy that can inspire tomorrow’s activists and make sure that we remain dynamic and vital.
Minnesota NOW and the Minnesota NOW Foundation — What is the difference?
Minnesota NOW and the Minnesota NOW Foundation are two separate but affiliated organizations. The Minnesota Chapter of the National Organization for Women (Minnesota NOW) is a non-profit 501(c)(4) organization dedicated to attaining equality for women through political action. Minnesota NOW is tax exempt, but membership dues and donations are not tax deductible because of its grassroots lobbying and political work.
The Minnesota NOW Foundation is a 501(c)(3) non-profit charitable organization which focuses on achieving equality through public education, policy advocacy, research, and leadership development. All donations to the Minnesota NOW Foundation are tax deductible. The goal of both organizations is to achieve equality and better opportunities for women and girls.
When deciding what kind of planned gift to make, you should consider how important the tax consequences of your gift are to you, and choose the organization to receive it accordingly. For estates that will not be subject to federal or state estate taxes, a gift to Minnesota NOW will give us the greatest flexibility in putting your bequest to work on behalf of women and girls.
Do I need a lawyer?
The best way to ensure that all your intentions regarding your assets and estate are carried out is to formalize your plans with a qualified estate planning attorney or professional financial advisor. Most attorneys will discuss your needs with you for 15 to 30 minutes at no charge and give you an estimate of the cost of tailoring legal documents to fit your needs and intentions.
What are my planned giving options?
A will is an excellent way to meet your needs and those of your family while also meeting your philanthropic goals. After your family is provided for, you may wish to include a provision in your will leaving a specific amount or a percentage of your estate to Minnesota NOW or the Minnesota NOW Foundation. A will can be amended at any time prior to your death to accommodate changes in your family or your wishes.
You can use your will to support Minnesota NOW in the following ways:
You may leave a specific amount of money.
You may leave a specified percentage of your estate.
You may make a residual gift — i.e., once all of your specific bequests are fulfilled, the remainder (residuary) of your estate would go to Minnesota NOW.
You may make a contingent gift — in the event that one or more of your heirs or named beneficiaries does not survive you, only then would Minnesota NOW become a beneficiary of that portion of your estate.
An example of the language you might use in your will is as follows:
I give, devise and bequeath the sum of $_______ (or _____% of my estate; or ______% of my residuary estate) to the Minnesota chapter of the National Organization for Women (or the Minnesota NOW Foundation), 550 Rice Street, St. Paul MN 55103.
You may choose to make Minnesota NOW or the Minnesota NOW Foundation a beneficiary of your current life insurance policy, or any policy provided through your employer. You may also wish to purchase a policy specifically for the benefit of Minnesota NOW or the Minnesota NOW Foundation. Many supporters name Minnesota NOW as a beneficiary or alternate beneficiary (payable if the primary beneficiary does not survive you) of employer-paid life insurance, the proceeds of which are otherwise taxed at a high rate.
If you have a life insurance policy that is either completely paid for or has outlived its original purpose, you may wish to donate it. If you donate a fully paid policy to the Minnesota NOW Foundation, you may take a tax deduction equal to the replacement value of the policy. If you choose to purchase a policy or donate a policy for which you are still making premium payments, you may deduct the cost of the premium payments as a charitable contribution to the Minnesota NOW Foundation.
Because most IRAs and retirement plans are not taxed upon deposit and grow tax free, they are subject to income tax after you retire and begin to draw income from them. Similarly, your surviving heirs will have to pay ordinary income tax on the full amount of your retirement distribution after your death, and then pay estate tax on the remainder, leaving only a fraction of these assets for their use.
Instead, you could leave your retirement account assets to the Minnesota NOW Foundation, which would preserve those funds free from taxes. You can still provide for your loved ones by leaving them cash and other assets you own that will not be subject to the high taxes imposed on retirement accounts.
You may wish to consider donating via a trust, a Payable on Death (POD) or Transfer on Death (TOD) account, or real estate. If so, we ask you to consider leaving your donation to the National organization. Please click here.
Are we already in your plans? Thank you!
Please let us know so that we may give you the recognition and thanks you deserve!