Stable Income AND a Charitable Gift - Charitable Remainder Unitrust
Mary "May" Singh lived in Hazen, North Dakota for many years. After her husband died, May established a Charitable Remainder Uni-trust at the North Dakota Community Foundation to provide stable income to her and to provide a gift when she was gone.
May created the uni-trust with $200,000 in 1997 and received an annual income of approximately $10,000 every year. At the time of her passing in 2014, the uni-trust had a balance of $206,079 and had paid out $157,074 to her over the years.
After May passed away, the remainder in the trust was used to create two new funds at NDCF, per her wishes. The Singh Family Endowment Fund provides charitable income to specific charities May wished to support: the Bismarck-Mandan Chapter of the Salvation Army, the Hazen Dollars for Scholars program, and the Mercer County Senior Citizens Organizations.
The second fund May wanted created was the Singh Family Unrestricted Endowment Fund, which provides grants to nonprofit organizations all across North Dakota every year. Grants are determined by the NDCF Board of Directors.
The citizens of North Dakota, and specifically Mercer County, will benefit from May's generosity for countless generations.
If this type of charitable-giving vehicle sounds appealing to you, please feel free to contact us for more information at [email protected] or at 701-222-8349. We can run personalized illustrations for you that will provide estimates for your annual payments from the uni-trust and estimated charitable gift, as well as any tax deductions or tax credits that may be available to you.