Innovative Charitable Options

When you take stock of your financial assets you may be surprised at how much you’ve accumulated. Once you added your home equity, retirement, bank and investment accounts together, it may be a number that surprises you, pleasantly! Making a gift to the Elna M. Smith Foundation d/b/a The Great Passion Play at your passing will allow you to leave an eternal legacy and even reduce your taxes!

​Our desire is for you to discover the joy of giving to those who need your help far into the future.

Retirement Accounts, Life Insurance & Annuities
Do you know who you’ve named as your primary beneficiary on your IRA or 401k?

How about your contingent (secondary) beneficiary? You should double check!

Retirement accounts are tax-deferred; you don’t pay the taxes until you withdraw the money.
Annuities work in a similar fashion.
Life Insurance is income tax free.
All of these may also be subject to estate taxes if your estate is large enough at your death.

None of these assets flow through your Will or Living Trust, they go directly to your beneficiary.
Please consider naming us, as your primary or contingent (secondary) beneficiary on your retirement accounts, life insurance (even the group life insurance you get at work) and any annuities you may have. By naming the Elna M. Smith Foundation d/b/a The Great Passion Play as your beneficiary, you control and spend it through your lifetime. You can even name several beneficiaries by stating a percentage amount. Because these accounts each have separate beneficiary forms, you will need to use the form provided by that institution, many of which allow you to make these adjustments on-line, or through your HR Department.

When you pass away, we’ll receive the amount you’ve specified completely TAX FREE!

Here’s how:
Primary Beneficiary: Elna M. Smith Foundation d/b/a The Great Passion Play, (__%)
or
Contingent Beneficiary: Elna M. Smith Foundation d/b/a The Great Passion Play, (__%)

Life-Time Gifts from IRAs

If you are 72 or older, you MUST take IRA distributions (except for 2020).  And you can give up to $100,000 per year to the Elna M. Smith Foundation d/b/a The Great Passion Play . It is called a Qualified Charitable Distribution or QCD.  Please contact the Elna M. Smith Foundation d/b/a The Great Passion Play for more details on this popular technique!

Wills and Living Trusts

Whether you use an attorney or a computer-generated service like Legal Zoom to prepare your Will or Living Trust, but naming the Elna M. Smith Foundation d/b/a The Great Passion Play, your gift of any amount or percentage helps support our mission far into the future.

Charitable gifts must be made from your estate or living trust with specific language. Here is the suggested bequest language:

“I give and bequeath to the Elma M. Smith Foundation d/b/a The Great Passion Play [$ ____ or ___ %)”

Gifts of Stock

You can also give us stock directly. Your financial advisor can help you this, and you can avoid paying unnecessary taxes too.

Bank and Investment Accounts

You can also transfer your bank, credit union and regular (Non-IRA) accounts to us.  You can do this by putting a POD (Payable on Death) or TOD (Transfer on Death) designation on those accounts to the Elna M. Smith Foundation d/b/a The Great Passion Play. Ask your financial institution for the assistance with this.  They will be happy to help, and we’ll be happy for the help!

Gifts of Real Estate

With a gift of real estate to the Elna M. Smith Foundation d/b/a The Great Passion Play, you can further our mission and lower taxes too!
 
You can even donate your house to us now, live there the rest of your life and receive a large income tax deduction.
 
Before you begin the process of donating real estate, please contact us to make sure we will be able to accept your generous gift.  

Gift Annuities and Charitable Trust

A Charitable Gift Annuity is a way to make a donation to the Elna M. Smith Foundation d/b/a The Great Passion Play at your death, receive a lifetime of income and get an income tax deduction.  
 
There are also special trusts called a Charitable Remainder Trust which works much like a Gift Annuity but is more suitable for larger gifts.
 
There are other creative options available.  Please let us know if you have any questions.
 
Our Tax ID Number is 71-0387411
 
Thanks for any help you can give us!
This information is not intended to be used as legal or tax advice. 
Contact your own appropriate advisors to discuss the benefits and effects of any particular charitable & tax strategy.  
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