Planned Giving with Mike Klinefelter, Planned Giving Officer, Twin Cities PBS
Although estate planning can seem intimidating, even a simple estate plan can provide you with peace of mind while making a lasting impact at the charitable organizations you care about most. There is calmness and relief in knowing that your wishes have been clearly expressed: for your loved ones and for your philanthropic legacy.
In my own setting, serving as the planned giving officer at Twin Cities PBS, a documented planned gift commitment can change the future. Planned gifts are more than just future financial support – they are a promise that the organization, people, and programs our members and viewers value every day will remain – to educate, inspire, and spark curiosity for generations to come.
I highlight three significant reasons why a prospective donor might consider a planned gift (to Twin Cities PBS or any nonprofit organization):
- Improve organizational resilience by diversifying revenue and reducing vulnerability during economic fluctuations or unexpected disruptions.
- Expand philanthropic opportunities for donors of all financial abilities to create a meaningful and significant legacy through activating assets.
- Turn a lifetime of values into a legacy. A planned gift is a meaningful way to pass on your beliefs and values that are represented in that nonprofit.
Once you make the decision to do the work of estate planning, there is often the struggle of “what do I have, how do I give, who should get it, what is the best asset to give to whom,” and so on. This is where your professionals can really shine.
Pay particular attention to those assets that are passing outside of the probate process (that have a beneficiary designation or POD/TOD) as well as those assets, like qualified retirement funds (IRA, 401k, 403b), that are highly taxable to the next generation. When given to a favorite nonprofit such as Twin Cities PBS, those assets are not subject to income tax because we are a 501(c)(3) organization.
Much of my 15 years as a gift planner has been spent working with prospective donors, assisting them with choosing what to give, but fundamentally a large portion of the work is helping a donor understand the importance of why they choose to make a planned gift, sustaining those nonprofits they love, usually alongside family and friends that they wish to provide with gifts.
For many people I have been fortunate to walk with, the words blessing, responsibility to the next generation, and legacy are often repeated. Legacy is a powerful word. It includes what we leave behind in terms of kids or grandkids, impacts on nieces, nephews, and friends. Those are of vital importance. I also believe, as have so many of the donors I have worked with, that our legacy can include how we choose to make our little corner of the world a better place. How can my final gift make a difference?
A planned gift is typically the largest gift a person will ever make (a normal completed planned gift is two hundred times the size of a donor’s largest annual fund gift according to PlannedGiving.com). These gifts can be transformative for an institution. In fact, your legacy could be providing the long-term sustainability of your favorite nonprofit.
In the end, only you can decide if you want to include a charitable institution in your estate plans. You have multiple options in Minnesota to do so, through a Living Trust, a Last Will and Testament, a Beneficiary Designation, a Payable on Death, a Transfer on Death, or even a Transfer on Death Deed for your home or Real Estate, which is not available in all states. I highly recommend contacting the development office of the nonprofit you plan to give to; they will assist you in your planning and guide you in specific funding opportunities. Furthermore, use the professionals you already have, or are looking to find: attorney, accountant, and financial planner. These three can be priceless as you create your plan.
On this final note: although I have 15 years of experience in planned gift fundraising, I am not an attorney, accountant, or financial planner. I cannot give legal, tax, or financial advice. Should you be interested in a conversation about Twin Cities PBS, I would be happy to meet with you or visit over the phone or by email. If you are a professional with questions about gift planning in general, please send me an email. I would be happy to discuss our mutual work.
I hope you have learned a bit about gift planning and been inspired to make a planned gift or recommend to clients to consider a planned gift in their estate plans.
Thank you.
Mike Klinefelter
Planned Giving Officer
Twin Cities PBS
mklinefelter@TPT.org
This article is published, un-edited by the Courtney Law Office.
The material contained or linked to in this blog is for general informational purposes only, and is not intended to create or constitute an attorney-client relationship between Courtney Law Office, PLLC and any person. The information is not offered as legal advice and should not be construed as legal advice. Readers should not act on the information presented without consulting an attorney about your specific situation. Communications with the Courtney Law Office are not confidential unless a legal relationship is established by a representation agreement. If you would like to establish a legal relationship and seek legal advice, please reach out.
