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Did you know that there are many ways to support Northwest Passage besides writing a check?

With a little planning, you can include a gift to Northwest Passage within your overall estate or financial plan that preserves our mission and provides you with tax benefits in return.

To include Northwest Passage in your plans, please use our legal name and federal tax ID:

Legal Name: Northwest Passage, Ltd.
Legal Address: 7417 N Bass Lake Rd, Webster, WI 54893
Federal Tax ID Number: 39-1311448

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.

All potential gifts are subject to Northwest Passage’s Gift Acceptance Policy.

BEQUESTS

Are you interested in helping the kids at Northwest Passage but feel overwhelmed by the thought of writing another check or giving up your assets today? A simple, flexible, and versatile way to ensure we can continue our mission for years to come is a gift in your will or living trust, known as a charitable bequest.

A charitable bequest is one or two sentences in your will or living trust that leave to Northwest Passage a specific item, an amount of money, a gift contingent upon certain events, or a percentage of your estate.

By including a bequest to Northwest Passage, Ltd. in your will or living trust, you are ensuring that we can continue to impact the lives of children struggling with mental health issues for years to come.

So how do you remember Northwest Passage in your will? While planning or updating your will, simply tell your attorney that you want to leave something to Northwest Passage. A common practice when including a bequest in your estate is to leave a percentage, rather than a fixed amount, to us. That way, your gift to us remains in proportion to other bequests.

In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Northwest Passage in your estate plan. We have provided some basic bequest language below to assist you and your attorney.

1. Specific Bequest: If you are considering making an outright bequest to Northwest Passage, we recommend the following language:

Bequest of a Specific Dollar Amount
I hereby give, devise, and bequeath _________ and No/100 dollars ($DOLLARS) to Northwest Passage, Ltd., a nonprofit organization located at 7417 N Bass Lake Rd, Webster, WI, 54893, Federal Tax ID #39-1311448, for Northwest Passage’s general use and purpose.

Bequest of Specific Personal Property*:
I hereby give, devise, and bequeath DESCRIPTION OF PROPERTY to Northwest Passage, Ltd., a nonprofit organization located at 7417 N Bass Lake Rd, Webster, WI, 54893, Federal Tax ID #39-1311448, for Northwest Passage’s general use and purpose.

Bequest of Specific Real Estate*:
I hereby give, devise, and bequeath all of the right, title, and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to Northwest Passage, Ltd., a nonprofit organization located at 7417 N Bass Lake Rd, Webster, WI, 54893, Federal Tax ID #39-1311448, for Northwest Passage’s general use and purpose.

2. Percentage Bequest: If you are considering making a bequest of a percentage of your estate to Northwest Passage, we recommend the following language:
I hereby give, devise, and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Northwest Passage, Ltd., a nonprofit organization located at 7417 N Bass Lake Rd, Webster, WI, 54893, Federal Tax ID #39-1311448, for Northwest Passage’s general use and purpose.

3. Residual Bequest
I hereby give, devise, and bequeath to Northwest Passage, Ltd., a nonprofit organization located at 7417 N Bass Lake Rd, Webster, WI, 54893, Federal Tax ID #39-1311448, ALL OR A PERCENTAGE of the rest, residue, and remainder of my estate to be used for Northwest Passage’s general use and purpose.

4. Contingent Bequest
If (primary beneficiary) does not survive me, then I hereby give, devise, and bequeath to Northwest Passage, Ltd., a nonprofit organization located at 7417 N Bass Lake Rd, Webster, WI, 54893, Federal Tax ID #39-1311448, DESCRIPTION OF PROPERTY to be used for Northwest Passage’s general use and purpose.

*Bequests of personal property or real estate are subject to Northwest Passage’s Gift Acceptance Policy.

 

 

Potential Scenario

It was the process of settling his parents’ estate that got Andrew, a Northwest Passage graduate, thinking about a gift in his will.

“Our lawyer emphasized to my sister and me that we need to have wills,” he says. “I am not married. I have no kids. I have no plans for either in the future. So after making sure that my nephew will be taken care of, the main thing in my will is that Northwest Passage will get a percentage of my estate.”

To complete his gift, Andrew simply shared our bequest language with his attorney to include in his will.

“I feel really good about the decision,” Andrew says. “Northwest Passage made a real difference in my life, and this is a way I can help the next generation of kids on their journey.”

BENEFICIARY DESIGNATIONS

Are you passionate about supporting Northwest Passage even after your lifetime? It’s not only possible, it’s easy to do with a beneficiary designation. Just name Northwest Passage, Ltd. as a beneficiary to receive assets such as retirement plans and life insurance policies after you’re gone. Contact your lawyer to fill out a form that is entirely separate from your will—which makes this approach an easy way to give.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

Not only is it an easy way to give, but it’s also flexible—you aren’t locked into the choices you make today. You can review and adjust beneficiary designations anytime you want.

You can name us beneficiary of the following assets:

  • Retirement Plan Assets
  • Life Insurance
  • Commercial Annuities
  • Bank Accounts, Certificates of Deposit, or Brokerage Accounts

 

Potential Scenario

Tom and Nancy treasure the financial help they’ve been able to give their children and Northwest Passage over the years. Now that their kids are grown, Tom and Nancy changed their estate plan so it could work harder for the people and causes they love. The couple updated their will to leave stocks and real estate to their kids. And they left us a $75,000 IRA to be transferred after their death. Because Northwest Passage is tax-exempt, all $75,000 will help support the residents and programs at Northwest Passage.

If Tom and Nancy had left the IRA to their children, approximately $18,000* would have gone to pay federal income taxes—leaving only $57,000 for their family’s use. Tom and Nancy are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.

*Based on an assumption of a 24% marginal income tax bracket.

DONOR-ADVISED FUND (DAF)

A donor-advised fund (DAF), which is like a charitable savings account, gives you the flexibility to recommend how much and how often money is granted to Northwest Passage and other qualified charities. You can recommend a grant or recurring grants now to make an immediate impact or use your fund as a tool for future charitable gifts.

A donor-advised fund is a charitable giving vehicle administered by a public charity created to manage charitable donations on behalf of organizations, families, or individuals.
 

You can also create a lasting legacy by naming Northwest Passage, Ltd. as the beneficiary of the entire account or a percentage of the fund. With a percentage, you can create a family legacy of giving by naming your loved ones as your successors to continue recommending grants to charitable organizations. Contact your fund administrator for a beneficiary form.

 

Potential Scenario

Peter and Karen want to give back to their community by putting their money where it will do the most good. They establish a $25,000 donor advised fund with a community foundation. The couple receives a federal income tax charitable deduction for the amount of the gift. They also get all the time they need to decide which charities to support. After researching community needs with the foundation’s staff, Peter and Karen recommend grants for Northwest Passage, which they’ve supported for years, and the local Humane Society. The foundation presents the charities with checks from the Amelia Fund, which Peter and Karen named in honor of their granddaughter. Peter and Karen are delighted to start this personal legacy of giving.

IRA CHARITABLE ROLLOVER

Would you like to make a difference today and save on taxes? It’s possible when you support Northwest Passage through your IRA. As a special opportunity to those 70-1/2 years old and older, you can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Northwest Passage without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

The charitable IRA rollover, or qualified charitable distribution (QCD), is a special provision allowing particular donors of age 70.5 to exclude from taxable income—and count toward their required minimum distribution—certain transfers of Individual Retirement Account (IRA) assets that are made directly to public charities.

Why Consider This Gift?

  • Your gift will be put to use today, allowing you to see the difference your donation is making.
  • Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

 

Potential Scenario

Gary is a 75-year-old who would like to make a special contribution to support Northwest Passage. Gary has an IRA and knows that he is facing a Required Minimum Distribution (RMD) this year. Gary knows that his RMD is going to increase his income tax. Instead of withdrawing the funds from his IRA, Gary instructs his IRA custodian to make a $50,000 QCD directly to Northwest Passage, Ltd. Gary is not only meeting or reducing his RMD for the year but is also making a generous contribution to the programs and projects at Northwest Passage.

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