Outright Bequests
I give, devise and bequeath to the Montana Mental Health
Association, a tax-exempt organization, located at 205 Haggerty Lane, Suite 170, Bozeman, MT 59715, the sum of $________
(or real or personal property herein described), to be used
for the general purpose of the Association at the discretion
of its Board of Directors.
Bequests for a Specific Purpose
I give, devise and bequeath to the Montana Mental Health
Association, a tax-exempt organization, located at 205 Haggerty Lane, Suite 170, Bozeman, MT 59715, the sum of $________
(or real or personal property herein described) for the purpose
of _____________.
Additional Tax Advantage to Montana Residents
A 1997 law enacted by the Montana Legislature allows Montana
taxpayers who make certain charitable gifts to take a credit
against their Montana Income Tax. Through December 31, 2001
Montana taxpayers that make a qualifying gift to an endowment
may be able to take a credit against their Montana income
tax liability. The gift must be made to an endowment (e.g.
the gift is held and invested in perpetuity and only the
income can be used to support the endowed purpose) held by
a qualified charity. The gift can create an endowment or
it can be made to an existing endowment. MMHA is interested
in starting an endowment and is anxious to join with a potential
donor to do so.
The credit may not exceed the taxpayer's Montana income
tax liability and is limited to 50% of the value of the charitable
gift.
The maximum credit an individual taxpayer may take from
gifts to all sources is $10,000. The taxpayer may take a
tax-credit or a tax-deduction for the amount being claimed,
but not both.
The credit must be applied in the tax year in which the
gift was made. There is no carry back or carry forward provision,
but a gift can be made in each year the law is in effect.
All of these estate planning options have charitable tax
benefits.
If you have questions, please contact the MMHA Executive Director
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