Planned gifts are commitments made today that will come to The University of Montana at a later date. In addition to personal satisfaction that comes with supporting the UM, they offer many tax advantages.
Under current Montana law, the state allows a College Contribution Credit, not to exceed $500.00, of 10% of your gifts to the university of Montana, in addition to the allowable charitable deduction.
Since 1997, Montana law has provided a special tax credit for certain types of gifts to nonprofit organizations, including The University of Montana Foundation. This credit is offered to individual taxpayers, small businesses, corporations and estates, and augments the federal tax deduction.
Through 2013, UM friends and alumni who establish a planned or deferred gift to a permanent endowment at The University of Montana Foundation may be eligible for a credit of 40 percent of the qualifying contribution, to a maximum of $10,000. Planned gifts that qualify include:
Some businesses may also qualify for the credit through outright or planned gifts to endowments. Businesses that are eligible include "C" corporations, "S" corporations, partnerships and limited liability companies. The credit is passed through to partners or shareholders according to their proportionate shares of ownership. Businesses are eligible for a credit of 20 percent of the qualifying outright gift and 40 percent of planned gifts to a maximum of $10,000 per partner or shareholder.
For both individuals and businesses, the credit must be used in the year of gift. Any excess may be used as a tax deduction against Montana income. Gifts of appreciated property such as stocks or real estate may provide even greater savings by avoiding capital gain tax.
Planned Giving Email: Theresa Boyer
This information is for illustration purposes only and should not be considered legal, accounting or other professional advice. Your actual benefits may depend on various factors including the timing of the gift.
UM Foundation
P.O. Box 7159
Missoula, MT
59807-7159
