The mission of the South Dakota Golf Association Junior Golf Foundation is exclusively to carry out charitable and educational purposes in support of Junior Golf. Junior Golf is broadly defined as golf projects and programs for boys and girls of any age through high school graduation.
Members and friends of the South Dakota Golf Association are given the opportunity to support this Foundation and build the endowment through: (i) gifts made during their lifetime, (ii) gifts made by will, (iii) endowment gifts, (iv) memorial gifts, (v) gift annuities, and (vi) all other types of gifts and contributions. The Board is authorized to undertake such fundraising activities as may be appropriate in order to generate such contributions, gifts, bequests, and devises.
Life insurance offers an attractive method of providing for both your family and South Dakota Golf Association Junior Golf Foundation. There are many types and arrangements of life insurance gift programs. The face amount of the policy would be paid to the foundation, and the premiums you pay would be deductible since they would be going to a charitable organization.
You may own a capital asset, such as real estate, securities or other property, that has increased in value since you acquired it and that would produce taxable capital gain if you were to sell it. If you give such property to the South Dakota Golf Association Junior Golf Foundation, you can take a deduction for part or all of the property and may avoid paying any tax on the appreciation in value.
In addition to gifts of appreciated "capital gain" property, you can make gifts of other property whether or not it has appreciated in value since you acquired it.
One way of giving to South Dakota Golf Association Junior Golf Foundation is through a bequest in your Will.
A trust may be established and property transferred to the trust to be managed by a trustee of your choosing. The trustee may be a private individual, a corporation having the trust powers, a trust department of a bank or trust company, South Dakota Golf Association Junior Golf Foundation. You and other designated beneficiaries can receive the income from the trust assets for life. Thereafter, the principal either can be given to the South Dakota Golf Association Junior Golf Foundation free of trust or can be continued in trust for the benefit of the Foundation. Funding the trust with appreciated property enables the donor to avoid capital gains tax. A Tax deduction for a substantial portion of the gift's value is allowed for even further income tax savings. This arrangement may also result in estate and inheritance tax savings.
There are many other types of trust arrangements which can result in both tax savings and the desired contribution. A trust should be specifically tailored to your needs.
You may wish to give cash to the Foundation but need to retain investment income for you or a survivor's lifetime after which the principal could go to the Foundation in your name. There are tax advantages with this kind of arrangement. South Dakota Golf Association Junior Golf Foundation can enter into such an agreement to your satisfaction and the foundation's ultimate benefit.
A donor can obtain income and estate tax benefits by making a charitable gift of a personal residence or farm, even though the donor retains the right to life enjoyment. A "personal" residence may include a donor's vacation home even though it is no the "primary" residence. A life estate may be retained for one or more lives or for a term of years.
The major benefit of the life reserved type of gifts is that the donor continues to enjoy full use of the property during their lifetime and also has immediate benefit of a current income tax deduction. In addition, when the donor dies, there may be savings in both probate costs and estate tax.
The statements herein concerning the legal effects of alternatives of giving should not be relied on by you without further consultation with your professional advisors as to your individual circumstances.