Gifts in trust to the Farm Rescue Foundation can provide lifetime income to you or income to the Farm Rescue Foundation for the terms of the trust. There are great benefits associated with both remainder and lead trusts.
Advantages of remainder trusts are: (1) you receive income from the trust for life; (2) you get an immediate tax deduction; and (3) you have control of the trust subject to its terms during your lifetime. The Farm Rescue Foundation receives the trust upon your death.
Advantages of lead trusts are: (1) the Farm Rescue Foundation receives income from the trust; (2) you and your heirs can get the trust back at the end of a term of years; and (3) you receive a larger immediate income tax deduction.
In order for your gift to be considered legally sound, you must attach the following legal statement with your gift:
“I give, devise, and bequeath to the ‘Farm Rescue Foundation,’ an IRS designated 501(C)3 nonprofit charitable corporation, located in Horace, North Dakota, the sum of $________(or a description of the specific asset), for its general purposes.”