For Jerry and Sandy, a simple conversation with their financial advisor about managing upcoming required minimum distributions (RMDs) became a significant gift of farmland to benefit charities for decades to come.

Jerry said, “We met with Alan to review our potential RMDs from our traditional IRAs. He suggested we offset taxes from converting them to Roth IRAs with charitable giving.”

Jerry and Sandy don’t have children to take over their farm, so they began considering their gift options. But they aren’t ready to let go of their valuable farmland yet. They can retain control with a life estate reserve gift recommended by gift planners at Thrivent Charitable.

The couple can collect rent on the land and benefit from a significant income tax deduction spread over several years. When they have both passed away, Thrivent Charitable sells the land and proceeds are directed to a donor-advised fund created by Jerry and Sandy to benefit their chosen charities.

The couple recalled how a family in a neighboring town had used their estate to do good in their community. Jerry said, “It created a great legacy for their family, but more importantly it helped a lot of people in their hometown. We want to do that too.”

Jerry said, “It takes a team to do these things,” noting their financial advisor and Thrivent Charitable worked closely with their attorney, tax accountant and an appraiser.

“Given all the years Thrivent Charitable has provided these services, we’re confident our wishes will be carried out, even after we’re no longer on this earth,” he said.

Wide range of options with noncash assets

While cash donations are the most common way to support the immediate need of organizations you cherish, there are several ways to increase the impact of your gifts. Thrivent Charitable accepts a wide range of noncash asset donations, including:

• Real estate.
• Farmland/crops/livestock/equipment.
• Life insurance.
• Cryptocurrency.
• Publicly traded stocks and mutual funds.
• Privately held stock/family businesses.
• Personal property and collectibles.

Your financial advisor can help you be more strategic with your donations and find tax-advantaged ways to carry out your giving goals in collaboration with Thrivent Charitable. Talk to your Thrivent financial advisor or contact Thrivent Charitable today.

You can learn more about giving noncash assets for charitable purposes at thriventcharitable.com/noncashassets.