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Passion to share leads to
charitable remainder trust

During a mission trip to Honduras, Ron and Diane were struck by the poverty they observed. It inspired them to sponsor a girl there and provide other support as well.

“We had our eyes opened,” Ron said. “Money means nothing until you use it to help people. That’s where the reward is.”

Inti St Clair/Getty Images/Tetra images RF

Fast forward to 2024 when the couple was ready to retire. Crop farmers for more than 50 years, they planned to crop share their land and sell equipment and machinery at auction since none of their adult children farm.

But how could they reduce or eliminate taxes owed on the depreciated farm equipment?

Knowing their passion for sharing with others, their financial advisor, Chris, suggested they meet with gift planners at Thrivent Charitable to collaborate on a plan that would also provide for the couple’s children.

The recommendation was to establish a charitable remainder trust (CRUT) for the proceeds of the equipment auction. For the next 20 years, the children will split a predetermined percentage of the trust’s assets annually. The amount could fluctuate each year depending on market performance.

Ron said, “If we’re still alive in 20 years we’ll choose which charities will share the remaining dollars. Otherwise, our kids and grandkids will be able to support their charities.”

Wide range of options with noncash assets

While cash donations are the most common way to support the immediate needs 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. The team at Thrivent Charitable manages relationships with local appraisers, title companies and legal and real estate professionals.

You can learn more about giving noncash assets for charitable purposes at thriventcharitable.com/noncashassets. Talk to your Thrivent financial advisor or contact Thrivent Charitable today.

This donor’s experience may not be the same as other donors and does not indicate future performance or success.

Donors must itemize deductions to receive a charitable income tax deduction. Charitable giving can result in tax, legal and financial consequences. Thrivent, its financial professionals, and Thrivent Charitable Impact & Investing®, do not provide legal, accounting, or tax advice. Consult your attorney or tax professional.