Leave a legacy for the Trail: Gift & Estate Planning
For over 30 years, the Superior Hiking Trail has provided an opportunity for thousands of visitors to connect with nature along Lake Superior’s North Shore. Today, it remains one of the finest hiking and running trails in the nation. As a supporter of the Trail, you provide the largest source of funding that powers work to build, maintain, and renew the Trail. In addition to a yearly or monthly gift, you can also leave a legacy gift that will protect the SHT long into the future.
A planned gift to Superior Hiking Trail Association — through your wills, retirement plans, or real estate and insurance policies — is a powerful and thoughtful way to share your dedication to the SHT with future trail users and ensure what you have already invested in the Trail will endure. Your gift to SHTA may also provide welcome tax benefits to you and your estate.
Here are a few ways you can leave a legacy to ensure the integrity of the Superior Hiking Trail for generations to come:
Make a bequest to SHTA in your estate plan
A charitable bequest is a common, simple way to include the SHTA in your estate plan to protect the future of the Trail.
A bequest to SHTA is free from federal and state taxes and can be made either outright or contingent upon the death of the named beneficiary. The amount of the bequest is deducted from your estate total, offering substantial savings by decreasing the value of the estate subject to taxation. There is no limit to the amount of your estate that can be left to charitable organizations.
The following is language that we recommend you use to name SHTA as beneficiary of your will or codicil:
“I hereby give, devise and bequeath $____ (specific dollar amount)____, AND/OR ____ (specific percentage)____ percent of the residue of my estate AND/OR real estate located at ______(specific location)____ to Superior Hiking Trail Association, a Minnesota nonprofit corporation exempt from federal taxation under section 501(c)(3) of the Internal Revenue Code, currently located at 618 1st Ave, PO Box 315 Two Harbors, MN 55616, Federal Tax Identification number 41-1560194.”
If you designate that SHTA is to receive real estate, please state in your will or codicil that the property is to be sold through your estate and SHTA is to receive the proceeds from its sale.
Name SHTA in your Life Insurance Policy
Life insurance policies allow several ways to give. You can donate a paid policy that you no longer need by naming Superior Hiking Trail Association as the beneficiary and policy owner. In return, you will receive an immediate tax deduction based on your cost basis in the policy, and it will reduce the value of your estate by the full face value of the policy, potentially reducing estate taxes. Upon your death, the life insurance proceeds will be passed on to Superior Hiking Trail Association.
Make SHTA the beneficiary of your Qualified Retirement Plan or IRA
By designating SHTA as the primary beneficiary of your qualified retirement plan or IRA, this asset avoids income and estate taxes. Alternatively, you can name SHTA as contingent beneficiary upon the death of the named beneficiary. Before your passing, you may be eligible to make a qualified charitable contribution to SHTA directly from your IRA.
Contribute directly to SHTA’s endowment fund
For planned gifts of $100,000 or more, we recommend a contribution to SHTA’s endowment fund held by the Duluth Superior Area Community Foundation. Such a contribution would grow our endowment from which proceeds will be used to fund special projects (e.g. easement purchases, bridge construction). If you prefer putting your money to work right away for the SHT, we suggest considering other legacy gift options.
We recommend you consult with your financial planner, attorney or tax accountant about how a planned gift to SHTA will work for you. We know it will work for us!
If you have already named Superior Hiking Trail Association in your will, please let us know so we can thank you during your lifetime.
To learn more, please contact executive director Lisa Luokkala at (218) 834-2700 x201 or [email protected]
Superior Hiking Trail Association is a 501c3 nonprofit organization. Tax-ID: 41-1569104. Contributions are tax deductible to the extent of the law.