Northwest Minnesota Foundation has a wide range of giving options for donors, including the ability to accept gifts of land to help fulfill philanthropic goals.
We now offer an additional opportunity for the region’s farmers who are looking for a way to leave a legacy through their farmland while assuring it will remain agricultural property.
Landowners may gift their farmland through the Ag-Land Legacy Program to Northwest Minnesota Foundation. The Foundation retains ownership of the farmland, renting it to a local farmer. The rental income is designated for local charities the donor has specified.
Benefits of the program are:
- Preserving the local farmland and way of life that is such an important factor in our region
- Providing landowners a new vehicle to make charitable gifts
- Giving donors tax benefits that include bypassing capital gains tax, receiving a tax deduction for the charitable portion of your gift, and reducing potential estate taxes
- Maintaining the County tax base with the Foundation continuing to pay property taxes on the land.
Also, Northwest Minnesota Foundation is able to diversify its portfolio and further its mission to improve the quality of life in our region through income generated by the gift.
An Ag-Land Legacy gift may be given as a donor designated memorial fund, a bequest to the Foundation, or in a life estate.
To learn more about the Ag-Land Legacy program and if it is right for you, please contact our Senior Development Officer: Lisa Peterson, firstname.lastname@example.org or 800-659-7859.