Ways To Give
There are many methods you can use to make a charitable contribution. It is a good idea to contact your attorney or professional financial advisor to help you decide which special gift option is best for you.
You can make a donation in the form of cash, check, credit card or bank transfer.
Register your credit card, bank draft or other payment method to make recurring gifts that you direct to a specific fund or several funds at Morningstar Living. You can make these monthly payments (or other scheduled payment timing) that results in an annual giving plan that is right for you. You might find that setting up a $25 monthly gift can create a significant way to support Morningstar Living.
Appreciated Stocks and Securities
Stocks and securities offer a good way to make a special gift of support with positive tax benefits for you. A letter of authorization is required. Be sure to consult your financial advisor when considering this option.
IRA (Qualified distribution, beneficiary designation)
Those who must take a Required Minimum Distribution from their IRA may direct funds (up to $100,000 annually) to a Qualified Charity of their choice and avoid paying income tax on that distribution. Funds withdrawn from the IRA must go directly to the charity of choice (i.e., Morningstar Living Foundation) and be documented appropriately.
Those who wish to name Morningstar Living as a named beneficiary of an IRA or similar account can be assured the funds in their account, upon death, will go directly to the charitable need designated by you. This beneficiary method is a legacy gift outside of the estate and not subject to probate or estate tax considerations.
The Foundation is grateful to receive legacy gifts to further the mission and needs of Morningstar Living. Your willingness to notify us of your gift intent is greatly appreciated so that we have the opportunity to recognize your generosity during your lifetime and ensure that your gift intentions are clearly stated.
Gifting Through Your Will or Estate Plan
The easiest way to make a significant gift is to name Morningstar Living as a beneficiary in your will or estate plan. You can designate a stated amount or a percentage of estate residuals. You will want to ensure that your attorney uses the corporate name Morningstar Living Foundation as well as any fund direction in the testamentary language.
Charitable Beneficiary Designation (IRA, Life Insurance)
When you name Morningstar Living Foundation as the beneficiary of a life insurance policy, your IRA or another asset you wholly own, your gift goes directly to our organization for the charitable purpose you name. It is best to direct this type of gift as an unrestricted gift so that the Foundation Board can direct it to the charitable fund with the highest priority need.
Charitable Gift Annuity or Remainder Trusts
Morningstar Living works with several reputable organizations to set up annuity and trust agreements that can provide lifetime income for you with the remainder of the annuity transferring to benefit Morningstar Living. Some gifts can be the reverse – the income benefits us as the charity and the funds remaining at the end of your life are a legacy gift to a person you name.
There are many different ways to establish these gift instruments and consultation with a trusted advisor is important when making this determination. If you want to learn more about these options, please contact the Director of the Foundation to schedule a consultation.