Leave a Legacy
Making a planned gift to Practical Farmers of Iowa is a great way to give back. It can also direct your dollars to sustainable agriculture (not taxes), simplify your estate plans – and perhaps increase your income.
Because Practical Farmers fits your vision and values
“Being a good steward of my farmland is an ethical, spiritual thing to do. Practical Farmers is the only agricultural organization that is consistent with my ethics.”
– Farmland owner Helen Gunderson
Gifts of Land and Real Estate
PFI does accept gifts of land and real estate.
PFI was built on the principle that farmers are the experts. Since 1985, we have credibly educated, equipped and empowered farmers, through farmer-to-farmer
education, with information and support to make their own decisions. With that concept in mind, our focus in accepting land donations will be on transferring autonomy, ownership, or both to farmers. These farmers will steward decisions for the subsequent generations on that land.
To equip our members to build resilient farms and communities, we will continue to help farmers transferring land to share goals, values and strategies. We will also continue our focus on building trusted relationships within our network to share information among and between generations.
Each potential land donation, along with landowner hopes for the legacy they leave, is different. Thus we may consider owning certain land long-term and we will look at each potential donation as a unique opportunity. However, our focus will be on creating innovative ways to transfer land ownership to farmers whose values are in line with PFI’s values.
In your will
Tom and Irene Frantzen (with son James, left) of New Hampton, IA plan to donate their farmland to Practical Farmers.
It is easy to include Practical Farmers of Iowa in your will by adding a codicil to your existing will or by including language in a will that your attorney is drafting.
When you include Practical Farmers in your will, you keep all your assets available to you during your lifetime. Through your will, you may choose to give Practical Farmers specific assets, a portion of your estate, or your residual estate after payment of other gifts.
Please talk with your attorney and give him/her our Federal Tax ID Number: 42-1255174. Refer to the sample bequest language below.
- Specific amount: “I give to Practical Farmers of Iowa (Practical Farmers), located in Ames, Iowa, the sum of $___ to be used by Practical Farmers wherever the need is greatest.”
- Property: “I give to Practical Farmers of Iowa (Practical Farmers), located in Ames, Iowa, all of my right, title, and interest in the following described real estate [enter legal description of land] to be used by Practical Farmers wherever the need is greatest.”
- Portion of estate: “I give to Practical Farmers of Iowa (Practical Farmers), located in Ames, Iowa, ___% of my estate to be used by Practical Farmers wherever the need is greatest.”
- Residual estate (after other gifts are made): “I give to Practical Farmers of Iowa (Practical Farmers), located in Ames, Iowa, the rest and residue of my estate to be used by Practical Farmers wherever the need is greatest.”
You can direct your legacy gift “wherever the need is greatest” or direct it to the Practical Farmers endowment or for another specific purpose. Please contact Executive Director Sally Worley to ensure that we understand your intentions for the future use of your gift: (515) 232-5661 or sally.worley(at)practicalfarmers(dot)org.
Beneficiary designation
Sean Skeehan and Jill Beebout have included Practical Farmers as a beneficiary on their life insurance policies
Please consider designating Practical Farmers of Iowa as a beneficiary on your retirement plan, life insurance, CDs, or bank accounts. There is no charge to you for making beneficiary designations. You have the freedom to change a designation at any time.
- IRA or 401(k) plan: Contact your plan administrator for a “change of beneficiary” form.
- Life insurance: Contact your insurance agent to request a “change of beneficiary” form.
- Bank account or CD: Contact your bank or credit union for the proper form to set up a “payable on death” designation for Practical Farmers of Iowa on a savings account, checking account, or certificates of deposit.
Please contact Executive Director Sally Worley for more information: (515) 232-5661 or sally.worley(at)practicalfarmers(dot)org
Charitable gift annuity
Ruth and Tom Neuberger of Canistota, SD invested in a charitable gift annuity to celebrate their 60th anniversary.
The Charitable Gift Annuity returns income to you for a period of years for the remainder of your lifetime — and may reduce your taxes as well.
Here’s how it works: Through a simple agreement, you give Practical Farmers of Iowa cash or securities and in return, we pay you an income for as long as you live.
The size of the payments depends on the amount you contribute and your age. The older you are, the higher the rate of return.
The payments you receive through a Charitable Gift Annuity are much higher than the returns currently provided by certificates of deposit, money market funds, treasury bills and bonds or other similar kinds of investments. The payments are fixed for life and are backed by the full financial resources of Practical Farmers of Iowa.
In addition to lifetime income, gift annuities provide tax benefits that make them more attractive:
- If you fund an annuity with appreciated securities, you avoid, or at least defer, capital gains on the sale of the securities.
- You receive an immediate federal income tax deduction when the annuity is purchased. The size of the deduction depends on your age and the number of beneficiaries.
- A significant portion of the income produced by the annuity is exempt from both federal and state income taxes. The effective after-tax return provided by the gift annuity is thus significantly higher than the stated interest rate.
Most importantly, the funds used to establish the annuity will pass to Practical Farmers of Iowa.
Talk to your financial advisory, then contact Executive Director Sally Worley for more information: (515) 232-5661 or sally.worley(at)practicalfarmers(dot)org
More ways
There are other options for leaving a legacy, along with including Practical Farmers of Iowa in your will, as your beneficiary for life insurance or 401k policies, and by taking out a charitable gift annuity. For example, consider making a gift of:
- Appreciated assets, such as stock or land, through which you avoid capital gains tax;
- Life insurance, by which you make Practical Farmers of Iowa the owner and beneficiary of a paid-up policy you now own or a new policy you purchase;
- Other gifts that provide a life income such as a charitable remainder trust or a charitable remainder annuity trust;
- Using your IRA to make a tax-free gift to charity.
Talk with your financial advisor, and then contact Executive Director Sally Worley, (515) 232-5661 or sally.worley(at)practicalfarmers(dot)org
Federal Tax ID Number: 42-1255174
Consult your trusted professionals for legal, financial, insurance and estate planning advice. Practical Farmers does not provide legal or financial services.
Contact Information
For more information please contact: Executive Director Sally Worley for more information: (515) 232-5661 or sally.worley(at)practicalfarmers(dot)org.