Join our Cultivators Circle and make Maine farms part of your legacy with a planned gift to MFT.
Whatever stage of life you are in, planned giving is one of the most impactful ways you can support Maine Farmland Trust’s work. You may be able to save on taxes, receive income for life or enjoy other financial benefits—all while helping keep Maine agriculture vibrant and growing for years to come. To speak with MFT staff about planned gifts or the benefits of becoming a Cultivator, please contact us at (207) 338-6575 or cultivators@mainefarmlandtrust.org
Explore Ways to Give
Wills and Trusts
The most common way to leave a gift to MFT is through your will or trust. Bequests for MFT can be for a specific dollar amount or property, a part or
all of your residuary, or as a contingent beneficiary. If you already have a will or Trust, these can often be updated to designate a particular asset, amount, or a percentage of the estate to be given to MFT. Please consult with an attorney to include MFT in your will, trust or codicil.
Bequest language
To include MFT in your will or estate plans, please use the following language: “I hereby bequeath _____ (specify an amount, specific property or percentage of your residuary) to Maine Farmland Trust, a Maine nonprofit corporation with a principal business address of 97 Main Street, Belfast, Maine 04915, Federal tax ID #01-0528014, for its general use and purpose.”
Life Insurance Policies
Life insurance policies are another simple way to designate MFT as a primary or contingent beneficiary. You may also donate the policy itself by naming MFT the owner and beneficiary of the policy. Please consult with your life insurance provider for instructions on how to proceed.
Retirement Plan Assets
Perhaps the simplest way to designate MFT in your estate plan is through your retirement accounts (IRA, 401K, 403B or other qualified retirement plans). Whether you designate MFT as a primary or contingent beneficiary, these gifts simplify your planning and eliminate expensive legal fees as well as reduce the burden of estate taxes on your family. Please consult with your retirement plan administrator to obtain the forms necessary to make a gift to MFT. Individuals 70 ½ and older may transfer up to $100,000 per year directly from an IRA to MFT, known as a Qualified Charitable Distribution (QCD). Contact your IRA plan custodian to make a gift directly from your IRA to MFT. Note: While gifts from your IRA do not qualify for a charitable deduction, they do count towards your Required Mandatory Distribution (RMD), and are removed from your taxable income.
Charitable Gift Annuities
Charitable Gift Annuities and Deferred Charitable Gift Annuities are a way to provide you and your loved ones with income for life while providing a future gift to MFT. MFT partners with the National Gift Annuity Foundation to administer all gift annuities. Contact MFT staff at (207) 338-6575 to learn more about how a gift annuity may produce an income for life for you or your loved ones.
Charitable Trusts
Other charitable trust arrangements could work for you to provide income for life, an immediate income tax deduction, and, depending on the funding asset, other tax savings as well. If you have already established a charitable trust arrangement, please consider adding MFT as a beneficiary. Please consult with your advisor to further explore these options.
Retained Life Estate
You can deed your home or farm to MFT while retaining the right to use for yourself and other you name in the deed. You keep the use and control of your home or farm during your lifetime(s), and when the owners of the life estate have passed away, your home or farm will belong to MFT and sold or transferred to further our charitable work.
Real Estate
By donating real estate to MFT today, you may be able to reduce your capital gains tax or receive an income tax deduction. Real estate does not need to have conservation value; your personal residence, vacation home or commercial property can also be donated to MFT. If accepted, MFT will sell the asset and use the proceeds to support MFT’s mission.
Personal Property
Your art collection, valuables and other personal property that you have acquired with care and thought over a lifetime can be donated to MFT. When you donate gifts of tangible and intangible personal property you may receive an income tax deduction by removing the asset from your taxable estate or reduce capital gains tax. Please let MFT staff know of your intentions early on so as to ensure that MFT will accept such gifts in the future.
Stocks, Bonds and Mutual Funds
Gifts of appreciated stock, bonds and mutual funds are a common way to support MFT today and save on capital gains tax. While gifts of publicly traded stock are simple to make, you can also give restricted or closely held stock under the right circumstances. Please consult with MFT and with your advisor.