August Financial Professional Perspective: Kaylee St. Germain | InFaith Community Foundation

August Financial Professional Perspective: Kaylee St. Germain

Helping Farmers Incorporate Charitable Giving Into Retirement Income Planning 

In her first career as a banker, Kaylee St. Germain quickly noticed that farmers like to talk about saving on taxes. Now working as a Thrivent financial professional for the past four years, she’s noticed that InFaith Community Foundation’s mission resonates with the farming clients she serves, because they find joy in sharing their gifts.

“Being knowledgeable of tax efficient strategies is a good way to get the conversation started. Having InFaith ready to help with the options is even better,” she says.

Kaylee recently collaborated with InFaith to help a farm couple combine their retirement income plan with their charitable interests using a charitable remainder unitrust (CRUT).

She met with the couple and their CPA, and discussed how creating a CRUT with farm assets could benefit them in retirement. Once the couple decided on including a CRUT in their plan, they had a conference call with an InFaith gift planner. 

“They walked through all the details and ran illustrations for my clients,” Kaylee says.

The clients selected the CRUT because of its flexibility. Their plan is to farm at least one more year and then rent their land. Their two adult children will not be taking over the farm operation – a common occurrence in farm families. They can add to their trust over time, starting with an initial gift of surplus crops that are still in the bin from 2018 and culminating with equipment down the road.

“It’s an appealing option in terms of tax savings, plus they can make more of an impact with their charitable donations,” Kaylee says.

While donors pay taxes on the income from the trust each year, they avoid immediate recognition of income from assets donated to the CRUT. 

Referrals with Other Retiring Farmers
Kaylee’s client has already told other farmers in the area about how the trust will benefit their family in retirement. She is looking forward to helping more retirees carry out their charitable plans with InFaith.

Contact InFaith gift planners to collaborate on solutions for your clients at 800-365-4172.

Category: