A Creative, and Strategic, Tool for Legacy Giving
After a 33-year career as a CPA for Ernst & Young that spanned St. Louis, Cleveland, and Dallas, Gary and his wife Bettye retired to Mt. Crested Butte. They came for the skiing, hiking, and biking, and they have made the most of their time here so far.
Gary and Bettye have deep connections with many local nonprofits. Gary’s passion for community and his financial and governance experience has led to him serving on the boards of a wide variety of nonprofits including CFGV, CB Nordic, and the former Crested Butte Music Festival. Gary helped merge the Crested Butte Music Festival with the Center for the Arts, ensuring that the Center would continue to produce favorite Music Festival genres, including Gypsy Jazz. Gary and Bettye are also both skiers, although Gary shared that he spends more time alpine skiing than Nordic skiing these days.
Strategic Philanthropy as a Component of Estate Planning
Last year, Gary and Bettye decided to take another look at their estate plans. Gary shared that it had been about ten years since they last updated their plans and they wanted to set up bequests for local nonprofits to which they had grown close over their two and a half decades living in the Gunnison Valley.
Due to their ages, Gary and Bettye have been subject to Required Minimum Distributions (RMDs) for several years now and they have been making annual contributions to charities via Qualified Charitable Distributions (QCDs), a common tax-wise giving strategy. As Gary and Bettye considered their estate planning and their RMDs, they reached out to Lauren, CFGV’s executive director, to see if there was a way to think about both their annual giving and their legacy planning in a holistic way.
Gary was familiar with Donor Advised Funds (DAF) and wondered if there was a way to contribute to a DAF now and also use it to leave a legacy of love for the Gunnison Valley, ideally while also using QCDs from his and Bettye’s retirement accounts. Lauren quickly filled Gary in that DAFs are not eligible for QCDs. But, she suggested a creative alternative – contributing QCDs to Designated Funds.
After conferring with other community foundations and the Council on Foundations, Lauren confirmed that a Designated Fund can receive annual contributions via a QCD, which maximizes a donor’s contribution and limits their tax liability on income from their retirement accounts. A Designated Fund is established by a donor to benefit a specific nonprofit organization with an irrevocable gift, or annual gifts. CFGV invests those dollars, allowing the fund to grow over time, making the impact of the gifts stretch further. The Investment Committee guides this investment with an eye for long-term growth to benefit the community. Donors have the option to advise on grant amounts and timing made from their Designated Funds.
A Legacy for the Gunnison Valley
Gary and Bettye both have a great love for the Gunnison Valley and the lifestyle and recreation opportunities that exist here. After consulting with their Financial Advisor’s estate planning team and working with CFGV’s team, Gary and Bettye decided to set up three Designated Funds in fall of 2024: the Gary and Elizabeth Keiser Center for the Arts Legacy Fund, the Gary and Elizabeth Keiser CFGV Forever Legacy Fund, and the Gary and Elizabeth Keiser CB Nordic Legacy Fund. They plan to continue their regular strategic giving using QCDs, and have a plan in place for the funds to pay out to the designated nonprofits when Gary or Bettye pass. It is Gary’s hope that the funds will build up enough of a balance over time that the gifts will have significant impacts for each of the organizations.
With his background as a CPA and his decades of experience working with nonprofits, Gary is extremely well versed in strategic philanthropy. If you are interested in tax-wise ways to leave a permanent legacy in the Gunnison Valley, reach out to Jessica Wurtz, CFGV’s Director of Philanthropy. She and Gary are both available to set up a time to talk about how you can nurture community in Gunnison County forever.
This post should not be construed as tax or legal advice.
Simplified Summary
Gary and Bettye Keiser moved to Mt. Crested Butte after Gary worked as an accountant for 33 years. They love skiing, hiking, and biking in the mountains. They also care a lot about helping local charities and have volunteered on boards for different groups like the arts center and ski organizations.
Last year, Gary and Bettye wanted to update their will and leave money to local charities when they die. They already give money to charities each year from their retirement accounts, which helps them save on taxes. They asked Lauren from the Community Foundation of the Gunnison Valley (CFGV) if there was a smart way to give money now and also leave money later. Lauren suggested they create special funds called “Designated Funds” that can grow over time and help their favorite charities even more.
Gary and Bettye created three special funds in fall 2024 – one each for the Center for the Arts, CFGV, and CB Nordic. They can keep giving money to these funds each year. When they pass away, the money will go to help these organizations. This way, their gifts will be bigger and help the community for many years to come.
