Legacy Giving with Northern Lakes
Arts Association
Retirement Plans: A Tax-Wise Way to Leave a Legacy
Your retirement plan can be a powerful tool for advancing the arts and creating lasting opportunities in Ely and beyond. By designating Northern Lakes Arts Association (NLAA) as a beneficiary of your retirement account, you can support the future of the arts while maximizing the impact of your gift.
Why Legacy Giving is a Good Thing
Including NLAA in your retirement plan isn’t just a gift—it’s a smart and impactful way to ensure the arts thrive in our community.
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Tax Advantages. Retirement plan assets can be heavily taxed when left to heirs, but as a nonprofit, NLAA is exempt from income and estate taxes. This means your gift will have its full intended impact, while reducing the tax burden on your estate and heirs.
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Sustained Community Impact. Your contribution supports future generations of artists, performers, and audiences, ensuring access to creative opportunities for all.
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Flexibility. You can continue to take withdrawals during your lifetime, and you can update your beneficiary designation at any time if your circumstances change.
Your thoughtful planning ensures that your legacy reflects your values while strengthening the arts in the Northwoods.
The Benefits of Designating NLAA as a Beneficiary
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Escape Double Taxation. Avoid both income and estate taxes on the residue of your retirement account.
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Support NLAA’s Mission. Your gift provides critical funding for youth programs, community workshops, and professional productions.
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Flexibility and Control. Retain access to your retirement savings during your lifetime and make adjustments as needed.
Why NLAA?
Northern Lakes Arts Association has been enriching lives in Ely, MN, for more than 35 years, fostering creativity and building community through accessible arts programming. From youth camps to professional productions, your gift ensures NLAA can continue to inspire, educate, and connect future generations.
How It Works
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Name NLAA as a Beneficiary. Request a beneficiary designation form from your retirement plan administrator. Include NLAA as the full or partial beneficiary.
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Complete the Form. Provide NLAA’s business address and tax identification number:
Northern Lakes Arts Association
Ely, MN 55731
Tax ID: 36-3485240 -
Submit the Form. Return the completed form to your plan administrator and, if you’re comfortable, share a copy with us for accurate processing. Include details such as account type, account number, and approximate value.
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Secure Your Gift. Ensure your executor or trustee has a copy of your will, a list of non-probate assets, and the necessary beneficiary information. Your plan administrator will also require death certificates for distribution.
Let’s Talk
We understand that legacy planning is a deeply personal decision. If you’d like to explore how your gift can reflect your values and priorities, we’re here to help.
Email: contact@northernlakesarts.org
Phone: (218)-235-9937
Thank you for helping NLAA bring the transformative power of the arts to future generations. Together, we can ensure that Ely continues to thrive as a hub of creativity and community.