Charitable Giving
BankWest’s Trust professionals will help you decide on the best giving strategies and direct them according to your wishes.
Are not FDIC insured | Are not deposits | May lose value |
Let’s create the right giving plan.
What We Offer
We can help you create a customized charitable giving plan. Your plan can establish:
- Your giving goals
- The appropriate financial tools to use
- How your gift will impact your taxes
- What types of assets (cash, stocks or property) you wish to give
- How long you want to give
The Oahe Foundation
The late Charles H. Burke II was a lifelong community banker and local philanthropist. To help others carry out their philanthropic wishes, Charles oversaw the creation of the Oahe Foundation, a 501 (c)(3) foundation, managed by the BankWest Trust Department. The Oahe Foundation provides a tax-exempt umbrella for individuals and organizations to use in order to establish gifts for charitable, educational and scientific purposes. Any donor making a gift of $500 or more can establish a fund by completing a simple “letter of direction” providing fund distribution instructions. Professional administration of the fund is provided at the low cost of 60 cents annually per $100 (0.60%).
Lifetime Gifting
Giving today is always an appealing option. That way you can see the impact and feel the satisfaction of your donation. However, before you give, you need to understand the advantages and disadvantages the gift could have on your financial plan. BankWest Trust representatives can work with you and your tax advisor to help you evaluate the personal and charitable impacts of lifetime gifts.
Charitable Trust
To retain an income stream and establish a gift to charity, you may consider establishing a Charitable Remainder Trust or a Charitable Lead Trust - with the BankWest Trust Department acting as your trustee or agent. Each of these trusts offers a variety of tax benefits and implications that you should discuss with your tax advisor.
Charitable Remainder Trust
Allows you or your designee to receive an income stream from the trust, with your charity receiving the remainder of the assets upon your death or when the trust’s term ends.
Charitable Lead Trust
Provides an income stream to your charity for a set term, with your beneficiaries receiving any remaining assets when the trust ends.
Public and Private Foundations
If you wish to retain a high level of control over long-term charitable giving, you may benefit from using the expertise of the BankWest Trust Department as either an agent of a foundation, or as an advisor to a foundation board.
Disclosures
*Investment products are:
NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL AGENCY • NOT GUARANTEED BY THE BANK • MAY LOSE VALUE