Legacy Society members care deeply about the future of our Community and have graciously included the Owatonna Foundation in their estate plans. The Legacy Society was formed in 2012 to thank, and to also encourage, donors to make a lasting commitment to our community by including the Owatonna Foundation in their estate plan by making a bequest, gifting real estate, stocks, life insurance, or annual gifts.

A lifetime gift of $10,000 also qualifies you for the Legacy Society membership. This is a wonderful opportunity for you, as a donor, to see your dollars at work as the Foundation supports projects throughout Owatonna.

Donors become members of the Legacy Society when they sign the Deferred Giving Commitment form that states their intentions to make a gift from their estate. By signing the Deferred Giving Commitment form you are only stating your intentions and is not a legal obligation.

If you are considering making a Legacy gift, there are many tools available for you to choose from. Some are listed below:

Description Advantages Disadvantages
BEQUEST IN A WILL You designate a specific amount of money, a percentage of your estate, or a specific asset in your will.
  • revocable at any time
  • gives donors access to assets until death
  • unlimited tax deduction for the estate
  • no immediate tax benefit
  • bequest paid from estate
  • probate adds costs, delays and complexity
BENEFICIARY DESIGNATION You designate the Owatonna Foundation as a full or partial beneficiary on a life insurance policy, annuity contract, or retirement plan.
  • by-passes probate
  • in the case of annuities and retirement plans, avoids income tax
  • represents a charitable deduction from your taxable estate
GIFT OF REAL ESTATE WITH RETAINED LIFE INTEREST You can deed your home, or other real estate to the Owatonna Foundation and retain the right to live in the property and/or receive income from the property for as long as you or your beneficiaries live.
  • reduces capital gains and/or estate taxes
  • full use of property during your lifetime
LIFE INCOME GIFTS Gifts such as a charitable gift annuity, a charitable remainder trust, or a pooled income fund provide you and/or your designated beneficiary income for life. Upon your passing, the Foundation receives the gift.
  • generally reduce or eliminate certain taxes
  • guarantee an income for life
  • results in a current charitable contribution for income taxes
  • deduction is subject to Adjusted Gross Income restrictions
  • income benefits are generally taxable
CHARITABLE REMINDER/LEAD TRUSTS A transfer of assets to a Trust that benefits you and/or your spouse during your lifetime.
  • provides income during your life or assets for your heirs upon your death
  • results in a current charitable contribution for income taxes
  • reduces your taxable estate
  • deduction is subject to Adjusted Gross Income restrictions
  • income benefits are generally taxable
  • more complex to establish and fees are generally higher than other alternatives

As with all personal financial decisions, we encourage you to seek advice from either your lawyer or financial advisor.

Testimonials…

Legacy donors“We joined the Legacy Society because of the impact the Owatonna Foundation has on our community.  Virtually 100% of the proceeds the Foundation receives goes to projects in Owatonna to support the community, arts, recreation and education.  This is important because the projects that are funded are assets we all can use right in our home town.  As Jodi and I developed our estate plan, the Owatonna Foundation was an organization we wanted to support, not only now with our annual contribution, but with a gift in the future by adding the Foundation as an IRA beneficiary.”
Brandon and Jodi Wayne

Sharon W“For me, Owatonna has been a wonderful place to live and work. My late husband Harvey and I felt very fortunate to live in a community with so many amenities that enhanced our quality of life on a daily basis. Our predecessors had the unique vision to create the Owatonna Foundation to the benefit of all of us. My membership in the Legacy Society is my way of ensuring that the work of the Foundation will continue to enhance Owatonna’s community, arts, recreation and education for generations to come.”
Sharon West

Thank You Legacy Members!

  • Paul and Gail Arnfelt
  • Brad Austin
  • Bill and Anne Beer
  • Thomas and Anna Marie Brick
  • Mike and Barb Brown
  • James Brunner
  • Drs. Brian and Kari Bunkers
  • Sarah Buxton
  • Charles & Norma Buxton Family Foundation
  • Jerry and Mary Carstensen
  • Gerald and Carol Deetz
  • Tom & Anne Deetz
  • Gregg Draeger
  • Tom & Denise Dufresne
  • Thomas and Terri Effertz
  • David & Jean Einhaus
  • Dale and Jade Gandrud
  • Todd & Mary Hale
  • Janet Hartwig
  • John & Amy Jo Havelka
  • Otto & Joanne Havelka
  • Robert and Marsha Heers
  • Charles and Emily Herrmann
  • Darryl and Alice Hill
  • Dale Hursch
  • Mike & Brenda Jensen
  • Jay & Patricia Johnson
  • Robert and Diane Jungbluth
  • Betsy Kennedy-Lindgren
  • Kent & Elizabeth Kienholz
  • Bill & Faye Kottke
  • Matt & Lisa Kottke
  • Alden and Shirley Kruschke
  • Chad & Karin Lange
  • Jeff and Elizabeth Malo
  • Tim & Deb McManimon
  • Dennis and Jacqueline Meillier
  • Judy Meister
  • Cory & Shari Mensink
  • Gene & Rita Michaelson
  • Andy and Rhonda Michaletz
  • Mike & Denise Milstead
  • Monte & Bunny Mitchell
  • Scott & Jolene Mohs
  • Jay & Lois Monson
  • Jerry and Mary Monson
  • Richard Moore
  • June Nelson
  • Melanie Nelson
  • Otto & Mary Jo Nelson
  • Bill & Sabra Otteson
  • Eric and Julie Rethemeier
  • Larry Ruehling
  • John Schoen
  • David & Lynne Seykora
  • Stephen Smith
  • Ray & Helen Stawarz
  • Dorothy Turtness
  • Dennis & Julie Von Ruden
  • Mark Walbran
  • Brandon & Jodi Wayne
  • Sharon West
  • Ken & Norma Wilcox
  • Dr. Carol Winter