When I started flyfishing I was obsessed with the toys of the sport. Much time was spent obtaining the latest and greatest equipment and flies.
Entirely too much time was spent debating the virtues and vices of fiberglass, graphite, boron and bamboo for rods, as well as the newest reels compared to the old standbys made by Hardy.
My time was spent on the Au Sable, Manistee and Pere Marquette before they became full of more fishermen than fish. I was also blessed in being able to fish Labrador, Maine, and some of the storied Atlantic salmon rivers of new Brunswick and Quebec.
Some times were spent in bare bones camps and some in lodges where the staff wore uniforms and served the finest food, etc., along with spectacular fishing.
The places, equipment, and the fishing are not nearly as important as the fine friends I made (whose company I continue to enjoy today) including Dave, Bob, Dick, Ed, Dean, Bill, and many others whom I wish I could name. But, Rusty gave me a limit on the size of this article.
Along the way, I ran into fishermen who had none of the latest equipment, but serviceable equipment which looked as old as the khaki shirts and trousers of their owners.
Having completed a chapter in my fishing journey, I am now the old codger in well worn khakis with serviceable equipment. I still catch fish at times and get skunked regularly. But the journey is less neurotic and more enjoyable.
I don’t know what the above has to do with charitable giving to the Anglers of Au Sable, but wanted to share the above with you so you get to know me better.
During the summer of 2000, Rusty and some board members of the Anglers asked me to help with the development of an endowment to ensure financial stability for the Anglers.
One of the matters discussed was the use of various retirement benefits and other gift assets which could provide financial support for the stewardship of the river by the Anglers.
There are many ways to make charitable contributions which benefit both the charity and the individual, and the scope of this article is necessarily limited to highlighting some methods which should be reviewed with your accountants, attorneys and financial planners.
Tax deferred retirement benefits may be subject to income tax and could be subject to estate tax. A donation of part of these benefits can minimize or eliminate taxes.
By way of example, our office recently had the opportunity to be of service to a widow whose primary assets consisted of her late husband’s tax deferred pension funds. She decided to give the funds to two local charitable institutions.
Both parties won in this transaction. The gifts, which would have been subject to income tax and estate tax, eliminated the tax obligations since the beneficiaries were charitable organizations which received the full amount of the gifts without any payment of income taxes.
Our office is available to help you with your planned giving for
the Anglers of the Au Sable. Please feel free to call us or have your professional
representatives call us to make the appropriate arrangements.
Nicholas W. Hetzer is an attorney with Lisa Snyder in the offices of Nicholas W. Hetzer & Co., L.P.A., at 608 Madison Avenue, Suite 1400, Toledo, Ohio 43604, phone (419) 246-5746, fax (419) 246-5764, e-mail hetzerlpa@aol.com. RWOL
© Copyright 2001, Nick Hetzer. All rights reserved. Page (but not copy) last modified November 29, 2001
