Dr. Reuben Bareis [Tax Planning]
Passing down the Christian tradition of "in giving, comes receiving" was the way Dr. Reuben Bareis and his late wife Marlowe lived their life and raised their family. Moving to Rapid City in 1957, both were committed professionals and became engaged community residents.
To accomplish their retirement goals, the Bareises sought to sell their interest in their established medical facility. An outright sale would have resulted in a large tax burden. Their attorney encouraged Reuben and Marlowe to gift their portion of the building to the South Dakota Community Foundation. As a result, the Bareises would bypass the capital gains on the sale and the proceeds would be invested into a donor advised fund. They met with Foundation staff and discussed how the SDCF could provide structure through a donor advised fund and would allow them the flexibility to make grants to nonprofits they wanted to support. Working with the SDCF proved to be a good financial decision and estate planning opportunity.
"We were impressed with the thought of a continuing legacy buoyed by an organization familiar with investments," said Dr. Bareis. "I learned long ago, 'a person who self-doctors, has a fool for a doctor,' and the thought that the final grant recommendations were family -advised, appealed to us."
A permanent endowment at the SDCF is an alternative to a private foundation that allows families to pursue philanthropy in a structured manner. It is a legacy vehicle that can be passed on to future generations and is a wonderful way to teach children and grandchildren about stewardship.
Grant recommendations from the Reuben and Marlowe Bareis Family Fund over the years have been given to South Dakota nonprofits such as South Dakota Public Broadcasting, Crazy Horse Foundation, Black Hills Playhouse, and others. "My Christian background, plus a longtime association with the non-political and non-religious Rotary Club helped to cultivate an interest and passion to give back. I've been blessed with my own talents and talents of others that have made it possible to afford to help others," said Dr. Bareis.