Giving Through Your Will or Trust
Leaving a gift in your will or revocable living trust is a wonderful way to ensure that your support of the WCL helps our students succeed for generations to come.
The benefits of making a gift from your will or trust include:
- Maintaining control of your assets during your lifetime;
- Directing your gift to a particular purpose.
Every legacy gift makes a difference.
GIVING BY BENEFICIARY DESIGNATION
Retirement Accounts and IRAs
Naming WCL as a beneficiary of a retirement plan account or IRA is a smart way to give and save your family taxes. Withdrawals from retirement accounts are usually fully taxable, no matter who receives the funds. That is, unless you designate a tax-exempt entity like WCL as a beneficiary.
Because WCL is tax-exempt, 100% of your retirement account or IRA gift will go towards creating your legacy.
Create Your Legacy Today With A Charitable IRA Rollover Gift
Did you know….
If you are age 70 ½ and older, you can make direct charitable contributions from your IRA (Individual Retirement Account) to WCL without any tax consequences?
As you may be aware, all IRA withdrawals are fully taxable. A new law, though, makes it possible to direct up to $100,000 to WCL or other nonprofit organizations a year with no income taxes being charged. These Charitable IRA Rollover gifts additionally fulfill your annual IRA required minimum distribution and allow non-itemizers to receive tax benefits from gifts to WCL.
To use the Charitable IRA Rollover provision to make an immediate impact with WCL:
- You must be age 70 ½ or older
- The funds must go directly from your IRA account to WCL
- You cannot exceed $100,000 in Rollover gifts a year
- Rollover gifts must be unrestricted and cannot provide any incidental benefits to the donor.
For more information about this exciting new way to give, please contact Laura Herr at WCL or reach out to your IRA plan administrator.
Certificates of Deposit, Bank & Brokerage Accounts, Life Insurance
Another simple way to have a lasting impact is to name WCL as beneficiary of a certificate of deposit, bank or brokerage account or life insurance policy.
Consider naming WCL as a beneficiary of any contributions remaining in your donor-advised fund. Or, designate WCL to receive a portion of the remaining account value, leaving the balance for your family or friends to continue your legacy of philanthropy.
A Gift that Pays You and/or a Loved One's Income for Life
When you create a charitable gift annuity with WCL, you and/or a loved one will receive guaranteed fixed quarterly payments for life based on your age(s) and a charitable income tax deduction in the year of the donation.
You receive the annuity income for life and the remaining funds after your passing to establish your legacy with WCL.
Your Key Benefits
- Establishing a gift annuity with appreciated stock may reduce capital gains.
- A gift annuity is a creative way to meet the long-term financial needs of a spouse or another loved one.
- If you want immediate tax savings but don’t need payments until later, you may choose a deferred annuity.
- A portion of your annuity payments is tax-free.
- The older you are when your annuity begins, the higher your payment rate.
Follow These Steps
- Request a personalized illustration of your gift annuity options from Laura Herr.
- Minimum Gift Annuity to WCL is $10,000 and minimum age(s) is 65.
- Sign and return a simple contract.
- Receive fixed quarterly payment for the rest of your life or the lives of up to beneficiaries.
We Are Here to Help
We encourage you to discuss this important process with your loved ones and financial and legal advisors.
To tell us about a gift you have planned or to explore the best legacy giving options for you and your family, please contact us.