Wills and Bequests
Goal: Defer a gift until after your
Benefit: Your donations are fully exempt from federal estate tax and you retain control of your assets
Pam Adams is a retired nurse, mother, and grandmother and is still a very busy woman. She loves to travel to places she has always dreamed about visiting, and when she can't take a trip, thoroughly enjoys traveling - via her radio - on the many journeys offered by her public radio station.
When not traveling or spending time with her grandchildren, Mrs. Adams volunteers her time at her local station. "I love going behind the scenes and helping out," she says.
According to Mrs. Adams, "Public broadcasting is a part of my family, and I want it to bring to my children and grandchildren the things that I treasure. And if I can help these children open their eyes and see the possibilities, I've done more than I ever dreamed of."
In addition to enabling her to satisfy her charitable desires, this was a wise financial move as she needed to retain control of her assets for future contingencies. Whileshe knew the future is uncertain, Mrs. Adams wanted to be sure that what she didn't need would go to help others. She also understood the importance of having a will.
For additional information, please visit our living trust page. Look at examples of bequest language for more information. There is some additional information available about the benefits of utilizing a charitable bequest and how bequests enable you to keep control of your assets. Also, bequests are often used to build an endowment, a fund that provides a legacy for you and provides for the future of WFSU. Codicils are a simple and easy way to make changes to an existing will.
Using funds from a retirement account to make bequests is often a good strategy. If there is a balance in your retirement account at your death, not only is there a potential income tax burden, but there may be estate taxes as well. Estimates are that taxes could eat up as much as 70-75% of retirement assets under certain circumstances. Careful planning concerning retirement funds needs to be done. Some additional information regarding retirement assets is available.
Another option to consider in making a gift is to use life insurance policies that are no longer needed or necessary. There are some different ways to make a gift of life insurance.
Pam Adams' experience enriched her heart and life. Often donors are surprised by just how wonderful the giving experience is.
Now click here to meet Joyce.
Please note that we use pop-up windows for some of our links to provide a printable page. If you have pop-ups blocked, holding down the CTRL key (or sometimes the SHIFT key) while clicking on these linkswill often allow the pages to open without having to disable pop-up blocking on your computer.