Wills and Bequests

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 the emotional rewards, this was a wise financial move. First, there were some immediate tax benefits on the initial gift based not on the cost of the stock, but on its appreciated value. Second, their estate will benefit by having a write-off to charity through the bequest (see bequest 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.

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.

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Important note, individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. Donor stories and photographs are for purposes of illustration only. As with all tax and estate planning, please consult your attorney or estate specialist. All material is copyrighted and is for viewing purposes only. Use of this site signifies your agreement with the terms of use. The content in this Planned Giving section has been developed for WFSU by Future Focus. Please report any problems to section webmaster. Revised: May 30, 2007 10:38.