Ways to Give

What is Your Legacy?

With a planned gift, you can make a lasting difference for future generations in our community.

There are many ways to leave a legacy for WCAP, and many ways that can be tax beneficial to you and your heirs. On this page you will find a few options that may work for you and your estate planning. WCAP encourages you to consult your lawyer, family members, and other financial advisors when considering any planned charitable gifts.

Beneficiary Designations

You can name WCAP as a beneficiary and avoid significant taxation of the proceeds. They are easy to arrange and usually just require a signature on a beneficiary designation form that you can get from the plan or account administrator.

The following assets can be designated all, or in part, to WCAP:

• Retirement plan
• Insurance policy
• Bank account
• Brokerage account

Some people can make a tax-advantaged gift to benefit WCAP right now! An IRA rollover is a fantastic and potentially beneficial way to support our community. Individuals 70½ or older may be able to make tax-free transfers from IRAs of up to $100,000 per year to charities. We are not accountants and cannot advise you on your particular situation, so please check with your accountant or broker if you are interested in this often advantageous opportunity.

Bequests

Bequests allow you to make a meaningful legacy gift without incurring any costs during your lifetime. They are also revocable, so if your circumstances change, you can update it.

If you have a will or living trust, it is very easy and quick to amend it to include a bequest to WCAP with a simple codicil.

Gift of Stock

Did you know giving stock can be more beneficial than giving cash? You can deduct the full, current value and never pay taxes on the gain that made it so valuable. (Please speak with your financial advisor about tax implications for your particular situation.)

Reach out to your financial institution and ask if they offer an omnibus charitable gift account or if they will transfer the stock directly to WCAP.

Gifts That Enhance Cash Flow

Want to earn guaranteed income while helping our community?

Charitable Gift Annuities
Income return for your investment in the form of a contribution to WCAP.

A gift annuity allows you to make a contribution to WCAP and then receive a fixed annual income from the donation during your lifetime and/or your spouse’s lifetime. A gift annuity is similar to an annuity that you purchase from an insurance company in that it provides a predictable stream of income in return for your investment. The older you are when the annuity is established, the higher the rate offered. Upon the death of the annuitant, the remaining principal becomes available to WCAP.

Charitable Remainder Trusts
You or a loved one can benefit from your income during your life and then WCAP will receive the principal of the trust upon the last beneficiary’s passing.

A Charitable Remainder Trust (CRT) is the most flexible gift plan and involves two beneficiaries. Income beneficiaries (you or a loved one) receive a set percentage of income for your lifetime from the trust. The second beneficiary is WCAP, which receives the principal of the trust after the income beneficiaries pass away. The CRT allows taxpayers to reduce estate taxes, eliminate capital gains taxes, and claim an income tax deduction. The trust can be established with real estate, cash, appreciated securities, or other marketable assets.

Charitable Lead Trust
WCAP can benefit from income during your life and then upon your passing your beneficiaries receive the principal.

A Charitable Lead Trust (CLT) is the reverse of a CRT. Your Charitable Lead Trust will provide an immediate income for WCAP for a period of years that you designate. You establish a trust in which you contribute assets. You then designate an amount or fixed percentage to be paid to WCAP. At the end of the designated term the remaining assets are transferred to you, your heirs, or to any party you prefer, without being subject to further estate or gift tax. You receive a gift tax deduction upon creation. This is an effective way to transfer wealth to heirs with little or no gift/estate tax liability while providing much needed support for WCAP immediately.

Real Estate Donation

Are you afraid your house will be a burden to your executor or heirs? You can give it to WCAP!

You can protect your real estate asset and donate it to WCAP in ways such as:

• Charitable Bargain Sale: if you sell your property to WCAP for less than its market value, the difference is considered a charitable gift and you can use the cash for whatever purpose you choose.
• Retained Life Estate: you can donate a piece of real estate to WCAP and continue to use it as a primary residence for as long as you live. You enjoy an immediate tax deduction based on the future value of the gift.

If you would like to discuss planned giving options, please contact Marina, Development Director, at 207-338-6809 ext.216 or development@waldocap.org