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Estate
Planning Overview
There are numerous ways you
may make gifts to the WMU Foundation to benefit
Woman's Missionary Union, both immediate and deferred.
The gift you decide to make will be a reflection
of your own special needs, interests, and situation.
Many of the planned giving methods are mutually
beneficial to both your financial security and
the Foundation's. The tax benefits of these gift
opportunities can be impressive, too.
Gifts
Through your Will
Nationally, making a gift through
a bequest in a will is second to annual outright
gifts in terms of popularity. There are several
variations:
• Proportional bequests
are ideal for individuals who are not ready
to specify an amount. The WMU Foundation receives
a portion or percentage of what remains in the
estate after family, friends, and other concerns
have been satisfied. This approach allows for
appropriate correction should the estate unexpectedly
increase or decrease in value.
• Specific bequests of money or property
in your will benefit the WMU Foundation and
WMU tremendously. This bequest is particularly
useful in the case of a highly liquid estate
that will be periodically reviewed.
• Contingent bequests provide the Foundation
with all or a portion of the estate if your
other named beneficiaries have preceded you
in death
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Special Will Promotion
Gifts
Through a Gift Annuity
The gift annuity provides fixed
payments for life for one or two individuals while
providing a meaningful gift to the Foundation.
The payment amount is determined based upon the
donor's age at the time the gift is made and is
never changed. A gift annuity can be particularly
attractive for older donors because of the higher
payout rate. Deferred gift annuities are also
available for those who want to make a gift now
but do not want to receive payments until a later
date.
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Special Gift Annuity Promotion
Gifts
Through a Charitable Remainder Trust
The Charitable Remainder Trust
helps you make a substantial gift of cash, securities,
or real or personal property and provides you
and any designated beneficiaries income from the
gift during your lifetimes. This giving method
can actually increase your spendable income and
that of your surviving beneficiaries by eliminating
the capital gains tax on the appreciated assets
you contribute and by providing an income tax
deduction. The three major trusts are charitable
remainder annuity trusts (fixed income), charitable
remainder unitrusts (variable income), and charitable
lead trusts (principal returned to donor or other
beneficiary after a fixed period of time).
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Gifts
Through a Charitable Lead Trust
Lead trusts offer an opportunity
to benefit the WMU Foundation immediately by giving
an asset to the WMU Foundation for a specific
period. The income from the trust's assets goes
directly to the WMU Foundation to benefit the
work of WMU or the WMU Foundation. After a fixed
period of time or for a period measured by a named
person's life, the assets are returned to the
donor or other beneficiaries(children or grandchildren)
which significantly reduces gift and estate taxes.
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Gifts
Through a Revocable Living Trust
The revocable living trust, while being an effective
vehicle for passing on one's possessions to relatives
and friends and avoiding probate delays, can be
an excellent means to make a gift to the Foundation.
You can provide that at the termination of your
revocable living trust a portion of your trust
assets benefit the Foundation. Like the bequest
in a will, the gift is deductible from estate
taxes.
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Gifts
Through Retirement Savings
You can include the WMU Foundation as a death
beneficiary on IRA's, pensions, 401(k), and other
retirement plans. Giving through a retirement
plan can reduce or eliminate estate taxes as well.
Retirement savings may fund a charitable remainder
trust or may be withdrawn to make an outright
gift.
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Gifts
Through Life Insurance
A life insurance arrangement may provide a large
gift to the Foundation at a reduced cost. You
can name the Foundation as a beneficiary or owner
of a new or existing policy. You can use the amount
of the premium payment as a charitable deduction
if the Foundation owns the policy. For the younger
donor, this deferred gift plan may allow for a
greater gift to the Foundation than could ever
be given in outright gifts during the donor's
lifetime. For other donors, giving a life insurance
policy that is no longer needed for its original
purpose may be the easiest way to make a significant
gift.
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For more information on
gift planning, please contact us.
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