GIFT BY WILL OR LIVING TRUST (BEQUEST)
It takes a simple designation to make a gift to Woods in your will or living trust, which will not affect your cash flow during your lifetime.
How it works:
- You can provide a future gift to Woods by including a bequest provision in your will or living trust.
- Woods eventually receives the gift and uses it for the purpose you specify.
- Your assets remain in your control during your lifetime.
- You can direct your bequest for a particular purpose.
- There is no upper limit on the estate tax deductions that can be taken for charitable bequests.
- You know that your gift will benefit Woods.
Your retirement fund can be taxed up to 70% if passed on to heirs, yet it is tax free to a qualified charity like Woods.
How it works:
- Retirement plan assets will be distributed upon your death through a beneficiary designation form, not through your will
- You name Woods as the beneficiary of your IRA, 401(k), 403(b) or other qualified retirement plan, perhaps secondary to your spouse. After your lifetime, your plan passes tax-free to your spouse and provides income for his or her lifetime. Your spouse names Woods as the primary beneficiary on the retirement plan.
- After your spouse’s death, 100% of the residue from your plan passes to Woods tax free and will be used as you directed. It it was left on a person, up to 70% could be taken as personal income and estate taxes.
- You can continue to take withdrawals during your lifetime.
- Should your spouse be your plan’s primary beneficiary, he/she will take withdrawals during his or her lifetime after you are gone.
- You escape both personal income tax and estate tax levied on the residue left in your retirement account by leaving it to Woods.
OTHER GIFTS YOU CAN MAKE:
- Gift of Life Insurance Policies
- Charitable Gift Annuity
- Charitable Remainder Unitrust/Annuity trust
- Charitable Lead Trust
For more information on the above opportunities, contact Hilary Stephens at 215-750-4214 or firstname.lastname@example.org.