Assets to give
Naming WGBY the beneficiary of your IRA, Keogh plan, or other retirement plan may reduce estate taxes for your loved ones. Under current tax law, if you leave your retirement plan assets to heirs, those assets are first subject to estate taxes, then to income taxes – frequently resulting in a combined tax burden of more than 70 percent.
You may name WGBY the primary beneficiary of your retirement plan or specify an amount from your retirement plan and receive a tax deduction and other benefits for your generosity.
Many individuals have life insurance policies whose benefits they no longer need. If this applies to you, you may want to consider naming WGBY the beneficiary and assigning WGBY ownership of the policy. You may also purchase a new policy with WGBY as the beneficiary. You will receive a charitable deduction; and if you are removing the life insurance policy from your estate, you may also reduce your estate taxes.
A gift of your residence, a farm, vacation property or other types of real property is a creative way to make a meaningful gift to WGBY and receive tax benefits. The benefits include a charitable income tax deduction for the full fair-market value of the property, avoidance of capital gain tax on the property’s appreciation at the time the gift is made, and potentially reduce estate taxes and probate costs.
A gift of real property can also be used to fund a charitable remainder trust, providing you an income over your lifetime.
Summit Society Options
Have questions about which planned giving options are best for you? Please call Jodi Fallon Fern, Director of Major and Planned Giving, at (413) 781-2801, x1546, or email firstname.lastname@example.org.