Gifts in Wills, Trusts, Retirement Accounts and Other Ways to Give Smart
Gift planning offers creative strategies to support WCBR in a philanthropic priority area that is most important to you while also caring for your loved ones and meeting your personal financial goals.
Your gift allows WCBR to plan for the future. Some gifts can provide you with income, and many reduce both income and estate taxes.
Those who include the WCBR Foundation in their will or other estate planning are recognized as members of the Legacy Society.
We encourage you to consult your legal and financial adviser before making a gift. This information is intended to provide general gift planning information and is not intended to provide specific legal, tax or investment advice. We respect your privacy. Your information will always be kept confidential. It will not be sold, rented, loaned or otherwise disclosed.
Gifts WCBR Can Use Today
Shape and advance WCBR’s future and see your generosity in action. There are many gifts in addition to cash that can benefit WCBR today. These offer tax benefits, such as an income tax deduction, as well as the opportunity to support existing programs, establish or add to an endowment, or provide funding for capital projects.
Appreciated Securities: Stocks, Bonds, Mutual Funds
You can make an outright gift of appreciated securities. Giving appreciated securities is a tax-wise way to support WCBR. For securities held longer than one year, you can deduct the full fair market value, regardless of what you originally paid for them. You also avoid paying capital gains tax. WCBR welcomes securities gifts of all sizes.
Gifts from your IRA
If you have an IRA and are 70 1⁄2 or older, you may donate tax-free from your IRA in direct support of the WCBR community.
Benefits of an IRA Qualified Charitable Distribution
- Allows individuals 70 1⁄2 or older to transfer up to $100,000 annually from an IRA directly to a qualified charity.
- Satisfies your required minimum distribution (RMD) for the year.
- Reduces your taxable income, even if you do not itemize deductions. You pay no taxes on the transfer.
How an IRA Qualified Charitable Distribution Works
- Reach out to your IRA plan administrator or account custodian to make a gift from your IRA to WCBR (not the Foundation for this particular giving vehicle). Your IRA funds will then be directly transferred to the Foundation to help continue our important work.
- You may designate your gift to the area greatest need or an area of interest. Please contact us to discuss your options.
- To benefit in the current year, complete your Qualified Charitable Distribution (QCD) gift before December 31 – allow two to three weeks for processing by your custodian.
Donor Advised Funds
If you have a Donor Advised Fund (DAF), you can direct the holder of your fund to make a gift to support WCBR’s mission without additionally affecting your financial position.
WCBR may accept gifts of real estate, such as personal residences, vacation homes, commercial and rental properties, and undeveloped land. You can receive a charitable income tax deduction for the full fair market value of the property and avoid capital gains tax on any appreciation. Your transfer of property to WCBR will also remove the burden and expense of managing and selling your property.
Retained Life Estate
You can donate your home or farm to WCBR and continue to live there for your lifetime or a term of years. Since your gift cannot be revoked, you will receive a federal income tax deduction for a portion of the home’s value in the year the gift is made and the property is removed from your estate for tax purposes. This gift may be a primary residence, vacation home, or other structure the donor uses as a residence. A farm can include raw farm land, as well as farmland with buildings on it. You will continue to pay real estate taxes and insurance on the property as well as provide for maintenance. WCBR may keep or sell the property.
Charitable Lead Trust
A lead trust supports WCBR now and helps you transfer wealth to the next generation in a tax-efficient manner. A lead trust makes payments to WCBR for a designated period of time (usually 15-25 years). When the trust ends, the remaining assets are paid to you or other beneficiaries.
Gifts that Take Effect in the Future
These deferred gifts ensure future generations will benefit from your generosity and legacy.
A bequest is a transfer of cash, securities or other assets made through your will or living trust and can be made for a specific amount, percentage of your estate, or a particular asset. Like other gifts, bequests can be unrestricted in purpose or designated to a specific fund. Please contact us to discuss your wishes. A will can be changed at any time with an amendment, which means the donor does not have to rewrite their entire will. WCBR welcomes bequests of all sizes.
Bequest Language to use in your Will or Trust
One sentence can make a lasting difference. We suggest the following bequest language:
I give [all of the residue of my estate OR an amount equal to X percent of the residue of my estate there of OR $____________] to Westminster-Canterbury of the Blue Ridge Foundation, a nonprofit located in Charlottesville, Virginia, for its general and charitable purposes. Westminster-Canterbury of the Blue Ridge Foundation’s tax ID number (EIN) is 54-1882970.
If you wish to designate your bequest, please add:
The donor requests the Board of Trustees to consider this gift be used for the support of [desired purpose]. If at the time this bequest is received by Westminster-Canterbury of the Blue Ridge Foundation, or thereafter, the Foundation determines that all or part of said income of the Fund cannot be utilized to the best advantage for the purpose designated herein, then all or any part of the annual income may be used for such other institutional purpose which, in the sole discretion of Westminster-Canterbury of the Blue Ridge Foundation, shall most closely carry out my original intent.*Minimums may apply to designated funds, please contact us to learn more
Beneficiary of Accounts including Retirement Plans and Life Insurance
You can designate the WCBR Foundation as a beneficiary of a retirement account, an investment or bank account, or your life insurance policy by completing a beneficiary designation form with your broker, banker or agent. In planning your estate, consider leaving WCBR Foundation your retirement plan assets, and leave more favorably taxed assets to your family. Retirement accounts such as IRAs, 401(k), and 403(b) plans can be subject to double taxation – ordinary income tax and estate tax – meaning that more than 60 percent can go to taxes if left to your heirs. Retirement plan assets left to the WCBR Foundation will transfer tax-free. No will is necessary. You can even list the WCBR Foundation as a contingent beneficiary. The WCBR Foundation welcomes beneficiary gifts of all sizes.
Gifts That Pay You Income
With careful planning you can receive an immediate income tax deduction, provide yourself or someone else with an annual income and support WCBR in a meaningful way. Contact us to learn more.