Bequests - Your will is one of your most important legal documents. When properly drafted, it can distribute the property you've accumulated over your lifetime and minimize the estate tax burden. It can also be a convenient way to leave a lasting legacy for those social causes in which you believe most strongly. You could choose to include Wisconsin Community Fund in your will as recipient of a fixed amount or a percentage of your estate. You could also specify that, after named beneficiaries are given fixed amounts, the Fund will receive the remaining assets.
Sample language for your will:
I hereby give, devise and bequeath to Wisconsin Community Fund, a non-profit, non-stock Wisconsin corporation with principal offices in Madison, Wisconsin _________ percent (_______%) of the rest, residue, and remainder of my estate (or alternately the sum of $________) for the general benefit of Wisconsin Community Fund.
Life Income Gifts - A life income gift enables you to provide life income for yourself and/or a loved one, and simultaneously benefit Wisconsin Community Fund. There are various forms of life income gifts which can generate substantial tax and cash or other assets to an irrevocable trust. You receive income from the trust for a fixed period of time, or for your entire lifetime, at either a fluctuating amount of income (unitrust) or a fixed rate (annuity trust). When you die, the designated charity keeps the remaining assets. You may claim a tax deduction for the portion of the assets given to the charity and transfer appreciated assets to the trust without paying a capital gains tax.
Charitable Lead Trust - This arrangement allows you to make charitable donations for a fixed number of years, after which the assets are transferred to your heirs. It is possible to reduce or eliminate estate and gift taxes if the term of the trust is sufficiently long.
Life Insurance - Gifts of life insurance offer an opportunity to make a substantial contribution to Wisconsin Community Fund that you might otherwise be unable to make. When the purpose for which a policy was purchased no longer exists, the policy can be donated and you can receive a tax deduction equal to the cash value of the policy and remove the policy from your taxable estate. You may also wish to donate a policy to the Fund and continue to pay the premiums to receive ongoing tax deductions for charitable contributions.
If you have questions or would like more information about any of these planned giving options, please contact Cindy Fesemyer at the Fund.