How to help the Wheelchair Foundation through planned giving
- Gift Planning
- Wills and Bequests
- Matching Gifts
You can help support the work of the Wheelchair Foundation for years to come through making a planned gift to the Wheelchair Foundation. Planned gifts include gifts through your will, charitable gift annuities, gifts of life insurance and charitable trusts. (Behring Global Educational Foundation’s Federal ID number is 94-3353881)
A discussion of each of the methods of planned giving is explained on the tabs below:
You may wish to include the Wheelchair Foundation as a beneficiary in your will. The federal government encourages such gifts of bequest by allowing unlimited estate tax charitable deduction. To make a bequest to the Wheelchair Foundation in your will the following language may be helpful. It is strongly suggested that you show this language to your attorney “I give, devise, and bequeath to the Wheelchair Foundation of Danville, California the sum of $__.__” (or otherwise describe the gift and specify by percentage of estate).
There are three distinct ways you can make a bequest in your will:
- Specific Bequest. You can designate a specific dollar amount, specific percentage, or specific property to the Wheelchair Foundation.
- The Residual Bequest. Your estate will pay all debts, taxes and specific requests. The remaining amount, the residue, will be transferred to the Wheelchair Foundation.
- Contingent Bequest. You can ask that the Wheelchair Foundation receive all or a portion of your estate under certain circumstances. For example you can name the Wheelchair Foundation as a beneficiary to your estate if there are no surviving family members. Childless couples sometimes provide the entire estate to the surviving spouse or, if the spouse does not survive, to the Wheelchair Foundation.
You want to insure that the designations in your will get to the intended beneficiaries. Please see your lawyer or your Certified Public Accountant and discuss your specific request with them.
You may transfer assets to the Wheelchair Foundation now and in return you and/or survivor can receive income for life. This is a financial planning tool that allows you to make a meaningful gift to the Wheelchair Foundation during your lifetime without sacrifice. You can get the current income tax and financial benefits from this gift. It is called Life Income Gift. The way it works is simple, you irrevocably transfer some assets to the Wheelchair Foundation now and in return you and the survivor, if you wish, receive income for life. As a result these assets are used by the Wheelchair Foundation to carry out our mission to provide wheelchairs to people with disabilities throughout the world.
By making a Life Income Gift to the Wheelchair Foundation you receive benefits in addition to the pleasure of knowing the good work your gift will do.
These benefits include:
- A charitable deduction in the year you make the gift for the present value of your gift to our right to eventually receive the assets.
- Substantial income tax savings increase your effective yield.
- Your income can be taxed more favorably in some plans.
- Your probate and estate administration costs may be reduced.
The charitable gift of annuity works as follows:
The Wheelchair Foundation agrees to pay you and a survivor or other beneficiary a fixed amount for your lifetime. The transfer is part gift and part purchase of an annuity as the rate of return is attractive and the payments are guaranteed for life.
You may no longer need the life insurance you purchased years ago for your children or other family members. If this is your situation, please consider donating the policy to the Wheelchair Foundation. You may claim a charitable deduction for approximately the policy’s cash surrender value and the proceeds are completely removed from your estate. The Wheelchair Foundation will insure that these funds are used to purchase wheelchairs for use by the disabled in a developing country.
Your IRA assets will be transferred to a Charitable Remainder Trust. The trust will provide Life Income to the beneficiary and then an eventual gift to the Wheelchair Foundation.
Today many individuals have large, qualified retirement plans such as an IRA, 401K or Keogh plan. These assets have been growing tax free for years. Once the owner begins to receive from the plan, there is a taxable event and eventually the plan will be included in the owner’s taxable estate. To avoid these tax consequences, a retirement plan may be donated to the Wheelchair Foundation.
Once you make your gift of retirement plan to create a Charitable Remainder Trust through your will, it works like this: Your IRA assets will be transferred to a Charitable Remainder Trust. There is no tax due because the charitable remainder trust is a tax-exempt entity. The trust will provide life income to the beneficiary, for example your child, with an eventual gift to the Wheelchair Foundation. The beneficiary will pay income tax for the distribution from the trust. Your estate will receive an estate tax charitable deduction for the value of the Wheelchair Foundation’s right to eventually receive the trust assets.
Individuals with large estates can use a Charitable Lead Trust to benefit the Wheelchair Foundation and pass principal to family members with little or no tax penalties.
Charitable Lead Trusts are complicated financial instruments. You should seek the advice of your attorney or your CPA.
The Wheelchair Foundation appreciates your interest in making a planned gift to help us with our mission to provide wheelchairs to people in developing countries.
For more information about methods of planned giving or to answer any questions, please give Jeff Juri a call at the Wheelchair Foundation at (877) 378-3839.
You can help us bring mobility to people without hope. Through planned gifts that benefit you as well as the Wheelchair Foundation, you can support our mission.
WHAT MY LOVED ONES SHOULD KNOW
Maintaining a detailed and up-to-date inventory of all your assets will help you and your family avoid losses, delays, confusion and unnecessary expenses. It also helps to inform the executor of your estate about the location of your stock certificates, bankbooks and other assets.
Your completed inventory can list detailed information about:
- The value and location of assets
- Your debts and/or liabilities
- The location of tax returns and financial records
Through your will or living trust, you may be able to provide substantial support to the Wheelchair Foundation without diminishing the assets available to you during your lifetime. After providing for your loved ones, you may decide to give a specific amount or a percentage of your estate. If you have a taxable estate, your heirs can realize important estate tax savings from this type of contribution because a bequest to the Wheelchair Foundation may be deducted from the taxable estate when determining estate taxes. Often a bequest can be done with an amendment to your existing will.
The following is an example of how one would give what remains of your estate after other bequests have been satisfied:
“I give, devise, and bequeath all (or a specified fraction of) the rest, residue, and remainder of my estate, whether real or personal, of every kind and description, and wherever situated to the Wheelchair Foundation, a California Not-for-Profit corporation having its principal office at 3820 Blackhawk Road, Danville, California 94506, for its general corporate purposes.”
To give a dollar amount or percentage of your estate:
“I give, devise, and bequeath the sum of $ (or % of my estate) to the Wheelchair Foundation, a California Not-for-Profit corporation having its principal office at 3820 Blackhawk Road, Danville, California, for its general corporate purposes.”
There are many ways to make a gift of cash, securities or other assets to the Wheelchair Foundation, and retain life-income for yourself, spouse and/or others — with the remaining principal passing to the Wheelchair Foundation at the death of the last beneficiary (or, in some cases, after a term of years). These gifts provide sustained income and tax deductions. When appreciated assets are used, taxes on gains can be avoided.
One example of a life income plan is a gift annuity. In return for an irrevocable gift of cash or securities, the Wheelchair Foundation agrees to pay you a fixed dollar amount during your life or the life of a designated loved one (must be at least 65 years of age). The rate of the annuity is based on the age(s) of the annuitant(s). You receive an income tax deduction for a portion of the amount transferred if you itemize and part of each payment is tax-free for a period of years.
A deferred-payment gift annuity is an arrangement through which people can make present gifts, receive an immediate income tax deduction, and defer the beginning of the annuity payouts for a period of years. The value of this plan for a donor 50 years of age who doesn’t need more current income (39.6 percent tax bracket) and must begin taking distributions from his/her IRAs and qualified retirement plan is illustrated below:
- Gift Amount $25,000
- Annuity Rate 15.2%
- Annual Payments (Beginning at age 80) $ 5,270
- Charitable Deduction (Current Year) $24,430
A charitable lead trust is an advantage for those who wish to receive a current income tax deduction and transfer property to their heirs while minimizing transfer taxes. A gift of an income stream to the Wheelchair Foundation is made from the trust principal for a length of time you designate. After that time, the trust principal reverts to you or is distributed to others that you specify. This information is not intended as specific legal or financial advice. Consult your attorney/tax adviser when considering any legal or financial matters.
Naming the Wheelchair Foundation as a beneficiary for funds in a retirement plan is very easy. The person or financial institution handling your Individual Retirement Account, other retirement plan or profit-sharing account can help.
Gifts of stocks, bonds and mutual funds make very attractive contributions and can offer you capital gains tax incentives when they have been held long term. In addition, amounts up to 30 percent of your adjusted gross income may be deducted for the year the gift is made. Any excess can be deducted over the next five years.
Another way to avoid or delay capital gains tax is through a gift of real estate that has been held long term. A tax deduction for the fair market value of the property is also permitted equal to up to 30 percent of your adjusted gross income. Donors are asked to complete a Real Property Disclosure Checklist for review.
Giving through life insurance can allow you to make a gift of assets you no longer need for your family’s security. When a life insurance policy is transferred to the Wheelchair Foundation as a donation, the cash value of the policy can be deductible. You can also assign a policy’s ownership to the Wheelchair Foundation and name it as irrevocable beneficiary. Subsequent premiums you pay are tax deductible.
The most convenient method of making a gift to the Wheelchair Foundation may be by cash or check. A gift of cash is tax-deductible for all taxpayers who itemize. Amounts up to 50 percent of your adjusted gross income may be deducted for the year the gift is made; any excess can be deducted over the next five years.
Gifts of cash, appreciated securities or other assets can be made over a period of time. Our accounting department can work with you to schedule reminders on specific dates.
Wills and Bequests…Considering the Future
You do have a considerable impact on the lives of people you care for. What would change for them if you were not here? In the same way that you make a difference now, your life plan can make a difference for them in the future.
Here are some differences a coordinated life plan can make:
For Your Estate…Your will and other plans can include provisions to minimize the expenses of settling your estate and, perhaps, save taxes. As a result, you conserve more property for those you choose to receive it. For Your Family’s Future…Your loved ones can be spared the pain of watching as a court directs the division of your personal effects and other non-cash property. Many assets, such as land or valuable collections may actually be undervalued if a probate court orders the sale of such assets in order to convert them into cash, which is easily divisible.
For Friends and Others…Unless clearly stated in your will, wishes regarding special friends and organizations may be ignored.
For Your Future Security…The process of completing your life plan often helps you focus attention on the future for yourself and your loved ones. You can plan for the availability of resources you will need in order to enjoy continued comfort and independence.
For Your Enjoyment of Life…Much has been written about the peace of mind a will and other estate plans provide. You’re free to enjoy the present, without worrying about the status of your estate and the long-term well-being of loved ones.
Please consult your attorney or estate planning professional for the steps to take if you would like to include the Wheelchair Foundation and its mission in your coordinated life plan.