Life Insurance

Insure WMHT's Future

It is not uncommon for viewers and listeners to have purchased life insurance coverage when their families were young and the reason for having this financial protection was clear. As they got older, the insurance benefits became less necessary. A gift of life insurance is an excellent way of supporting WMHT if the policy is no longer needed for its original purpose and there are several ways you can use life insurance as the basis for a charitable gift.

Make WMHT the beneficiary of your life insurance policy:
Much like a bequest in your will, assigning WMHT as the beneficiary of a life insurance policy is a way to make a generous future gift. You retain lifetime ownership of the policy and retain control over the right to cash it in, borrow against it, and even change the beneficiary. Because you retain ownership of the policy, you will not receive an income tax charitable deduction for the future gift or for the premium payments during your lifetime. The policy's proceeds will be included in your gross estate and your estate can take an estate tax charitable deduction.

Make a gift of your policy:
A gift of your life insurance could be a sensible as well as generous course of action to support WMHT. When you transfer ownership of a life insurance policy that has a cash surrender value, you may save on taxes this year through an income tax charitable deduction. You may increase after-tax income when the money you were spending on premiums becomes a deductible charitable gift to WMHT. We'll be responsible for keeping the policy in force. You reduce potential estate taxes because the proceeds are completely removed from your taxable estate. WMHT's Planned Giving staff will help you explore the options so that you can decide what's best for your financial and charitable objectives. Contact us at (518) 880-3400.

Retirement Plans

WMHT Can Help You Avoid a Tax Trap

Many people tell us that WMHT means more to them in retirement than ever before. Did you know that when you leave Individual Retirement Account (IRA) assets to your heirs, your inheritance may be diminished by estate taxes, leaving the recipient to pay income taxes on it?

If you can make other provisions for your heirs, there is an option to avoid erosion of your retirement plan assets: a gift to WMHT. Naming WMHT the beneficiary of your 401(k), pension or other retirement plan and leaving other assets to your family can avoid income and estate taxes on the retirement plan.

Or, you could designate a specific amount to be paid to WMHT before the division of the remainder among family beneficiaries. You can also name WMHT to be the beneficiary of part or all of your retirement account balance after your primary beneficiary's lifetime.

To implement your wishes, advise your plan administrator of your decision and sign the form you receive from the administrator to move forward with your plan. WMHT recommends discussing this important matter with your accountant or attorney. As always, don't hesitate to contact WMHT with questions or concerns. Our Planned Giving staff can be reached at (518) 880-3400.

This information is not intended as tax or legal advice. For advice and assistance in specific cases, the services of an attorney or other professional advisor should be obtained.

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Your Legacy at WMHT

Gene Zeltmann

"I'm very taken by the idea that we have the chance to have great music, art and the chance to learn things of a historical nature and a chance to look at the beauty of our surroundings, along with news in some depth. This is all brought right into our homes by WMHT. That is special."

- Gene Zeltmann, Clifton Park, N.Y.