Retirement Plans
The IRA Charitable Rollover is Back for 2013!
Donors age 70½ or older can gift up to $100,000 from their IRAs directly to WMHT and other qualified charities without having to pay income taxes on the money. This gift counts toward the minimum required distribution rule for IRA accounts.
Are you possibly facing new taxes for higher income earners? If so, you can avoid a minimum required distribution from your IRA being added to your adjusted gross income for the year.
WMHT Can Help You Avoid a Tax Trap
Many retirement funds, such as an IRA, 401(k), 403(b), Keogh, etc., can make an excellent bequest to WMHT, while also realizing tax savings for your estate! Retirement funds carefully built up over the years with pre-tax contributions might be taxed by federal and state income tax and an estate tax if left to your loved ones. By designating a charity as the beneficiary of all or part of your retirement fund (using a beneficiary designation form provided by the plan administrator), the full value of the gift, upon your death, is transferred tax-free. With this tax differential, it often makes better financial sense to leave other less highly taxed assets to your heirs.
This type of gift is easy to make and can be done at no cost. Simply obtain a designated beneficiary form from your retirement plan administrator and name WMHT as a beneficiary. That's all there is to it.
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) 880-3462 or Legacy@wmht.org.
Life Insurance
Insure WMHT's Future
A gift of life insurance is an excellent way of supporting WMHT, especially if your policy is no longer needed for its original purpose. 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.
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.
"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.
If you have already provided for WMHT in your estate plans, please complete and return this form so we can welcome you to WMHT’s Legacy Circle.
