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Retirement Plans, Insurance, and Real Estate
The following are examples of creative gift options you might consider that provide various benefits to you as well as helping secure the future of WNED. Prior to completing any of these transactions, please have your advisor contact Colleen Miller at 716-845-7031 or cmillerATwnedDOTorg, to request WNED's policies relating to these types of gifts.
Real Estate
A gift of your residence, a farm, vacation property or other types of real property is a creative way to make a meaningful gift to WNED and receive tax benefits. The benefits include a charitable income tax deduction for the full fair-market value of the property, and avoidance of capital gains tax on the property's appreciation at the time the gift is made.
Retirement Plans
Naming WNED the beneficiary of your IRA, a Keogh plan, or other retirement plan may reduce estate taxes for your loved ones. Under current tax law, if you leave your retirement plan assets to heirs, those assets are first subject to estate taxes, then to income taxes - frequently resulting in a combined tax burden.
Life Insurance
Many individuals have life insurance policies whose benefits they no longer need. If this applies to you, you may want to consider naming WNED the beneficiary and assigning WNED ownership of the policy. You may also purchase a new policy with WNED as the beneficiary. You will receive a charitable deduction - and if you are removing the life insurance policy from your estate, you may also reduce your estate taxes. |
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