Leave a Legacy

2021 TAX INFORMATION:

Ordinarily, individuals who elect to take the standard deduction cannot claim a deduction for their charitable contributions. The law now permits these individuals to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to certain qualifying charitable organizations. These individuals, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction is increased to $600 for married individuals filing joint returns.

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IRA CHARITABLE ROLLOVER:

The IRA charitable rollover allows taxpayers to make tax-free charitable gifts directly from their Individual Retirement Accounts to eligible charities, including colleges, universities and independent schools.

Currently, the provision:

  • Caps qualified charitable IRA distributions at $100,000 per person per year,
  • Precludes the funding of gift annuities and similar life income plans and
  • Applies only to donors age 70½ or older.

The provision was permanently extended on Dec. 18, 2015.

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Gifts by bequest

Making a legacy gift in your will or trust is one of the easiest ways to leave a legacy that will benefit WSLR+Fogartyville. When including a bequest provision in your will, always use our full legal name, WSLR, Inc., and provide our federal taxpayer identification number.

  • Residual bequest – A percentage of the remainder of your estate after other specific legacies have been fulfilled.
  • Specific bequest – A specific dollar amount, stated fraction of your estate or specified gift-in-kind such as collections, art, books, jewelry, etc.
  • Contingent bequest – A gift that is originally intended for other beneficiaries but, in the event of their prior passing, is redirected as a charitable donation.

Gifts by beneficiary designation

When you make a gift to WSLR, INC from your retirement plan, insurance plan or other assets, you make it possible for us to expand our programming and better serve our community. Best of all, these gifts are easy to make! Simply contact the firm that holds your assets and completing a beneficiary form.

 

Retirement funds gift

You can choose to name WSLR, INC as a beneficiary of a retirement plan and reduce your taxes and help local journalism thrive.

Benefits:

  • Reduce or eliminate taxes on retirement assets.
  • Remove highly taxable assets from your estate by direct beneficiary designation.
  • Reduce or avoid probate fees.
  • There is no cost to you now.

To name WSLR, INC as a beneficiary of your retirement plan, contact your bank or insurance company to see whether a change of beneficiary form must be completed.

 

Life insurance policy gift

If you have a life insurance policy that has outlasted its original purpose, you can use it to fund a legacy gift while enjoying tax savings during your lifetime.

Benefits:

  • Donate ownership and receive a charitable income tax deduction for the market value of the policy.
  • Receive additional tax benefits by making annual gifts so that we can pay the premiums.
  • Some donated policies can be cashed in and put to good use right away.
  • If you retain the policy and name us as beneficiary, the proceeds of your policy will be paid to WSLR, INC and your estate will receive the tax deduction from the charitable gift receipt.

Savings bonds

If you have bonds that have stopped earning interest and you plan to redeem, you will owe income tax on the appreciation. In the end, your heirs will receive only a fraction of the value of the bonds in which you so carefully invested.   Since WSLR,INC is a tax-exempt institution, naming us as a beneficiary ensures that 100 percent of your gift will go to support our mission.

 

CDs, bank accounts and brokerage accounts

Naming WSLR, INC as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account is one of the easiest ways to support independent media.

 

Donor-advised fund residuals

Final distribution of contributions remaining in a donor-advised fund is governed by the contract you completed when you created your fund. Please consider naming WSLR, INC as a successor of your account or a portion of your account value.

 

Gifts that may reduce your taxes

Some legacy gifts made to WSLR, INC can have substantial tax savings.

 

Retirement plan gift

You can reduce or even eliminate tax liabilities on your retirement plan by naming WSLR, INC as direct beneficiary. The entire amount of your IRA, 401(k) or other retirement accounts may be taxed if you leave them to your heirs. Instead, consider giving them less tax-burdened assets like real estate and stock, and use retirement assets to create your legacy gift with WSLR.

Benefits:

  • Eliminate potential estate tax on retirement assets.
  • Eliminate income tax on retirement assets funded on a pre-tax basis.
  • Receive potential savings on estate taxation from a donation tax deduction.

To name WSLR, INC as a beneficiary of your retirement plan, contact your plan administrator to see whether a change of beneficiary form must be completed.

 

Life insurance plan

If you have a life insurance policy that has outlasted its original purpose, you can use it to reduce your taxes and create a legacy gift for WSLR, INC.

Benefits:

  • Reduce your income taxes.
  • Receive additional donation tax deductions by making annual gifts so that WSLR, INC can pay the premiums.
  • If WSLR retains the policy to maturity, or you name us as a beneficiary, the proceeds of your policy will be paid to WSLR, INC once the policy matures.

Gifts of stock

Stocks, bonds and mutual funds that have appreciated in value are among the best ways to ensure that WSLR, INC can continue to thrive.

You may receive a charitable income tax deduction for the full market value of the stock up to a maximum of 30 percent of your adjusted gross income and avoid paying the capital gains tax on any increase in the value of the stock.

 

Savings bonds

When you redeem savings bonds, you or the person to whom you leave your bonds will owe income tax on the appreciation. You can eliminate the income tax on bonds you own that have stopped earning interest and that you plan to redeem. Since WSLR, INC is tax exempt, 100 percent of your gift of savings bonds will support our mission.

Benefits:

  • Reduce income tax.
  • Reduce income tax and estate taxes for your loved ones.
  • Create your lasting legacy by empowering families to become self-reliant homeowners who are engaged in their communities.

WSLR suggests that you consult an estate planning professional, such as your attorney and/or financial advisor, prior to establishing a program of planned giving. By calling 941.894.6469,  WSLR can put you in touch with someone from our Planned Giving Committee to discuss these options in more detail.



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