Designating the WAF as a beneficiary of a life insurance policy, qualified retirement plan, taxsheltered annuity, or nonqualified annuity is simple and can benefit heirs by reducing or eliminating estate taxes.

This is an extremely simple way to transfer assets at death to charitable purposes. For donors who wish to manage assets while they are living, they may be bequeathed within the framework of a revocable living trust which can be changed at anytime up to death or incapacitation.

This enables the WAF to obtain a donor’s money up front in exchange for a promise by the WAF to pay the donor an income stream for a specified period, including for life. When the donor passes away, all remaining moneys goes to the WAF for purposes specified by the donor.

This enables a donor to place appreciated assets into a trust, receive a guaranteed stream of income for not more than twenty years, and have what’s left in the trust revert to the WAF or the donor’s heirs. A charitable trust may be attractive to people with significant appreciated assets and a desire to utilize numerous tax advantages available to charitable trusts. It is important that such arrangements are thoroughly discussed within families and, since most of these methods involve significant tax ramifications (income, capital gains and inheritance), with financial advisors as well. Finally, it is equally important that the WAF have discussions with the donor before he/she establishes a bequest in order to ensure that the donor’s specific charitable wishes are understood and followed. Please contact a WAF board member for more information about bequests and their many advantages.