Wills and Bequests
Pam Adams is a retired nurse, mother, and grandmother and is still a very busy woman.
She loves to travel to places she has always dreamed about visiting. When she can't take a trip, she thoroughly enjoys traveling - via her television and radio - on the many journeys offered by public broadcasting.
When not traveling or spending time with her grandchildren, Mrs. Adams volunteers her time at her local station. "I love going behind the scenes and helping out," she says.
According to Mrs. Adams, "Public broadcasting is a part of my family, and I want it to bring to my children and grandchildren the things that I treasure. And if I can help open their eyes and see the possibilities, I've done more than I ever dreamed of."
In addition to the emotional rewards of knowing what her gift means to something she loves, there are also long-term tax benefits because charitable bequests can reduce estate taxes (see Bequest Information). And there can be other tax benefits as well if the bequest involves appreciated assets.
Using funds from a retirement account to make bequests is often a good strategy. If there is a balance in your retirement account at your death, not only is there a potential income tax burden, but there may be estate taxes as well. Estimates are that taxes could eat up as much as 70-75% of retirement assets under certain circumstances. Careful planning concerning retirement funds needs to be done. Some additional information regarding retirement assets is available.
Another option to consider in making a gift is to use life insurance policies that are no longer needed or necessary. There are different ways to make a gift of life insurance.
Mrs. Adams found her experience in providing future support to public broadcasting in the future enriched her heart and life today. Often donors are surprised by just how wonderful the giving experience can be.
Click here to learn more about Joyce & Burton.
Please note: individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. As with all tax and estate planning, please consult your attorney or estate specialist. All material is copyrighted and is for viewing purposes only. The content in this Planned Giving section has been developed for West Virginia Public Broadcasting by Future Focus.