Outright Gift of Cash or Check
A gift by cash or check is the most common and easiest method for making a charitable contribution. If you itemize tax deductions on your tax return, the full value of your gift can be a tax deduction.
Irrevocably contributing an asset provides an immediate income tax deduction. Additionally, donating appreciated stock held more than a year, has the benefit of eliminating tax on the gain.
Current Will or Trust
Your legacy is reflected in your will. A bequest from a will or a living trust lets you pass any amount to UWLC free of estate tax. You can give cash, specific property or a percentage of your estate. This arrangement provides you with flexibility to make updates should your circumstances change. We recommend you obtain the professional counsel of an attorney who specializes in estate planning to ensure your will accomplishes your personal and charitable goals.
Many contributors are attracted to life insurance because it enables them to make a larger gift than they would otherwise be able to make. You can make UWLC the owner of the policy, and receive an income tax deduction. If you name UWLC as the owner and the beneficiary you will also receive tax deductions on the annual premiums. You can also retain ownership and name UWLC as the beneficiary. If you retain ownership, the gift is revocable so you will not be eligible for current tax benefits, but your estate will not pay estate taxes on the policy proceeds UWLC receives.
Individuals 70½ years or older can donate directly from their IRA without having to take a distribution that would trigger an income-tax bill.
Perpetuating your gift through a retirement plan is simple, flexible and tax wise. Assets remaining in retirement plans funded with pretax dollars can be subject to both estate and income taxes. This means that the amount left to heirs is diminished by estate taxes and the recipient is also required to pay income taxes. Naming UWLC as the beneficiary of a retirement account allows you to continue to draw money out of the account while you are living. This method also provides you with the freedom to change your mind if your situation changes. You can contact the administrator of your retirement plan to designate UWLC as the beneficiary of your retirement plan.