Bequests
Life Insurance
You may name WVWA as the beneficiary of your Life Insurance policy. There is no income tax charitable deduction, but your gift to WVWA will not reduce any other assets in your estate.
If your policy is paid up and you make WVWA the OWNER of the policy as well as the beneficiary, you can receive a tax deduction equal to the lesser of the cash value of the policy or the total premiums you paid.
If you purchase a new policy, make WVWA the owner and beneficiary, and continue to pay the premiums, you will receive an income tax deduction for the premiums you pay.
Retirement Accounts
You may designate WVWA as the beneficiary of your retirement account. Because of its not-for-profit status, WVWA will get the money tax free, whereas if your heirs are named the
beneficiaries, the money in your IRA will be subject to estate and income tax. This double taxation can amount to as much as 80 percent of the money in your account.
Any funds withdrawn from an IRA during life will be subject to income tax. However, if the funds are then donated for charitable use, there is an offsetting charitable income tax deduction and the transaction is a "wash" for tax purposes.
Your will
You may wish to designate a specific amount or a percentage of your estate to the Wissahickon
Valley Watershed Association in your will. The amount you give to WVWA is removed from your estate BEFORE estate taxes are calculated.
For more information about any of these ways of giving gifts to WVWA, please contact Donna Middleton, Director of
Development, at 215-646-8866.
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