Planned Giving: Leaving a WILD Legacy
Many people would like to help strengthen the long-term viability of The WILD Foundation but feel they cannot afford to make such a gift today. A bequest by will or revocable Trust can be tailored to complement your personal lifestyle and financial goals and also support WILD!
If you have not already done so, please consider putting The WILD Foundation in your will or revocable trust. For more information about bequests and other planned gifts that can benefit you and WILD, please contact Alyson Duffey at (303) 442 8811 x27 or via email at alyson@wild.org.
A bequest is for you if …
- You want to help ensure WILD’s future viability and strength.
- Long-term planning is more important to you than an immediate income-tax deduction.
- You want the flexibility of a gift commitment that doesn’t affect your current cash flow.
There are many benefits to a bequest:
- Your assets remain in your control during your lifetime.
- You can modify your bequest if your circumstances change.
- There is no upper limit on the estate tax deductions that can be taken for charitable bequests.
- It is private – your will is not filed or made public until your death, and
- You can have the satisfaction now of knowing that your bequest will support WILD in the way you intended when you are gone.
To help you get started, here is some sample text:
Unrestricted Gift: A gift that can be used where need is greatest.
I give, devise, and bequeath to The International Wilderness Leadership Foundation, Boulder CO _______(Dollars)* to be used for its general purposes.
Residuary Bequest: Leaves any remainder after all other bequests have been paid.
I give, devise, and bequeath to The International Wilderness Leadership Foundation, Boulder CO ________ percent of the residue of my estate to be used for its general purposes.
Contingency Gift: Takes effect only if a primary intention can’t be met.
In the event that ____________ predeceases me, I give, devise, and bequeath his/her bequest or share to The International Wilderness Leadership Foundation, Boulder CO to be used for its general purposes.
* Rather than leaving a sum certain, you can include language that refers to a percentage of your estate or a description of the property you wish to give.
Bequest provisions designated for a specific program or activity require additional language. Unless otherwise designated, all gifts will be used to support the general projects and programs of The WILD Foundation.
If you have questions about planned giving or would like to talk with someone in person, please contact our offices anytime, M-F 8am-5pm Mountain Standard Time at (303) 442 8811.
Frequently Asked Questions
What is the best way to include The WILD Foundation in my will?
When including a bequest provision in your will, always use our full legal name – The International Wilderness Leadership Foundation (dba The WILD Foundation), a non-profit 501(c)(3) Corporation, headquartered in Boulder, CO. You may also want to include our TIN (23-7389749). It would be prudent if you or your adviser calls us before drafting the document to ensure that the information you are including is accurate.
What are some of my options?
* How will your gift be used: You may opt to designate a particular program at WILD as beneficiary of your gift, or you may leave your gift to be used at the discretion of our Board of Directors. By leaving your gift unrestricted, you leave open many doors of opportunity. If you’ve restricted your gift, we advise that you include language that allows WILD to use the funds in another manner in the event the purpose your gift supports is no longer relevant. Of course, the choice is entirely yours.
* What form should your gift take: You may choose to designate that we receive a specific sum from your estate (for example $5,000), or you may choose to leave a percentage of your estate (for example 5%).
* What asset should you use: You can give almost any kind of asset through a bequest, including cash, securities, an interest in real estate (such as a residence), tangible personal property (such as works of art or antiques) or the remainder of your IRA, Keogh, tax-sheltered annuity, qualified pension or profit-sharing plan.
* What priority will the gift have: You can decide whether we will benefit outright through your will or only after other conditions are met, such as the distribution of bequests to heirs and other loved ones.
* Will your gift be permanent: You even have the option of “endowing” your gift to provide a lasting financial resource. Because we never spend the principal of an endowed gift, there is always income to support our programs and projects.
Will my gift be deductible?
A charitable bequest or trust distribution is deductible for federal estate tax purposes, and there is no limit on the deduction your estate can claim. In addition, the gift is usually exempt from state inheritance taxes.
What if I’ve already written my will or trust?
You can amend a will or trust to make a gift without rewriting the entire document. Your attorney can prepare the simple statement, called a codicil, that adds a new bequest to us while reaffirming the other terms of your will. Similarly, he or she can prepare an amendment to your revocable trust to add WILD as a beneficiary.
What’s the difference between a will and a trust?
A will is your instruction manual to your survivors about how you want your property distributed. It’s a revocable, private document that only takes affect after your death.
A revocable trust (sometimes called a living trust) is a legal entity that holds assets during your lifetime, then transfers ownership of them — or benefit from them — upon your death. Unlike a will, a trust must take title to assets before it can pass them to your survivors.
There is no difference between wills and revocable trusts in how transfers from them are taxed. In some states, however, the probate and distribution process is simpler with a revocable trust. Your advisers can guide you in choosing which vehicle will work better for you.
