Deferred Estate Gifts
A common way to give, a deferred estate gift is created in advance of a person's passing, then transferred when a will is executed. This option is the simplest type of estate gift to establish.
Including WesleyLife in Your Will
This option is a simple way to leave a lasting impact that may be greater than what one can give during a lifetime. This simple and powerful form of giving comprise most estate gifts. An estate attorney can work with you to specify whether you'd like to gift:
- a specific amount of cash
- a percentage of the estate's value
- the remaining value of the estate after all other bequests are paid
Entrance Fee Give-Back
Residents at a WesleyLife Community for Healthy Living can choose to return their entrance fee, or a portion of it, as a donation to benefit their community. This type of giving is easy to set up and often speeds the process of closing an estate.
Retirement Plans and Life Insurance
Donors can also name WesleyLife as the beneficiary of their life insurance policy or unused retirement-plan assets.
- Gifts are often larger than the amount a donor would be able to give during their lifetime.
- This is a sensible option for paid-up policies or retirement accounts that won't be used. It also can help other inheritors avoid income and estate taxes.
Income-Paying Estate Gifts
This type of donation involves a large up-front sum that creates an income stream that pays back to the donor. Structures for this type of gift include annuities and trusts.
Charitable Gift Annuity (CGA)
To create a charitable gift annuity, a donor contributes an irrevocable gift of cash or securities to WesleyLife in exchange for a fixed-income payment for a set term or for life. When the donor passes or the annuity terms expire, the leftover funds are retained by WesleyLife.
- This type of gift protects your income and retirement funds.
- Donors receive an immediate tax deduction on the gifted amount.
Charitable Income Trusts
Creating a charitable income trust allows donors to make a major gift while ensuring their income increases from their assets.
The initial gift creates an irrevocable trust that generates a potential income stream for the donor or other beneficiaries. Donors are eligible for a partial tax deduction on contributions made to the trust. The trust has a term limit of 20 years. The remainder of the donated assets after the term expires benefit WesleyLife.
There are two types of trusts available to donors:
Charitable Remainder Annuity Trust (CRAT)
- Distributes a fixed annuity amount
- Additional contributions are not allowed
Charitable Remainder Unitrust (CRUT)
- Distributes a fixed percentage based on the balance of the trust assets
- Distribution amount is revalued annually
- Additional contributions are allowed
Asset-Protecting Estate Gift
This type of gift is structured to protect the donor's assets during their lifetime and provide to their heirs.
Charitable Lead Trust
This type of gift is the opposite of a charitable remainder trust. The initial gift creates an irrevocable trust that generates a fixed income stream for WesleyLife for a period of time, with the remaining assets benefiting the family members or other beneficiaries when the term ends.
- The term can be fixed to a number of years or the donor's lifetime.
- The trust decreases the amount of estate tax for which beneficiaries are responsible.
Retained Life Estates
A donor can transfer a property deed or title to WesleyLife while retaining their right to use the property. Donors receive an income tax deduction for the property's value. Once the set term has expired, the retained life estates belong to WesleyLife.
- Simplifies estate settlement process
- Reduces estate taxes
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