As you are no doubt aware, CWA’s mission to restore our country to the Biblical values upon which it was founded requires a long-term and continuing effort. While Concerned Women for America depends on current gifts to sustain our day-to-day activities, the organization cannot overlook the need to plan for the future battles that undoubtedly lie ahead. See below for the miltiple ways you can leave a legacy gift.
Bequests are the most common way to leave CWA a legacy gift. It’s affordable and won’t affect your assets or cash flow during your lifetime. And it is fairly simple, especially since you should have a will in place already. They are quite flexible and allow you to leave a specific amount, asset, or a percentage of your estate. Or you can direct that CWA receives all or a portion of what is left over after you’ve provided for your children and heirs.
Your will or living trust can also incorporate other gift vehicles, such as a trust that provides for your children or an annuity to provide for a disabled family member. Speak to your advisor about such options, or contact our Planned Giving Officer for more information.
The following language can be used to make a general bequest for CWA in your will or living trust. If you would like to make a specific bequest, please contact us at (800) 458-8797 so that we understand and can properly honor your intentions.
I give, devise and bequeath to Concerned Women for America, P.O. Box 34300, Washington, D.C. 20043 (Tax I.D. 95-3580834) for its general purposes:
a) The sum of $_______; or b) Name a particular investment or piece of property with legal description, custodian, etc., as applicable; or c) ____ percent of the rest, residue and remainder of my estate, including property over which I have a power of appointment; or, d) All the rest, residue and remainder of my estate, including property over which I have a power of appointment.
Charitable Gift Annuities
Gift Annuities are a popular way to make charitable contributions because they allow you to make a special gift to CWA and also retain a life-long income stream.
The donor makes an irrevocable gift (minimum $20,000) and receives a fixed income stream for the rest of their lives. The amount is determined at the time the annuity is set up – it will never change, and depends partly on age. The income or annuity payments may go to the donor or another individual. They can also be set up to continue for two lives, both a husband and wife for example, although these rates will be slightly lower.
Additionally, donors may set up a deferred CGA in order to get higher rates. The payments do not start immediately, but at a later date (such as the donors 80th birthday). This option is useful for younger donors who are still working and not worried about their current income stream.
To offer CGAs, CWA partners with the Christian Community Foundation (CCF), and so all annuities are subject to CCF guidelines. They are not available in all states.
There are many different ways to use annuities to meet your financial and charitable goals. For more ideas, contact our planned giving office.
Charitable trusts can be designed to meet any number of different needs. The most flexible of all giving plans, they are tailored to the individual’s needs and desires. Two common uses for a trust are listed below.
A charitable remainder trust (CRT) provides an income stream to the donor, or to someone the donor designates. It can be arranged to pay a specific dollar amount or a percentage of the value of the trusts.
The income stream can go to any non-charitable beneficiary. Usually this is the donor (and spouse), but the donor may choose another person. Sometimes donors set up a CRT in their will to provide for a loved one that has depended on them, such as disabled child or an elderly family member. Depending on the trust, the income payments may continue for a designated number of years (up to 20) or for the life of the income beneficiary.
When the trust terminates because the income payments have stopped (either the term of years has ended, or the beneficiary is deceased) the remainder of the assets in the trust are given to the charities of the donor’s choice.
Sometimes donors wish to transfer property to their children during their lifetime (such as a piece of real estate or a family business).
A charitable lead trust (CLT) is almost the reverse of the charitable remainder trust. In this type of trust, the “income” payments go to a designated charity (or charities) for a number of years. Again, these payments can be for a specific dollar amount or a percentage of trust assets.
When the term of years has ended, the remaining assets in the trust are transferred back to the donor, or to the donor’s heirs. This vehicle provides donors with the ability to make a charitable gift and to transfer property to their heirs without paying unnecessary gift taxes.
This trust can also be set up through a will.
Many people are holding onto life insurance policies that they no longer need. This can be a wonderful tool to use for a charitable gift.
The easiest way to accomplish this is by simply changing the death benefit beneficiary to a charity like Concerned Women for America, or designating CWA to receive the dividends paid.
You can also transfer ownership of a paid-up policy to the charity, which may make you eligible for a substantial tax deduction.
Additionally, life insurance can be combined with other vehicles in your estate plans to help you accomplish your overall objectives. One common example is called a Wealth Replacement Trust. This involves setting up a charitable remainder trust (CRT), then using a portion of the CRT payments to pay the premiums on a life insurance policy. The life insurance policy, which is usually held in a separate trust, designates your heirs as the beneficiaries (thus “replacing” a portion or all of the amount that will eventually be given to charity through the CRT).