You deserve to decide how your assets will be used.  If you have not specified your wishes in a Will, the state will decide for you.  Also, a significant portion may be collected by the government in the form of estate taxes.  Charitable bequests to Free Clinic of Southwest Washington (FCSW) support a great cause and can reduce your estate tax liability at the same time.

You might think you have to be wealthy to have an estate or to donate to charities.  Not true.  An estate is simply any property, cash or personal belongings you may have at the time of your death.  Anyone can arrange to leave a charitable gift from their estate, regardless of its size.

Less than 10% of all donated money in Southwest Washington and Oregon comes from Wills or Estates. 
You can help increase that number!

Charitable Bequests

A bequest is simply a gift to FCSW made through your will or living trust.  It is the most popular type of planned gift because it allows donors to retain full ownership and use of their assets for as long as they live.  It can also be revised if circumstances change.  A bequest is quite flexible:  you can indicate that the Free Clinic is to receive a specific sum of money, a particular asset, or a percentage of your estate.  Charitable bequests qualify for a dollar-for-dollar estate tax deduction.

 The following is an example of language used in a bequest or will:

 “I give ____ (percent of my estate) or (the remainder of my estate) or $____ (specific dollar amount) to Free Clinic of Southwest Washington, a 501(c)3 nonprofit organization, located at 4100 Plomondon Street, Vancouver, Washington 98661, for its general use and purposes.”

Life Insurance Gifts

Even though it is always possible to designate the Free Clinic as the recipient of some, or all, of the eventual proceeds of a life insurance policy, there can also be current income tax advantages if the Free Clinic is made the actual owner of a new or existing policy.

Stocks

Giving long-term appreciated stock offers you a double tax saving.  First, you avoid paying any capital gains tax on the increase in value of your stock.  Secondly, you receive a tax deduction for the full fair market value of the stock on the date of the transfer.  Appreciated stock is often used to fund a gift annuity or charitable remainder trust.  The annuity or trust payment is often higher than low-yielding stock dividends and may increase the donor’s annual income as well.

Beneficiary Designations

As with a bequest, a gift is completed only once your life has ended.  This means you need not risk parting with an asset prematurely.  Designations are typically made in connection with IRAs, 401(k) plans and other qualified retirement plans, but they can also apply to things such as bank or brokerage accounts, U.S. savings bonds and commercial annuity contracts.  Moreover, it is often better from a tax standpoint to leave such assets to a charitable organization and use other assets to provide for loved ones.  If distributed to FCSW, no income tax is paid; however if you leave a retirement plan to your family, they must still pay income tax when they withdraw funds from the account.

Gifts of Real Estate

If you wish to leave a personal residence, vacation home or farm to the Free Clinic, it is possible to deed the property to FCSW now while retaining the right to continue using the property throughout the balance of your life.  Your gift qualifies for an income tax deduction equal to part of the current value of the property.  If your circumstances change, you can always rent the property or sell it, and share the proceeds with FCSW.

Trusts

There are many ways to structure a trust, depending on your assets and your financial situation.  Charitable Remainder Trusts and Charitable Lead Trusts are common vehicles of planned giving that allow you to receive income, tax deductions, and elimination of capital gains and estate taxes.

~

Regardless of what type of planned gift you may make to FCSW, you can feel great in knowing that your donation will support thousands of uninsured people in Southwest Washington and will be truly appreciated!  FCSW encourages you to seek professional counsel from your accountant, tax attorney, or other tax advisor for additional information on how these options apply to your situation.  

You may also call Shirley Gross, Development Director at FCSW, for more information or if you have any questions about Free Clinic of SW Washington.  Direct phone:  360-313-1397; email Shirley@freeclinics.org.