This summary chart gives a quick overview of many of the planned giving options available to you. Please keep in mind that your individual circumstances need to be considered before taking any action. As with all tax and estate planning, please consult your attorney or estate specialist.
Please view the desktop version of the website for summary chart which gives a quick overview of many of the planned giving options available to you. Please keep in mind that your individual circumstances need to be considered before taking any action. As with all tax and estate planning, please consult your attorney or estate specialist.
I’m not wealthy, can my bequest still make a difference?
Absolutely! You don’t have to be wealthy to create a lasting legacy. A bequest of any size can be significant in helping to preserve our mission and our outreach.
I already have a will. Do I need anything else?
Most experts agree that you should also have a “durable power of attorney” which allows another person to act on your behalf should you become incapacitated. Also, a “living will” helps your heirs in that it directs at which point you do not want your life artificially supported.
How often should I update my will or any other estate planning vehicle documents?
Your estate planning documents should be reexamined whenever your financial or family circumstances change…such as moving to a new state (new state laws would apply), a marriage or divorce, a windfall or a loss, etc.
Sample Bequest Language
Please contact us for suggested language and for issues to resolve before talking to an attorney. It will save you time and that means saving money.
It is a written legal document (i.e., a trust) that is created by transferring title of personal and real property to a trustee (can be you). It looks a lot like a will and can be changed or revoked like a will.
It is a contract between you and Wheeler Mission Ministries whereby Wheeler agrees to pay you a fixed annual income for life in exchange for money or assets transferred to Wheeler through the contract.
It is a trust, a separate charitable entity with its own name and tax I.D., in which the “remainder” (whatever remains in the trust after all other terms and conditions have been fulfilled) will be transferred to Wheeler and any other charitable organizations named in the trust. That is, the charity gets the “remainder.” While it sounds a lot like a Charitable Gift Annuity it is vastly more sophisticated than any of the other planning instruments (documents) and allows for a wide range of your charitable and financial objectives.
So, what is a Charitable Remainder Annuity Trust?
This trust pays the beneficiary (annuitant) a fixed dollar amount, not less than 5% of its value nor more than any amount which creates a circumstance that could deplete the trust assets. The dollar amount of payment to the annuitant is fixed at the creation of the trust and will not vary.
And what is a Charitable Remainder Unitrust?
The Unitrust is different from the Annuity trust in that the principal in the trust is revalued every year based on the growth or loss of invested assets. Additional contributions to this trust may be made at any time, unlike the Annuity Trust. The income beneficiary’s payments are based on a fixed percentage of the trust’s value every year. That percentage is determined at the creation of the trust and will not vary.
There are at least three ways:
A gift subject to life estate is a gift of your personal residence, (primary or vacation residence), or a farm in which you have had an operating interest within the last five years. It is subject to a life estate; that is, you retain the right to personal use and interest in the property for life. Investment property (for example, an apartment complex) does not qualify; however, investment property can be used to fund other life income gift plans.
60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death. Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give retirement assets to Wheeler Mission Ministries. Here’s how:
Since the funds in IRA accounts were not originally taxed, the distribution to Wheeler cannot generate a tax deduction. However, because it would otherwise be taxed if you first took the money from your IRA account and then gave it to Wheeler, even taxpayers who don’t itemize their deductions can benefit from making this kind of gift.
One very important aspect of planning for the future is to take time to consider your overall financial and estate plans. Many people never get around to making a will or other estate plan, for example, and that’s a real shame because so many good things can come out of the planning process — not the least of which is your own peace of mind.
If you are ready to consider making or reviewing your estate plan, consider using the four “P’s” as a simple guide. Before going to visit your attorney and/or other professional advisor, take time to list the following:
PEOPLE: Who are all the people in your life who depend on you or whom you might want to remember in your plans? Spouse, children, grandchildren, other relatives, friends and loved ones come to mind.
PROPERTY: What are the various properties you own that together make up your estate? List real estate, insurance, annuities, mortgages held, automobiles, furniture, etc. Make a note of the cost of each, the estimated current value and any income or debt involved.
PLANS: How would you like to match your properties to the people you have listed? Be sure to include any plans you have to remember your charitable interests, such as Wheeler Mission.
PLANNERS: Who are the people you will need to talk with to complete your plan? Remember to list your attorney, insurance agent, broker, trust officer, certified financial planner and perhaps others.
Once you have been through this process, you are ready to put it all together. We at Wheeler Mission would be most honored to be a part of your future plans. If you would like more information about us, or if we can help in any way, please feel free to call or email Steve Germani at (317) 635-3575 or SteveGermani@WheelerMission.org. Thank you for your consideration of Wheeler Mission.
Text written by Robert F. Sharpe, Sr. and reprinted with permission from The College of William and Mary National Planned Giving Institute.
The McWhirter Society is named for Luella McWhirter, one of the three women founders of the Mission in 1893, and matriarch of that supportive Indianapolis family. Membership in the Society is reserved for those individuals who support Wheeler and its Christian life and family saving goals through life-income arrangements, trusts or bequests. These friends of Wheeler Mission help to assure its future by strengthening its endowment reserve. The Society honors them and, through its activities, strives to enhance their appreciation of our mission to change lives, one individual at a time.
By including Wheeler in a charitable estate plan donors are guaranteed that your annual contributions will continue in perpetuity. That is because all gifts from estate plans are placed in an investment account which we call our endowment. The concept is based on the biblical Joseph’s example in Gen. 41:34-36.
The endowment is managed to maintain its real value and help fund long-term needs of Wheeler. The policy of not invading endowment principal is a key to its growth and stability. Therefore, unless otherwise donor-directed, all gifts to the McWhirter Society have a lasting purpose and will never lose their value to the people Wheeler serves.
When is enough, enough? Income from Wheeler’s endowment reserve covers only a very small portion of our annual operating budget. Yet we enjoy the finest Christian urban outreach and intervention program in the country with cutting-edge programs for men, women and children, and families. The size of our endowment will directly assist in our ability to:
All members of the McWhirter Society have named Wheeler Mission Ministries in their charitable estate plans or they participate in a life-income program involving Wheeler. Frequently used arrangements:
Those who have created a provision in their estate plans to benefit Wheeler and who have informed us of their consideration and generosity through documentation of an irrevocable or revocable gift, planned or designated to come from their assets or estate, are eligible for instant membership in the McWhirter Society.