Planned Giving Information
Combine your desire to support Washington Physicians for Social Responsibility with your overall financial, tax and estate planning goals. Your planned gift gives you a special connection with WPSR and furthers our mission of creating a healthy, peaceful and sustainable world.
Bequests are one of the simplest and most popular methods of making a planned gift – through your will, after your death when you no longer need the assets. Moreover, if federal or state estate taxes are a concern, a charitable bequest is fully deductible.
There are three basic types of bequests:
Pecuniary: You designate that a certain dollar amount be distributed to Washington Physicians for Social Responsibility.
Specific: You direct that a particular asset (such as a block of stock or a piece of real estate) be sold, with the net proceeds used to benefit WPSR.
Residual: You provide that all or a portion of what remains of your estate - after expenses, debts, taxes, and pecuniary or specific bequests are paid - be transferred to WPSR.
To make a bequest to WPSR, the following language may be helpful to your lawyer:
"I hereby give and bequeath ([dollar amount], [net proceeds from estate's sale of a particular asset], or [specific percentage of residual estate]) to Washington Physicians for Social Responsibility, a nonprofit corporation exempt from Federal taxation under Section 501(c)(3) of the Internal Revenue Code, currently located at 4500 9th Ave. NE, Suite 300, Seattle, WA 98105, Federal tax identification number 91-1123316, for its general purposes.”
If you have already made a plan to give to WPSR in your will or other aspect of your estate plan, please let us know so that we can thank you now for your future support. You can contact WPSR’s Executive Director, Laura Skelton, at firstname.lastname@example.org or (206) 547-2630.
Gifts of Retirement Plan Assets
Many individuals today have large account balances in their IRAs and qualified retirement plans such as a 401(k), a 403(b), or a Keogh plan. The assets in these accounts have been growing tax-free for years. Once the owner begins to receive payments from an account, the distributions are taxed. The assets are also included in the owner's taxable estate. A retirement plan account may be an excellent source of funds for making a gift to WPSR. Because WPSR is a tax-exempt entity, none of what it receives is subject to tax. Furthermore, a gift from a retirement plan is typically very easy to arrange (or modify, if necessary).
Gifts Involving Life Insurance
Some of our supporters no longer need their life insurance that was purchased years ago to provide for children or other family members. If that is your situation, please consider giving the policy to WPSR. You will receive a charitable deduction for making the donation itself, as well as for subsequently paying any premiums that remain due. Likewise, if you purchase a new policy and make WPSR the owner from the start, all your premium payments will be deductible. As an alternative, you can continue to own a policy but designate WPSR as beneficiary of some or all of the proceeds payable on death.
To the extent your objectives include both providing for WPSR and providing for yourself or loved ones, there are ways to make a gift that is partly charitable and partly for the benefit of you or others. An example s a charitable remainder trust, which makes payments to one or more individuals each year during its existence and then distributes its remaining assets to WPSR.
If you have questions, please be in touch with Laura Skelton at email@example.com or (206) 547-2630. Also, WPSR can make available - at no cost to you or your advisors - the services of a knowledgeable planned giving consultant who can help you understand your options. Finally, be sure to include your lawyer and other appropriate advisors as you determine how you want to proceed.