HOW CAN I GIVE TO WMNF TO ENSURE ITS FUTURE?
There are many ways to accomplish Legacy Giving. Most gifts can be accomplished easily by filling out beneficiary forms yourself, or can be easily incorporated as part of a Will or a Trust that you are creating or updating.
In planning which type of gift might be the best for you to make, remember that certain types of investment assets may have “built-in taxes” that can be avoided by making a charitable gift to WMNF. Your financial advisor, CPA or attorney can provide you with more information and specific advice about which type of gift may be best suited for you.
This summary of gifting alternatives is not offered as legal advice. It is simply an outline of some of the ways that you can generously help to ensure WMNF’s long term success.
Bequests By Will or Revocable Living Trust.
One of the most popular ways to make a legacy gift to WMNF is to make a bequest through your Will or your Revocable Trust. It is as simple as selecting an amount and having your attorney include a provision in your Will and Trust to make that gift. Sample language that may be used is:
“I give the sum of $_______(or, alternatively, a certain percentage of your residuary estate) to The Nathan B. Stubblefield Foundation, Inc., doing business as WMNF Community Radio, a Florida nonprofit corporation, with its principal offices at 1210 E. Dr. Martin Luther King, Jr. Blvd., Tampa, FL 33603. (Tax Identification Number: 59-1619213).”
Some people prefer to make cash donations during their lifetime so that they can be thanked publicly. Others prefer to give these kind of lifetime gifts anonymously. Rest assured that WMNF will always honor your wishes in either situation. Lifetime gifts allow the donor to experience the pleasure of making a valuable gift and seeing the good use to which their gift has been dedicated by the Board of Directors as they safeguard and fulfill the station’s Mission.
Making a special legacy gift to WMNF can be as simple as: (1) requesting a change of beneficiary form from the insurance company or IRA Custodian or retirement plan administrator; (2) designating a specific amount or percentage amount of the proceeds; (3) signing it and sending it back to the insurance company, IRA Custodian or other retirement plan administrator; and (4) confirming that the beneficiary designation has been received and implemented by the insurance company, IRA Custodian or other retirement plan administrator. This type of gifting can also be changed or adjusted if your financial situation changes in the future.
Beneficiary designations can be used for any of the following types of investments:
Life insurance policies: Make a difference in WMNF’s future by designating WMNF as beneficiary of part or all of a life insurance policy. Throughout the station’s history, significant life insurance gifts like these have been immeasurable in sustaining the station and allowing it to continue its Mission.
Individual Retirement Accounts (IRA’s): Remember that amounts withdrawn by you or your beneficiaries of many types of IRA accounts will be taxable to you or your beneficiary, but making a gift of those same IRA assets to WMNF (as an IRS approved charitable organization) may be non-taxable and are an excellent way to make a legacy gift that will be a “win-win” for you and WMNF.
Annuities: Annuities are forms of insurance investments. When the payments are paid out, the value of the earnings (the amount the annuity investments earned over and above your initial investment) is taxable as income. By gifting part or all of the proceeds of an annuity to WMNF, payment of that tax can be avoided and WMNF will be able to utilize the funds to carry out its Mission.
401(k) plans (and other similar retirement accounts) allow you to name beneficiaries, and allow you to make a gift to WMNF by requesting a change of beneficiary form, signing it and sending it back to the plan administrator. 401(k) plan distributions are taxable as income. However, gifts of those same assets to WMNF (as an IRS approved charitable organization) may be non-taxable and are an excellent way to make a legacy gift that will be a “win-win” for both the donor and WMNF.
Payable Upon Death Designations
Checking accounts, savings accounts and Certificates of Deposit (CD’s) which you have at your bank or credit union, and investment accounts which you have at a brokerage firm, may be designated to be paid to WMNF upon your death. This process bypasses probate and provides a simple way for you to make a gift to WMNF of all or a portion of the funds remaining in an account at the time of death. Simply contact the financial institution, tell them that you want to designate a “payable upon death beneficiary” for the account and use the legal name and Tax Identification Number above to name WMNF as a beneficiary of the remaining funds in that account at the time of your death, and complete the paperwork to complete the gift. This is a simple and easy way to make a lasting difference in the future of WMNF. These types of designations may be split among more than one “payable upon death beneficiary.”
Gifts of Stocks, Bonds or Mutual Funds
You may own shares of stock, bonds or mutual funds that have increased substantially in value over time. If you sell those assets, you would have to pay a capital gain tax based upon the increase in value. By gifting those shares of stock to WMNF instead, you may be entitled to claim a charitable contribution for the value of the stock that you donate and WMNF will be able to sell the stock without having to pay the capital gain tax that you would have paid on that highly appreciated stock.
IRA Charitable Rollovers.
An IRA Charitable Rollover is a way for individuals who have reached age 70 and ½ to donate up to $100,000 annually to WMNF directly from their Individual Retirement Account (IRA), without treating the distribution as taxable income.
Once an IRA owner reaches the age of 70 and ½, each IRA account holder is required to withdraw Required Minimum Distributions (RMD) annually, and if the IRA owner receives those distributions, they are taxed as ordinary income. By using an IRA Charitable Rollover as a way to satisfy the annual RMD requirement, you can make an annual donation to WMNF in the amount of RMD tax-free (or you can designate a portion of your RMD to go to WMNF and a portion to you, annually). This is a great way for older listeners to avoid payment of tax and make a special gift at the same time.
Your tax advisor or financial advisor can also provide assistance in dealing with RMD on 401(k) plans (by rolling over 401(k) monies into an IRA and using an IRA Charitable Rollover for your contribution to WMNF). See your tax advisor or financial advisor for more information.
Charitable Remainder Trusts.
Charitable Remainder Trusts are irrevocable trusts that generate a potential income stream for you as the donor (or for other beneficiaries whom you name to receive the income stream), with the remainder of the donated assets going to WMNF. These types of trusts can be set up in various ways and provide tax benefits for the donor by providing an immediate charitable deduction, but also providing for an income stream. At the end of the trust when the income stream ends, the assets in the trust can be sold without payment of capital gains and WMNF will receive the remaining assets. These types of trusts are often funded with significantly appreciated assets. Your financial advisor and attorney can assist you in structuring this type of Trust in a way that benefits you and your family, and WMNF down the road.
What is the legal name, Tax Identification Number, and information needed to designate a charitable gift to WMNF?
The Nathan B. Stubblefield Foundation (doing business as WMNF Community Radio)
1210 E. Dr. Martin Luther King, Jr. Blvd
Tampa, FL 33603
Tax Identification Number: 59-1619213
Thank you so much for being a loyal supporter of WMNF. With your help and generosity, we will be able to help WMNF Carry On for future generations of listeners!
*For more information about Legacy Giving, please contact:
WMNF Membership Coordinator
Phone: (813) 865-8264
Email: [email protected]