Bequest

A gift to WVPT in your will or revocable trust proclaims your confidence that we will continue to pursue our mission and make a difference in the lives of future generations. A bequest is:

  • Easy to arrange
  • Does not affect your assets or cash flow during your lifetime
  • Revocable

You may have planned your estate through a revocable trust instead of a will. A transfer to WVPT from your trust will bring you the same tax and planning benefits as a bequest from a will.

Your bequest or trust distribution to us will reduce the value of your estate for federal estate tax purposes, and will also be exempt from state inheritance taxes.

You Can Make Your Bequest in Several Ways:

A bequest can deliver a specific dollar amount or asset to WVPT, or it can give us a percentage of the balance remaining in your estate after taxes and specific bequests have been paid. It can also be payable if an individual beneficiary is not able to inherit.

Specific Bequest

"I bequeath Ten Thousand ($10,000) Dollars [or: all my Merck stock] to WVPT—Virginia's Public Television."

Residuary Bequest

"I bequeath Ten Percent (10%) of the residue of my estate to WVPT—Virginia's Public Television."

Contingent Bequest

"If my niece does not survive me or is unable to inherit this bequest, I direct that it be paid to WVPT—Virginia's Public Television."

Your Bequest Can Be Used by Us in Two Ways:

A bequest can be directed to a specific program or purpose at WVPT, or you can tell us to apply it to our general resources or use it for the need that we believe is most pressing at the time it is received. So that it can be most useful, we prefer that the terms of a bequest be as general as possible, and ask you to consult us if you are considering a bequest for a specific purpose here.


Charitable Remainder Annuity Trust

A charitable remainder annuity trust is a separately invested and managed charitable trust that pays you, your spouse, and/or other beneficiaries a fixed annuity income for life or a term of years. You receive a charitable income tax deduction for a portion of your gift to the trust. No additional gifts are permitted. After the annuity trust terminates, the accumulated principal or "remainder interest" goes to WVPT.

  • Receive stable, predictable income (particularly appealing to older donors and income beneficiaries).
  • Avoid all upfront capital gains tax on any appreciated assets you transfer to the annuity trust.
  • Receive all or partly tax-free income if your annuity trust is invested for that objective.
  • Reduce your estate tax liability by removing a large taxable asset.
  • Make a satisfying and substantial gift to WVPT during your lifetime.

Example

Comparison of Benefits: Unitrust and Annuity Trust

This example is based on a factor that changes monthly. Contact our office for a personal illustration based on the latest rates.

Assumptions:

> Beneficiaries aged 72 and 70
> 28% income tax bracket
> Holding $100,000 in stock with $50,000 cost basis

.

Unitrust

Annuity Trust

Contribution

$100,000

$100,000

Income Rate

5%

5%

First Year's Income

$5,000

$5,000

Future Income

Variable

$5,000/year

Charitable Deduction*

$43,764

$43,367

*Based on a Federal Discount Rate of 5%.


Charitable Lead Trust

The charitable lead trust generates income for WVPT now, while reducing your tax costs for transferring assets to the next generation. The lead trust holds gift assets for your lifetime or for a term of years, and pays annual income to us. WVPT benefits from the assured income stream from the lead trust, while your family enjoys several tax advantages:

  • The gift assets placed in the lead trust are frozen in value for transfer-tax purposes as of the date the trust is formed. When the trust terminates and the assets pass to your family, all intervening appreciation will escape gift and estate tax.
  • Our income interest further reduces the taxable value of the trust assets when they pass to your family. This feature makes the lead trust especially useful if you are holding assets likely to appreciate significantly before they are transferred to the next generation.