Legacy Giving allows you to create a legacy of philanthropy and support the work of Free Wheelchair Mission for years to come. We appreciatively accept several legacy giving options:

Gifts Through Wills and Revocable Living/Family Trusts

You can support Free Wheelchair Mission with a gift that doesn't impact your cash flow, lifestyle, or family security. By designating Free Wheelchair Mission in your will or trust, your assets remain in your control during your lifetime. You can modify your gift to address changing circumstances. Under current tax law, there is no upper limit on the estate tax deduction for charitable bequests.

Wills and living trusts are the two primary legal documents wherein you determine the final disposition of resources God has entrusted with you during your lifetime. You may name Free Wheelchair Mission as a beneficiary in your will or living trust. The gift may be a specific dollar amount, a percentage of your total estate or one or more specific personal assets from your estate. Additionally, your gift may designate a certain purpose of your choice within Free Wheelchair Mission operations or may simply supplement our general fund. Contact your attorney regarding steps to add Free Wheelchair Mission to your will.

Here is some suggested language to share with your personal advisors to include Free Wheelchair Mission in donor’s will or trust:

I give and bequeath to Free Wheelchair Mission, a California not-for-profit corporation Federal Tax ID: 31-1781635, the sum of $______ dollars {or all the rest, residue %, or remainder of my estate} to be used for the general purposes of the organization, at the discretion of its Board of Directors, located at 15279 Alton Parkway, Suite 300, Irvine, CA 92618

Securities
Gifts of appreciated marketable securities can be transferred to Free Wheelchair Mission. (See information regarding Stock Transfers here.) Stock donations have an immediate impact on Free Wheelchair Mission and often provide a tax deduction based on the current value of the gift.

Gifts of Real Estate
A gift of appreciated real estate creates an immediate income tax deduction for the full fair market value of the appreciated asset. Furthermore, you avoid paying capital gains tax on the appreciated portion of the property.

Gifts of Collectibles
A gift of high-value art, antiques, or other collectibles would result in an immediate income tax deduction.

Life Insurance Policy Proceeds
By designating Free Wheelchair Mission as a beneficiary of your life insurance policy, you will provide us the opportunity to continue to support those in need far into the future with little expenditure. You may achieve this by contacting your life insurance company and requesting a beneficiary designation form.

 

Retirement Plan Proceeds
Gifting all or a portion of your retirement plan benefits is a tax-efficient way to support Free Wheelchair Mission. The designated portion of the retirement plan gifted to Free Wheelchair Mission would be distributed tax free. If distributed otherwise, your heirs might be subject to income tax and possibly estate tax on the distribution of such assets. Gifting a portion of your plan to Free Wheelchair Mission may result in up to a 70% tax savings. You would still continue to take withdrawals from the plan for your lifetime, with only the remainder of the retirement plan passing to Free Wheelchair Mission. Request a beneficiary designation form from your plan administrator to accomplish this.

Charitable Remainder Trust
CRTs are incredibly beneficial when you are considering the sale of an appreciated asset that would result in paying capital gains tax.  By transferring the appreciated asset (securities, real estate, business interest) to the “tax exempt” CRT, you eliminate the capital gains tax AND you create an immediate income tax deduction.

The CRT is designed to provide you with income for a term of years or for your lifetime. For estate tax purposes, assets in the CRT are not included in your taxable estate, therefore possibly reducing estate taxes.

IRA Rollovers
You can make a tax-deductible donation to Free Wheelchair Mission directly from your IRA.

Individuals subject to the annual Minimum Required Distribution (MRD) from their IRA must report distributions as ordinary taxable income (Caveat: the 2020 CARES Act waves RMDs for 2020). However, you can take advantage of a simple way to fund the gift of mobility and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as Free Wheelchair Mission without having to pay income taxes on the money.

If you would like to learn more, please contact Angela Gomez at 949.273.8470 x208 or agomez@freewheelchairmission.org.

Also, as with any planning considerations, we strongly recommend that you consult your tax advisor or attorney before making any decisions.