WLAC LEGACY SOCIETY
The WLAC Legacy Society is a planned giving program designed to support our mission for years to come. A planned gift can take many shapes, depending on your situation. From a bequest in your Will or Trust, to naming WLAC as the beneficiary to a life insurance policy, IRA or investment account, your professional advisors can discuss the planned giving options that best meet your needs – or you can always reach our to us for assistance. Through a planned gift, you will be making a wonderful and very important gift; saving our most cherished lake and sensitive wetlands that filter our waters, forever.
Over the years, we have been told by many donors that they have made provisions for WLAC in their estate plan, and the WLAC Legacy Society is our means to recognize and celebrate those that have chosen to partner with us.
Please let us know if you choose to make WLAC a beneficiary of your estate plan, by completing the enclosed Statement of Intent.
If you would like to, you can provide WLAC with a copy of the relevant portion of your will or living trust so we can ensure that your wishes are carried out at the appropriate time. All donor information is strictly confidential. Please contact the Executive Director at (231) 535-6112 with any questions.
Below are a few planned giving options to consider:
BEQUESTS
A bequest is one of the most common types of planned gifts. You can specify your bequest to Walloon Lake Association & Conservancy as a particular dollar amount, a percentage of your estate, the residue of your estate or a specific asset such as real estate or securities. Bequests offer you great flexibility; your assets remain in your control during your lifetime and you can modify your bequest at any time.
Sample Bequest Language
“I give, devise, and bequeath to Walloon Lake Association & Conservancy, a nonprofit charitable organization with offices in Walloon Lake, MI the sum of $_____, (or alternatively, _____ percent of the residuary of my estate), to be used for its general purposes.
Walloon Lake Association & Conservancy is a 501(c)(3) qualified charity, and their tax identification number: 38-3608004”
IRA OR RETIREMENT PLAN
Naming Walloon Lake Association & Conservancy as a partial or full beneficiary of the remainder of your IRA or retirement plan can make a very meaningful gift. Distributions from retirement plans at the death of the survivor of the account holder can be subject to both income and estate taxes. However, if you name WLAC as the beneficiary, you avoid both income and estate taxes so 100% of the plan’s balance will be used to protect the unspoiled waters and landscapes of Walloon Lake for future generations. You may name Walloon Lake Association & Conservancy as the primary beneficiary of all or part of your plan, or secondary beneficiary after your family and loved ones.
Simply contact your plan administrator for a beneficiary designation form, which may request some of the following information:
Legal Name: Walloon Lake Association & Conservancy
Business Address: 4060 M-75 Suite 102, Walloon Lake, MI 49796
Business Phone: (231) 535-6112
Taxpayer Identification Number: 38-3608004
LIFE INSURANCE DESIGNATIONS
Making a beneficiary designation through your life insurance plan is an easy meaningful way to leave a lasting legacy. And you can name Walloon Lake Association & Conservancy as a full or partial beneficiary, giving you ultimate flexibility. By naming WLAC as the beneficiary of an individual or group term life insurance policy, the benefits from your policy pass to us free of federal income or estate tax after your lifetime.
GIFT OF LAND WITH A RETAINED LIFE ESTATE
Under a life estate arrangement, you retain the right to live on or use the property for the remainder of your lifetime. Upon your death, the property is transferred to the WLAC and the gift is completed. A current income tax charitable deduction is allowed for your gift based on the present value of your remainder interest.
CHARITABLE GIFT ANNUITY
With a charitable gift annuity, you can make a gift now, receive a partial tax benefit now, and receive interest at above CD or money market rates for the rest of your life (or your spouse’s life) on your gift. This gift may be from appreciated stock or IRA distributions, which may reduce income taxes. This annuity also removes assets from your estate which may result in a tax benefit.
CHARITABLE REMAINDER TRUST
Your tax attorney can assist you in setting up this instrument which provides you income for life and a partial tax deduction at the time of the gift. It is similar in many respects to a Charitable Gift Annuity, except that you select the trust financial manager. You can act as trustee of the trust. If the WLAC is named as beneficiary of the trust, WLAC receives the proceeds on your death or the death of your spouse. This option is appropriate for large gifts only.
CHARITABLE LEAD TRUST
Your tax attorney can assist you in setting up this instrument which provides income to the WLAC for your lifetime. Upon your death, or your spouse’s death, the remainder of the trust goes to a beneficiary of your choice, including relatives. With careful planning, you may substantially reduce, or even eliminate, estate and gift taxes. Also, all appreciation in the value of the trust properties occurring after funding the trust may be completely free of gift and estate taxes. This option is appropriate for large gifts only.