Leave a Legacy
Planned giving is a way to make a gift to the Westminster Public Schools Foundation through thoughtful estate planning.
How can I make a planned gift to the Westminster Public Schools Foundation or one of our programs?
The most common way of making a planned gift is by designating the Westminster Public Schools Foundation or one of the programs as a beneficiary in your will. Other options are designating the WPS Foundation as a beneficiary of your retirement plan or life insurance policy. There are also other, more complex ways of setting up a planned gift. Your attorney or financial planner may have suggestions that are best suited to your unique needs.
How do I benefit from a planned gift?
A planned gift may enable you to make a much more significant impact than you may have thought possible. It can create opportunities to support the work of the Foundation and make a lasting impact.
How do my family and other loved ones benefit? A planned gift can create potential savings on capital gains taxes or estate taxes, lessening the financial burden on your family and loved ones. For instance, a planned gift can reduce your estate tax liability. The assets that you transfer to the Westminster Public Schools Foundation will remain outside of your taxable estate.
How does Westminster Public Schools Foundation benefit from a planned gift?
Your gift can make a significant impact on the Westminster Public Schools Foundation now and/or in the future. You also have the option to direct your gift to support a specific area of the Foundation, such as a scholarship or department within the district.
How do I name the Westminster Public Schools Foundation in my will?
Creating a detailed will is critical to ensuring that your estate will continue to yield benefits to your family and to the organizations that are important to you in line with your wishes. For additional information about your gift, consult your accountant and lawyer. To name the Westminster Public Schools Foundation, you can include the following language:
I give (___ dollars/ __ percentage or all of the residue of my estate) to the Westminster Public Schools Foundation for the benefit of __________ (name of designation).
To make a specific bequest, please get in touch with the executive director of the Foundation.
How do I name the Westminster Public Schools Foundation as a beneficiary in my retirement plan or life insurance policy?
Leaving your retirement plan or IRA (or a portion of it) to the Westminster Public Schools Foundation is a tax-wise gift. Naming the Westminster Public Schools Foundation as the recipient of your retirement plan after your lifetime (or at the death of the survivor of you and your spouse) avoids all estate and income taxes on the plan assets. Similar benefits can apply when designating the Westminster Public Schools Foundation as your life insurance policy beneficiary.
To make this gift, you simply notify your plan or policy administrator of your wish to change the beneficiary. A “change of beneficiary” form may be required, and your spouse may need to sign consent to the change of designation. The tax ID to identify the Westminster Public Schools Foundation as a designated beneficiary is 84-1088489.
If your spouse and children are currently the beneficiaries of your retirement plan or life insurance policy, you can continue to keep them as beneficiaries and also include the Westminster Public Schools Foundation as the beneficiary of a portion of your plan or policy. Upon your death, the plan administrator can “cash-out” the Westminster Public Schools Foundation’s share without affecting your family’s portion so that the Westminster Public Schools Foundation and your heirs benefit from your financial planning and your generosity.
For more information, please contact the Executive Director of WPS Foundation at wpsfinfo@wps.org
