705 W. Jefferson St. Tallahassee, FL 32304
WAYS TO LEAVE YOUR LEGACY
There are many ways we and our families can give and leave our legacy to the Wesley Foundation at FSU & TCC (Wesley). They can be directly from our estates, policies, trusts, or as a gift in memorial or honor of a loved one or friend.
A simple way to give is to include Wesley in your will with a gift of a specific dollar amount or a percentage of your estate.
Transfers of stocks or mutual funds may be made directly from your brokerage account to Wesley. These gifts are tax deductible at the full fair-market value subject to some limitations. The gain is not subject to taxation since the appreciated securities are being donated to charity.
Charitable Gift Annuities
A charitable gift annuity provides the donor with an immediate tax deduction and a fixed income for life. Upon the death of the donor, the corpus of the annuity goes to the designated charitable beneficiary.
Collectibles / Personal Property
One can make a gift of personal property to Wesley to help support the campus ministry. Items can include antiques, works of art, jewelry, coin, or stamp collections as well as other valuable assets. These items are generally taxed at a high capital gains rate if sold. However, they are generally tax-deductible at their base cost and not their fair-market value.
Many times families have paid-up life insurance policies that were originally taken out to cover mortgage expenses or pay for college. If these reasons are no longer an issue, a paid-up insurance policy can be a wonderful way to make a gift to Wesley. The tax deduction is equal to the replacement value or the donor’s cost in the policy, whichever is less. Wesley will have the option of retaining the policy or taking the current cash surrender value.
Donors may also make a significant deferred gift to Wesley by designating Wesley Foundation as a beneficiary of a life insurance policy or retirement plan.
Charitable Lead Trusts
A lead trust can be established to provide income to the Wesley for a specified term of years. After the term, the assets in the trust revert back to the donor or the donor’s heirs. Cash, securities and some types of real estate can be used to fund the trust. There is no income tax deduction for this type of gift, but there is an estate tax savings.
Charitable Remainder Trusts
A charitable remainder trust provides an income benefit to the donor and a gift to Wesley after a specified time period or at the time of the donor’s death.
Appreciated Real Estate
A gift of real estate will generate a tax deduction for the full appraised fair-market value. Like securities, the capital gain is not taxable to the donor or Wesley. Donors who prefer to give a gift of real estate to Wesley at some future date can set up a “retained life estate” whereby they can designate the ownership of their home to Wesley but retain occupancy during their lifetime.
To learn more about the many ways to give to the Wesley Foundation at FSU & TCC, you can call the Wesley office at
(850) 222-0251, request a Planned Giving Guide from the Florida United Methodist Foundation at www.fumf.org,
(863) 904-2970 or talk with your legal counsel.