A planned gift to NWAC, including wills, trusts, retirement plans, real estate or insurance policies, is a great way to share your dedication to avalanche safety with future generations of winter backcountry travelers.
There are many ways that you can make a legacy gift and ensure that NWAC is successfully operating in the future.
Bequests
One simple way to support avalanche safety in the future is to leave a charitable bequest to NWAC.
A bequest to NWAC is free from federal and state taxes and can be made either outright or contingent upon the death of the named beneficiary. The amount of the bequest is deducted from your estate total, offering substantial savings by decreasing the value of the estate subject to taxation. There is no limit to the amount of your estate that can be left to charitable organizations.
The following is language that we recommend you use to name NWAC as a beneficiary of your will or codicil:
“I hereby give, devise and bequeath ___________ ($______(specific dollar amount)____, AND/OR ____ percent of the residue of my estate AND/OR real estate located at __________) to Friends of the Northwest Weather and Avalanche Center, a nonprofit Washington corporation exempt from federal taxation under section 501(c)(3) of the Internal Revenue Code, currently located at 444 NE Ravenna Blvd – Suite 403, Seattle, Washington 98115, federal tax identification number: 91-1971688.”
If you designate that NWAC is to receive real estate, please state in your will or codicil that the property is to be sold through your estate and NWAC is to receive the proceeds from its sale.
Life Insurance Policies
Life insurance policies allow several ways to give. You can donate a paid policy that you no longer need by naming NWAC as the beneficiary and policy owner. In return, you will receive an immediate tax deduction based on your cost basis in the policy, and it will reduce the value of your estate by the full face value of the policy, potentially reducing estate taxes. Upon your death, the life insurance proceeds will be passed on to NWAC.
Qualified Retirement Plan or IRA
By designating NWAC as the primary beneficiary of your qualified retirement plan or IRA, this asset avoids income and estate taxes, and your estate receives a deduction for the interested passing to NWAC. You can also name NWAC as contingent beneficiary upon the death of the named beneficiary.
Charitable Lead Trust
If you are in a high gift and estate tax bracket, you may wish to consider a charitable lead trust. This allows you to set up a trust for a term of years, after which the assets pass to your heirs. Meanwhile, NWAC receives the income annually for the term of the trust, putting it to work in our avalanche safety programs.
Questions?
To determine how you can include NWAC in your estate plans, please speak to your financial adviser. Your choices will be determined by your personal circumstances.
To learn more or to let us know your gift, please contact our Executive Director Scott Schell at 206-909-0203 or scott@nwac.us.
NWAC’s tax ID number is 91-1971688.