Thank you for your interest in planned giving. Making a charitable gift to United Way of Kenosha County can help achieve your financial objectives and allow you to establish a lasting legacy in Kenosha County. By developing a plan for giving and utilizing estate planning vehicles, you, your family and our community can benefit.
Giving vehicles:
More Information on Planned Giving
Our affiliation with United Way of America allows us to provide these additional resources to you. Visit the United Way of America website to view donor stories, read weekly articles on planned giving, and create your own plan or sign up for the newsletter.
Professional Advisors
We are please to provide you with additional resources through our affiliation with United Way of America. Click here to view a complete tax update service for APS’s, CFPs, ChFCs, trust officers and other professional friends. Services include:
- The latest chartable tax news
- Research charitable tax questions
- Calculate a charitable deduction
- Sign up for a free weekly charitable tax e-newsletter.
The GiftLaw services are made available to all advisors as a free service.
For more information, please email Katherine Marks @ kmarks@kenoshaunitedway.org or call 262.658.4104
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Bequests (through wills or living trusts)
United Way of Kenosha County has been fortunate to receive bequests that are used to fund annual programs, or that may endow an annual gift to United Way of Kenosha County.
Many donors feel that they need all their assets during their lifetime. However, they find it possible through their wills to make a lasting commitment to strengthening the communities of Kenosha County by means of a bequest to United Way.
A will is essential if you wish to retain control over how your assets will be allocated after your lifetime. You should consult your lawyer to draw or devise one. If you wish to include a bequest to United Way of Kenosha County in your estate plan, United Way’s Resource Development Director is able to assist both you and your lawyer in planning to meet your charitable objectives to ensure that your bequest is utilized by United Way as you wish.
Bequests to United Way of Kenosha County are not subject to estate taxes. The correct name in making a bequest is:
United Way of KenoshaCounty, Kenosha, Wisconsin
There are three basic types of bequests: specific bequests, residuary bequests, and contingent requests.
Specific Bequests:
United Way receives a specific dollar amount or a stated percentage of the assets (for example, cash, securities, real estate or tangible personal property).
Suggested Wording:
I devise and bequeath to United Way of Kenosha County, Kenosha, Wisconsin
(insert sum, percentage, or description of property), which shall be used for such
United Way purposes as the Board of Directors may determine.
Residuary Bequests:
United Way of Kenosha County receives a share or the entire remainder of the donor’s estate after providing for specific legacies, debts, taxes and estate expenses (usually after providing for family).
Suggested Wording:
I devise and bequeath to United Way of Kenosha County, Kenosha, Wisconsin,
the rest and residue of my estate to be used at the discretion of the trustees for the
general purposes of United Way.
Contingent Bequests:
United Way of Kenosha County receives a share of the estate only in the event that the other named beneficiaries do not survive the donor.
Suggested Wording:
Since wording differs in each individual case, you should consult your lawyer regarding your particular situation.
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Life Insurance
Two types of life insurance are typically used to donate to a charitable organization like United Way of Kenosha County: paid-up whole and universal life insurance policies, and newly issued whole and universal life insurance policies.
You have several options to choose from:
- Make United Way of Kenosha County the beneficiary of an existing policy and earn an estate tax charitable deduction at your death.
- Make United Way of Kenosha County the owner and beneficiary of an existing policy, thus removing it from your taxable estate and earning an immediate income tax deduction approximately equal to the cash value of the policy.
- Take out a new policy with United Way of Kenosha County as the owner and beneficiary (future premium payments may be tax deductible).
- Use an insurance policy in conjunction with a life-income gift to “replace” an asset for your heirs that you have given to United Way of Kenosha County.
Example
A number of years ago Harry Oliver purchased a $50,000 whole-life policy to ensure funds for his children’s education. The annual premium for the policy is $1,000. His children have since graduated and are now financially independent. The policy, which he still owns, has a fair-market value (usually very close to the policy’s cash value) of $22,000, and the net premiums paid equal $23,000.
Harry assigns the policy to United Way of Kenosha County . In his 30% tax bracket he realizes an immediate tax savings of $6,600. In future years, Harry increases his annual gifts by $1,000 a year to United Way of Kenosha County which in turn pays the insurance premium. Harry realizes an annual tax deduction of $1,000 based on his annual gifts for that purpose. back to top
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