Ways of Giving
When it comes to expressions of support, Junior League of Wichita welcomes a variety of charitable giving methods — many of which offer various tax incentives that benefit the donor and their estates all the while benefiting the League for future generations.
Cash: Quick and easy, a gift of cash allows you to support the purposes and programs of the JLW today with the benefit of receiving an immediate charitable income tax deduction. Simply write a check payable to “Junior League of Wichita” and submit, along with a JLW Letter of Intent form, to Headquarters.
Securities: Want to avoid capital gains tax on sale of securities while also benefiting JLW? You can easily give stocks, bonds or mutual funds by contacting your financial planner and submitting a JLW Letter of Intent form. Securities with long-term appreciation are an especially attractive choice as you may enjoy dual benefits: an income tax charitable deduction and simultaneously, avoids capital gains tax on any appreciation.
Personal Property: Such gifts might be jewelry, antiques, artwork or other tangible personal property. All personal property donations will be assessed for feasibility acceptance by Junior League of Wichita. Please consult with your legal or financial advisor on how to involve the League in such gifts.
Real Estate: Donate your vacation home, commercial property, farm or ranch land, or oil and gas interests to Junior League of Wichita while receiving an immediate charitable tax deduction and possibly reducing or eliminating capital gains tax altogether. Plus, real estate allows you the option to donate after your lifetime (through your will) or donate now and receive payments from a charitable remainder trust while also retaining the rights to use and enjoy your property during your lifetime with a retained life estate.
Deferred Gifts (Gifts that will benefit JLW without using your current assets or income)
Wills or Bequests: A thoughtful will is the cornerstone of any estate plan. A bequest in your will can be used to leave any of the above outright gifts to JLW or to establish a planned contribution without using any assets during your lifetime. And if your circumstances change, so can your gift. Please see our sample bequest language.
Retirement Assets: One of the more popular assets for charitable giving is your IRA or other retirement plan. The combination of federal income, estate and excise taxes can seriously erode the value of retirement savings when passed to heirs, however, as a nonprofit organization, Junior League of Wichita would be exempt from income taxation. To make this gift, consult your plan administrator and fill out a new beneficiary form designating the League as a beneficiary.
Living or Lead Trusts: If you plan to pass part of your estate to heirs in the forms of regular payments rather than a lump sum, perhaps you’ve already established a living trust or charitable lead trust. Either way, you can make Junior League of Wichita a recipient of distributions from the trust and in turn your estate will receive a charitable estate tax deduction.
Life Insurance: If you feel that your heirs are sufficiently provided for by other assets in your estate, you may want to consider naming Junior League of Wichita as a beneficiary of a life insurance policy. Just as life insurance can provide future sums to family, it can also be used to benefit JLW, and, similar to retirement assets, this is among the easiest gifts to make. Simply name Junior League of Wichita as ‘owner’ (to enjoy an immediate charitable income tax deduction while also reducing your taxable estate) or as ‘beneficiary’ (your estate will receive an estate tax deduction while you retain ownership) to a new or existing policy with your insurance carrier.
Donor-Advised Fund: Donor-advised funds can be an alternative to direct giving. Should you or your family have an established donor-advised fund, we would appreciate your considering the Junior League of Wichita for any charitable donations.
To get started on any of the aforementioned gift ideas, please first consult with your legal and/or financial advisor. Once you’ve finalized the detail of your estate, we welcome you to share your intended gift plans with Junior League of Wichita by submitting a Letter of Intent form.
“The greatest use of a life is to spend it on something that will outlast it.”
– William James
Please note the above information is subject to change based upon changes in the law and is not intended to provide legal or tax advice. We encourage you to obtain the advice of legal counsel or other qualified professional advisors when considering any estate planning matters or charitable gift arrangements.