A simple and inexpensive way to leave a mentoring-supporting legacy is by changing the beneficiary on a life insurance policy to Big Brothers Big Sisters of Northcentral Wisconsin – particularly a policy that is no longer needed for its original purpose. This provides a tax-free gift that supports mentoring in your community.

Charitable Remainder Trusts provide both immediate tax benefits and income to the donor.

Here is an example of how it works:

Jerry had stock valued at $50,000 and wished to make a gift to BBBSNCW in support of youth mentoriong. After speaking with his attorney and investment advisor, he transferred this stock to a charitable remainder trust (CRT) – establishing an annuity that will provide him with $4,000 per year for the rest of his life. This annuity is a welcome supplement to his retirement income.

In addition, he receives a significant charitable income tax deduction in the year he creates the trust. Jerry also avoided paying an immediate capital gains tax of almost $8,000, which would have been due if he had sold the stocks.

At Jerry’s death, the remaining CRT funds will be given to BBBSNCW as his personal legacy gift.

Like a Charitable Remainder Trust, a Charitable Lead Trust can also provide support for BBBSNCW and significant tax benefits for the donor. However, it differs in an important way. A Charitable Lead Trust can make financial gifts to the BBBSNCW for either a specific number of years or for the donor’s lifetime. At the end of this period, however, the assets in the trust typically pass to the donor’s children or their trusts.

Here is an example of how it works:

Beth established a Charitable Lead Trust that makes a contribution to BBBSNCW each year for the rest of her life. These contributions are funded by stocks that Beth no longer needs for her own support. Upon Beth’s death, the assets in the trust will be left to her son William.

The contributions made to BBBSNCW result in a sizable charitable deduction for Gift and Estate Tax purposes. This deduction will also result in a higher proportion of the trust assets being passed onto William with a smaller portion going to taxes.

When you make a gift in honor or in memory of a loved one, we will send the honoree or the family of the memorialized person a special card notifying them of your gift. Please indicate below the name of the honoree (or memorialized person) as well as the name and address to whom the tribute notification card should be mailed.