Life Insurance Policies and Other Asset Accounts
Donate all or a portion of your life insurance policy, deduct future premium payments (if any), reduce potential taxes for your heirs and make an extraordinary gift for WHALE and the New Bedford community.
Make a legacy gift by naming the Waterfront Historic Area League as a beneficiary for all or a portion of your life insurance policy death benefit or by transferring ownership of your policy – which results in income tax savings in the year of the gift. Your insurance company and estate planner can provide the forms and distribution model that work best for your individual circumstances.
Commercial annuity contracts, bank and investment accounts are also ways to leave a legacy by naming the Waterfront Historic Area League as a beneficiary to receive all or a portion of your accounts.
Retirement Plans
A gift from your retirement plans can provide significant tax advantages for you and your heirs. If left to individuals (other than a spouse), your retirement assets will be subject to income tax as well as any applicable estate tax. Assigning all or a portion of your retirement plan to the Waterfront Historic Area League means that 100% of the funds are available to support historic preservation in New Bedford.
It is often better to leave other types of assets – cash, securities, real estate – to your heirs and give the more heavily taxed retirement asset to the Waterfront Historic Area League. Your estate adviser will be able to define the benefits based on your individual circumstances and needs.
We can work with your financial adviser or estate planner to create a legacy gift that aligns with your intentions and provides a tax-advantaged giving plan. Please contact the Waterfront Historic Area Legaue at 508-997-1776 or info@waterfrontleague.org.
