You may designate Woodside Bible Church (WBC), the Woodside Vision Foundation (WVF), and/or Dream Centers of Michigan (DCOM) to receive all or a portion of your estate after your lifetime. This type of giving can be accomplished through:
Will or Trust – You can name WBC, WVF, and/or DCOM in your will or trust as a beneficiary. Your estate may receive an income tax deduction for the value of your bequest. Consult with your estate planning attorney and your financial and/or tax advisor to analyze your situation and confirm benefits.
Retirement Accounts – You can name WBC, WVF, and/or DCOM as a beneficiary of your IRA, 401(k), or other qualified retirement plans. Any amount remaining in your plan (free of income and estate tax) will transfer to the entity you designate. Consult with your financial and/or tax advisor to analyze your situation and confirm tax benefits.
Life Insurance – You can name WBC, WVF, and/or DCOM as a beneficiary of part or all your insurance policy. You can also choose to make a Woodside entity the owner of a life insurance policy that is no longer needed. When WBC, WVF, or DCOM is made the owner, you may receive a tax deduction for premiums you continue paying each year. If the policy is whole life, you may receive an immediate tax deduction for the cash value amount. Consult with your financial and/or tax advisor to analyze your situation and confirm tax benefits. To learn more, contact us by clicking below.
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