Legacy Society
Washington Bikes Launches Legacy Society
Bicyclists today benefit from the vision and dedication of our predecessors. For 27 years committed trustees, donors and volunteers have built a strong bicycling non-profit that tirelessly works to make cycling safer, more inclusive, and a mainstream form of transportation.
Bicyclists today can leave a legacy just as lasting, through their volunteer work and activism for safe, well-maintained cycling paths and trails. Furthermore they can make financial gifts that will fortify our education and safety programming, and advocacy, long into the future.
A planned gift to Washington Bikes is a powerful and thoughtful way to share your passion for safe routes and bicycling trails for future generations and make a lasting impact. The simplest—yet high impact—way to leave a legacy gift is to name WA Bikes as a beneficiary in your will.
Amy Carlson in front of WA Bikes
“This will give our most dedicated members an effective way to plan for significant future support,” said founding Board member Amy Carlson.
Providing for WA Bikes in your estate plans can be as simple as adding a codicil to your existing will. You can make a specific or percentage bequest, a residuary bequest, or a contingent bequest. “Planned giving” arrangements also include charitable remainder trusts, charitable gift annuities, and various other gift vehicles. Planned gifts ideally require advance consultation with your financial planner and/or attorney.
Bequests
One simple way to invest in a bicycle-friendly future for Washington State is to leave a charitable bequest to WA Bikes.
A bequest to WA Bikes is free from federal and state taxes. The amount of the bequest is deducted from your estate total, offering substantial savings by decreasing the value of the estate subject to taxation. There is no limit to the amount of your estate that can be left to charitable organizations.
For gifts that take effect after your lifetime, we suggest you name WA Bikes as follows: “…Washington Bikes, a nonprofit membership organization, incorporated by the laws of the State of Washington, having as its principal address 314 First Ave S., Seattle, WA 98104.”
Retirement Plans
You may name WA Bikes as a beneficiary of your 401(k), IRA, or other retirement accounts. Gifts from pension plans are issued free of federal taxes.
Life Insurance
Life insurance policies allow several ways to give. You can donate a paid policy that you no longer need by naming WA Bikes as the beneficiary and policy owner. In return, you will receive an immediate tax deduction based on your cost basis in the policy, and it will reduce the value of your estate by the full face value of the policy, potentially reducing estate taxes. Upon your death, the life insurance proceeds will be passed on to WA Bikes.
“We’ve had the Life Member designation for a long time,” said former Board President Cynthia Putnam. “It’s been extremely helpful for our dedicated members to support us at a high level and also to self-identify as a group. The Legacy Society gives folks an opportunity to take their support to the next level.”
The Board of Directors has put in place three new policies to safeguard both the donor’s intent and the organization’s welfare. A board-designated endowment policy ensures that gifts made by bequest will meet priority needs of WA Bikes. An investment policy ensures that funds are invested prudently, with ongoing oversight. And a gift acceptance policy provides a process and framework for the WA Bikes to determine whether and how to accept specific types of gifts.
If you have already made provisions for WA Bikes in your will or another type of planned gift, please let us know. We would like to thank you and welcome you to the Legacy Society.
If you are interested in learning more, please contact Jack Hilovsky at jack@WAbikes.org.