Legacy Gift Planning

LEGACY GIFT

A legacy gift is a planned future gift that designates some part of an individual’s estate as a donation to a non-profit organization. Legacy gifts enable individuals to create a meaningful philanthropic legacy by making a direct impact on the causes important to them.

OPW NON-PROFIT DESIGNATION

OPW is a 501c6 organization which is a different designation for the Internal Revenue Service than a 501c3 organization. 

The 501c6 organization is still considered a non-profit tax exempt organization. These types of non-profit organizations are not used for “charitable” purposes, so gifts to them are not tax deductible to the donor. This distinction may or may not make a difference for your estate plan. 

Charitable contributions are often used by those subject to estate tax to reduce their taxable estate to the point where the estate tax does not apply. 

As of January 2020, the Federal Estate Tax lifetime exemption amount is $11.58 million per donor. State tax exemption amounts vary state by state.

Federal and state tax laws do change periodically. You may wish to consult with your financial or legal advisor for details on tax implications with regards to your estate plan.

WHY WE GIVE

If your affiliation with OPW has been meaningful and contributory to the success and satisfaction of your career as an optometrist, you may have the desire to create a Legacy Gift on behalf of OPW.

You might choose to designate your Legacy Gift toward:

  • The OPW General Fund to support operational costs
  • Continuing Education Fund
  • Non-specific Legacy Gift to the OPW

WAYS OF GIVING

1. Will or Living Trust Bequests

Create a Legacy Gift With Your Will or Trust.  A donation in your will or living trust, called a bequest, allows you to support OPW without parting with assets today. Some advantages include:

  • Simple to set up
  • Can be changed at anytime
  • Provides professional affiliation acknowledgement, gratitude and support

With regard to Legacy Giving as a bequest through your estate plan, seek the advice of your financial or legal advisor.

If you already have an estate plan, you do not need to re-write your will and trust to add a legacy gift to OPW. You can add a legacy gift to OPW by designating a codicil to your will or an amendment to your trust.

If you periodically revise your estate plan leading to an amendment to your will and trust, this would be a convenient time to consider including a legacy gift OPW.

A bequest to OPW can be a cash gift but can also be non-monetary in the form of stocks, bonds, personal property, or real property.

If you include the Optometric Physicians of Washington in your estate plan, please use our legal name and federal tax ID.

Legal name: Optometric Physicians of Washington
Federal tax ID number: 91-6056476
Located:  PO Box 1610
Woodinville, WA 98072-1610

2. Beneficiary Designations

Not everyone wants to commit to making a gift in their will or trust. Some prefer the increased flexibility that a beneficiary designation provides by using:

  • IRAs and retirement plans
  • Life insurance policies
  • Commercial annuities

It only takes (3) simple steps to make this type of gift. Here’s how to name the Optometric Physicians of Washington as a beneficiary:

  1. Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
  2. Decide what percentage (1 to 100) you would like OPW to receive and name OPW, along with the percentage you chose, on the beneficiary form.
  3. Return the completed form to your plan administrator, insurance company, bank or financial institution.

YOUR GIFT MATTERS

Generosity comes in many forms.

Thank you for thinking of the Optometric Physicians of Washington as a part of the charitable legacy giving within your estate plan.

Your gift will help OPW continue to promote the highest standards of excellence and clinical competence for the optometric profession.

2024 OPW Partners