Many donors make a planned gift to 90.1 KPFT.
Some contributors support KPFT regularly or irregularly, but want to include KPFT in bequests. All of generous supporters help KPFT’s non-profit mission. They do so through a variety of options.
Some of these financial options include:
- Donating a portion from one’s estate
- Naming KPFT a beneficiary of a retirement account
- Naming KPFT a beneficiary of a life insurance policy
- Establishing a charitable remainder
- Establishing a lead trust
These sort of contributions ensure the radio station remains a strong voice in Houston and Southeast Texas for years to come.
How to Add KPFT in Your Planned Giving
Bequests
Extend your legacy beyond your lifetime with a bequest to KPFT. Through your will, you can make a gift of a certain dollar amount, a percentage of your estate, appreciated assets or the remainder of your assets. If you have additional questions for KPFT, please contact Robin Lewis in the Membership Department, robin@kpft.org, 713-526-4000 ext 4.
BEQUEST TERMINOLOGY
- Beneficiary – the person and/or organization receiving the benefits (usually assets or income) of the will
- Executor – the person or institution, named in the will, who carries out the terms of the will
- Codicil – a written change or amendment made to a will
- Guardian – the person who is appointed by the court to care for the person and/or estate of a minor child or a person deemed incompetent
- Probate – the legal process of proving a will, appointing an executor, and settling an estate; by custom, it has come to be understood as the legal process whereby a deceased person’s estate is administered and distributed.
INFORMATION NEEDED BY YOUR LAWYER:
Legal name: Pacifica Foundation, Inc. dba KPFT 90.1FM
Address: 4504 Caroline St, Houston, TX 77004
Tax identification number: 94-1347046
Retirement Plans
If you are participating in a company pension plan or other private plan – such as an Individual Retirement Account – you may find that your retirement assets exceed your retirement needs. These excess retirement assets can be given either before or after death to KPFT.
Donating excess retirement assets helps you avoid the double tax bite, since these assets receive both income tax and estate tax when left as part of an estate. Consequently, this type of gift can help your heirs lessen or avoid estate taxes.
TAX LAW ON IRA DONATIONS
If you are 70 ½ or older, you can donate up to $100,000 from your IRA tax-free, however you will not receive any tax-deduction (the gift is simply donated without any taxes deducted).
INFORMATION NEEDED BY YOUR LAWYER:
Legal name: Pacifica Foundation, Inc. dba KPFT 90.1FM
Address: 4504 Caroline St, Houston TX 77004
Tax identification number: 94-1347046
Life Insurance
Life insurance proceeds provide a very simple way to benefit KPFT and extend your legacy. All you need to do is name KPFT as the beneficiary, in part or whole, of a life insurance policy.
With approval from the Board of Directors, KPFT may pay the premiums on an existing life insurance policy to facilitate these types of gifts.
INFORMATION NEEDED BY YOUR LAWYER:
Legal name: Pacifica Foundation, Inc. dba KPFT 90.1FM
Address: 4504 Caroline St, Houston, TX 77004
Tax identification number: 94-1347046
Real Estate
Gifting your primary or vacation home, farm, or commercial property can relieve you of property taxes, provide a tax deduction, and give you the satisfaction of supporting KPFT in a substantial way.
Rental properties and time shares are not accepted by KPFT.
RETAINED REAL ESTATE
Federal tax law allows the donation of a personal residence (to include a vacation home) or farm with the donor retaining the right to life enjoyment. This type of donation is called a retained life estate and is an irrevocable gift. A life estate may be retained for one or more lives (passed down through family) or it may be retained for a term of years. All routine expenses, maintenance fees, property taxes, repairs, etc. are the responsibility of the donor. The donor receives income tax benefits in the year of the gift as well as estate tax benefits.
INFORMATION NEEDED BY YOUR LAWYER:
Legal name: Pacifica Foundation, Inc. dba KPFT 90.1FM
Address: 4504 Caroline St, Houston, TX 77004
Tax identification number: 94-1347046
Please have your lawyer include language like this in your will to ensure KPFT will receive your bequest: I, John Robert Doe of 123 Commerce Drive, Plano, Texas, 77004 give devise and bequeath real property located at 123 Commerce Drive, Plano, Texas, Lot 1, Block 4 in Plano, Texas 77004 for the sole benefit of KPFT Radio Station located in Houston, Texas to be used solely by KPFT Radio Station for operational and programming expenses.
Charitable Trusts
A charitable trust is an arrangement where property is to be held and administered by a trustee for the benefit of a charitable organization. Depending on the type and how it is established, a trust may be revocable (changeable) or irrevocable (not changeable). There are several types of trusts, the following are two of the most common:
Charitable Remainder Trust allows you to make a gift that retains income for a specified time period. Your funds are held separately and invested for payment of an income to you or another beneficiary. When the trust expires (at the death of the income recipient or at the end of the period of time you specified), the trust remainder is distributed for the charitable purposes you specify. A tax deduction is allowed at the time you create your trust. The size of the deduction depends on age, payment percentage, and other factors.
Charitable Lead Trust provides a gift over a period of years while ensuring that the property will ultimately return to the donor or loved ones. The lead trust is one of the few ways to reduce or eliminate taxes that otherwise would be due on assets left to children or grandchildren. Under the terms of a charitable lead trust, assets are transferred to a trust that pays income to one or more charitable recipients for the number of years you determine. At the end of that period, the remaining assets are returned to you or other persons you name.
INFORMATION NEEDED BY YOUR LAWYER:
Legal name: Pacifica Foundation, Inc. dba KPFT 90.1FM
Address: 4504 Caroline St, Houston, TX 77004
Tax identification number: 94-1347046
Please contact Robin Lewis at (713) 526-4000 ext 4 to discuss including 90.1 KPFT as part of your planned giving.
