Generous financial contributions from individuals like you help provide the necessary funds to operate and grow Oglebay and Wheeling Park for future generations of Ohio Valley residents.
Contact our team for estate gifts.
Methods of Giving
Retirement Account Gifts
Retirement assets are the BEST asset to give to the Oglebay Foundation. You receive double tax deductions. Federal estate and federal income taxes deductions can be as much as 40% federal estate tax and 37% federal income tax. You can name the foundation as the beneficiary of your IRA/401k/Retirement Plan to receive all the remainder or a portion of your plan. To name the Oglebay Foundation as a retirement beneficiary, ask your account administrator for the beneficiary designation form and make the Oglebay Foundation (FEIN 55-0750128) the after-death beneficiary of all or some of the account. Nothing changes about your current use of the account, and you do not need to work with an attorney to do this.
Many, if not most people, own some form of life insurance. Life insurance can play a very important part in planned charitable giving. Life insurance for charitable purposes can be accomplished by 1) the transfer of ownership of an existing policy to the Oglebay Foundation, or 2) the purchase of life insurance which names the Oglebay Foundation as the beneficiary and/or owner. You can name the Oglebay Foundation the owner of a paid-up whole life insurance policy and know that you’ve accomplished something good. Your agent can provide the change of owner form. You’ll receive a federal income tax deduction for the current value of the policy and decide how the funds will be used.
Gift of Appreciated Assets
(Stocks & Real Estate)
With careful planning, charitable gifts of long-term appreciated securities or real estate can create very favorable tax benefits, such as the elimination of paying long-term capital gains tax and receiving an income tax charitable deduction. By gifting the remainder Interest in a principal residence or stock portfolio, you receive an immediate income tax deduction while you actually put money IN your pocket.
Gifts through wills and bequests can provide you with the opportunity to honor and sustain your family name in conjunction with the Oglebay Foundation’s name recognition program. The Oglebay Foundation will work with you and your attorney to provide you with the language necessary to ensure that your intentions are clearly expressed.
Charitable Remainder Trusts
If you own stocks or real estate that have gone up in value over the years, you may face high capital gains tax upon sale. Instead, you can donate the asset to create a charitable remainder trust to benefit the Oglebay Foundation with a bank serving as trustee. That would allow you to receive both an income tax deduction and income from the trust for life or a set number of years that you determine.