Gift Planning

A gift made through a provision in your will can provide you with the opportunity to honor and sustain your family name and legacy in conjunction with The Oglebay Foundation’s name recognition program.

The Oglebay Foundation will work with you and your attorney to ensure that your intentions are clearly expressed.

You may make a gift of cash, securities, real estate, or other assets by providing in your will or living trust for a gift to The Oglebay Foundation. Your gift may be a specific amount or asset, or it may be a percentage of your estate after all other gifts are made.

Through your estate gift, you may create a Named Endowment Fund with the Oglebay Foundation to honor your family or special loved ones. A minimum gift of $25,000 is needed to set up a fund that will last in perpetuity and will yield annual income to carry out your purpose. Of course, the larger the fund, the greater the impact each year.

The value of your estate gift to The Oglebay Foundation is fully deductible for estate-tax purposes. Through your will, you may also establish an income-producing gift for the benefit of others to help them in the coming years.

Gifts in Wills

Gift support for The Oglebay Foundation is easy to arrange while also planning for your family’s future.  Your attorney can help you make it work.  This language shows a number of choices and is the best starting point for your future gift support:

I give to The Oglebay Foundation, Inc., of Wheeling, West Virginia (FEIN 55-0750128),

          == the sum of _______ dollars ($_______)
          == _______ percent (___%) of my entire estate
          == my _____(asset name)___

to be used for

                  — the care, maintenance, and improvement of Oglebay and Wheeling Parks and its facilities.
                  — ________(specify activity, program or other use)___________.
                  — unrestricted purposes as determined by the Foundation Trustees.

We encourage you to share your final will provision with Oglebay Foundation staff to ensure that your wishes will be properly followed and recognized. If you have any questions, contact Eriks Janelsins at ejanelsins@oglebay-resort.com or 304-243-4160.

Retirement Account Gifts

Many don’t realize that they can make a gift to support The Oglebay Foundation, now or in the future, through their retirement accounts.

Naming The Oglebay Foundation the after-death beneficiary of all or some of such an account is a worthwhile option to consider. To do that, our FEIN of 55-55-0750128 will be needed.

Anyone age 70 ½ or older who has funds in an Individual Retirement Account can use any amount, including some or all of their minimum required distribution for the year, to support The Oglebay Foundation. Doing that will mean the required distribution has been made, and no federal or West Virginia taxes will be owed on the distribution.

Life Insurance

Life insurance can play a very important part in planned charitable giving. A policy may have “outlived” its original purpose of covering college costs or other living expenses.

A paid-up whole life insurance policy is the best gift. The ownership would be transferred to The Oglebay Foundation and you would receive a charitable gift deduction. A professional appraisal is needed, and we can help you with the process.

Other policies will be considered on a case-by-case basis.

Life Income/Charitable Trusts

Charitable Trusts offer an opportunity to make a substantial gift to The Oglebay Foundation without forfeiting the annual income produced by these assets. Usually, stocks, real estate or cash are donated for this purpose.

You can retain income for your life and the life of your spouse or for a period of years (up to 20). Working with The Oglebay Foundation and a lawyer with this type of experience is crucial to getting the best results. This gift can also be structured to create a substantial federal tax benefit and helpful support for the parks in the future.

Another choice for a charitable trust is to include this special trust provision in your will so that others will benefit for a number of years, up to 20. You can assure family members of income for a period of time and then the remaining funds will benefit The Oglebay Foundation as you specify.

Securities

Many have acquired stocks that have gone up in value. They can be used to make great gifts for The Oglebay Foundation.

Simply have your broker contact us or you can give us a call at 304-243-4166 to discuss what you want to do. It’s an easy process and you decide how the funds will be used. You’ll earn a federal income tax deduction in the amount of the current value when received in our stock account. We will let you know what that is.

If the stock has suffered a loss, it’s better to cash it in yourself, preserve the capital loss for tax purposes, and send the sale proceeds to The Oglebay Foundation as a cash gift.

Real Estate

Donating your home or other property to benefit The Oglebay Foundation can be worthwhile. You’ll earn a federal income tax deduction based on its appraised value. All it takes is a transfer deed and title search. We’ll work with you on this process, of course. It will be up to you to decide how the sale proceeds will be used to benefit the parks.