Planned giving integrates a donor’s charitable gift with his or her overall financial, tax, and estate planning goals to maximize benefits to both the donor and Azleway. Planned gifts typically come from a donor’s assets rather than income, and can be either outright or deferred. Some types of gifts include:
It is highly recommended that donors consult with their own tax or legal advisors prior to making a planned gift.
Gift of Life Insurance
Some of our supporters no longer need their life insurance that was purchased years ago to provide for children or other family members. If that is your situation, please consider donating the policy to the Azleway. You may claim a charitable deduction for approximately the policy’s cash surrender value, and the proceeds are completely removed from your estate.
Gifts of Retirement Plans
Many individuals today have large qualified retirement plans such as an IRA, 401(k), or Keogh plan. These assets have been growing tax-free for years. Once the owner begins to receive payments from the qualified plans, the distributions are taxed. The plans are also included in the owner’s taxable estate. A retirement plan may be an excellent source of funds for making a gift to Azleway.
Charitable Remainder Trust
One way to make a gift of your retirement plan is to create a charitable remainder trust through your will. It works like this: Your IRA assets will be transferred to a charitable remainder trust. There is no tax due because the charitable remainder trust is a tax-exempt entity. The trust will provide life income to the beneficiary (for example, your child) with an eventual gift to Azleway. The beneficiary will pay income tax on the distributions from the trust. Your estate will receive an estate tax charitable deduction for the value of Azleway’s right to eventually receive the trust assets.
How to contact Azleway regarding estate information…
Azleway, Inc.• 15892 CR 26 • Tyler, TX 75707
(903) 566-8444 Ext. 212 |