AICR in your Estate Plans
The most practical way to make significant gifts may be through your estate plan, by means of a will, living trust or beneficiary designation on a life insurance policy or retirement account. Such gifts are wholly revocable while you are alive and may save significant taxes for your estate.
Wills and Living Trusts
A bequest is the most traditional way to provide significant help for worthwhile causes. With a gift through your will or living trust, you keep full use of your gift assets during your life. Some bequest language that you can share with your adviser is located in Bequests.
Most accounts at financial institutions can be made payable on death to a person or a charitable organization. Ask the manager of the institution how you can arrange to designate a death beneficiary for your CD, savings account, share accounts, etc. In some areas, this is accomplished through a "P.O.D." (payable on death) designation. Securities in a brokerage account can be left through a "T.O.D." (transfer on death) designation.
Your estate can save both income taxes and estate taxes if you make a charitable organization beneficiary of part or all of your IRA or other retirement account. Family members might keep only 30 cents on the dollar, after taxes, from these assets. Changes in IRS regulations have made it simpler and more favorable to name worthwhile causes as beneficiaries of IRAs and other retirement accounts.
You can name our organization as the beneficiary of a life insurance policy (or a percentage of the proceeds) – just contact the company for appropriate forms. A better idea may be to transfer actual ownership of the policy to us (assuming it is a "surplus" policy that is no longer needed for family security). Your gift will entitle you to an income tax deduction, and any future premium payments will be tax deductible.
AICR's OFFICE OF
We are ready to work with you or your financial advisor. Our staff can provide detailed information about the various types of planned gifts, and will work with you to help create the planned gift that works for you.