Planned giving is a wonderful way to show your support and appreciation for Agape Asia Foundation (AAF) and its mission, while accomplishing your own personal, financial, estate-planning, and philanthropic goals. With smart planning, you may actually increase the effective size of your estate and/or reduce the tax burden on your heirs.
But more importantly, you will know that you have made a meaningful contribution to helping abandoned and vulnerable children in Asia here and now and hopefully also in eternity.
Following are examples of planned giving and the ways in which they will benefit you and AAF:
WILLS AND BEQUESTS
All bequests received will be used at the discretion of the AAF Board of Directors, through the President and Treasurer, unless otherwise requested and/or restricted by the donor.
CHARITABLE TRUSTS/ANNUITIES & LIFE INCOME GIFTS
Charitable Annuity Trusts or Unitrusts will be credited to AAF at 100% of the fair market value of the assets in the trust on the date of the gift. You will reap the tax benefits.
AAF will be credited with the projected value of the income to be paid for the term of the trust.
You can designate AAF as the primary or contingent beneficiary of an insurance policy that you own. Premiums are not deductible. You will receive a tax deduction equal to the lesser of the cash value of the policy or your cost-basis once it is paid up and you make AAF the owner of the policy.
If the policy is not paid up, you may make AAF the owner of the policy. You will receive an immediate income tax deduction equal to the current cash value of the policy. You will receive future tax deductions for donations made to AAF to pay the premiums.
QUALIFIED RETIREMENT PLANS – IRA’S, 401K’s, KEOGH’s AND OTHERS
These plans provide income tax benefits for you at the time contributions are made and the assets in the plans are allowed to build tax-free for AAF. These plans are part of the owner’s taxable estate and are not subject to income taxes until they are withdrawn by the owner or paid to a beneficiary, unless contributed to a qualified charity such as AAF.
The Required Minimum Distribution (RMD) is the amount you are required to withdraw from qualified retirement accounts annually when you reach age 70½. The RMD amount may be donated to AAF as a gift, while fulfilling the RMD requirement, therefore avoiding the tax liability. Your tax professional or attorney can guide you in this great option.
GIFTS OF REAL ESTATE OR OTHER TANGIBLE PERSONAL PROPERTY
AAF will be credited with 100% of the fair market value of the property as professionally valued. Gifts can consist of almost any type of property. Assets may be given outright, may serve as the corpus of a trust arrangement, or (in the case of a personal residence) may be given with the right of lifetime tenancy by donor and/or spouse. Immediate partial charitable deduction is available to the donor.
We advise you to consult with your tax advisor to determine specific tax savings and/or the planned giving opportunity which best fits your particular need. You may also wish to have an attorney prepare the legal documentation for options which give you the best advantage financially.
Please contact us for any further details or assistance. Thank you for your heart for missions and your concern for the well-being of the abandoned and vulnerable children in Asia.
Agape Asia Foundation
PO Box 312
Tellico Plains, TN 37385
email: [email protected]