Including AASK in your estate planning is a perfect way to support our efforts to ensure every child has someone who cares. Depending upon your method of giving, the financial benefits to you can be many, and in some cases, immediate. Here are a few planned giving options (click to expand topics):
Wills and Bequests
You can help shape the future for children in care by naming AASK as a beneficiary in your will or trust. You can leave a specific amount or a percentage of your estate, all or part remaining after other bequests, or a conditional gift if beneficiaries do not outlive you. Your gift can either be unrestricted or directed to a particular AASK program. If your existing will is up to date and you want to add a charitable beneficiary, ask your legal advisor about a codicil to modify your will. With a bequest, you retain all assets during your lifetime, and the charitable bequest has exemption from federal estate tax. To include us in your will, please specify the following information:
AASK
2320 N. 20th Street
Phoenix, AZ 85006
Tax ID #86-0611935
Life Insurance
You may not think of your insurance policy as a way to donate to a charitable organization, but it’s an easy and quick way to give, and help foster hope for tomorrow for Arizona’s foster children. Simply name AASK as a beneficiary on your life insurance policies (private and workplace). Your insurance administrator will have the beneficiary designation form, or contact the toll-free number on your statement to request one be sent to you. Some also have this form on their company’s website. For your workplace insurance policy, contact the H.R. Dept. for a ‘change in beneficiary’ form. You can decide to give AASK 100% of the proceeds, or divide the benefits among charities and people.
IRA or retirement account
Another simple estate planning method is to designate AASK as a beneficiary of your IRA or retirement plan. Doing so gives your estate a charitable tax deduction and allows AASK to take a tax-free withdrawal of the account balance.
Charitable gift annuity
In exchange for your irrevocable gift of cash, securities, or other assets to AASK, fixed cash quarterly payments will be made to you by AASK for the life of one annuitant (usually the donor), or the lives of two annuitants. These begin immediately after the gift is made. Annuitants must be 65 years or older. Financial benefits of gift annuities include a federal income tax charitable deduction when the annuity is funded, reduced and deferred capital gains tax on appreciated property, reduction of one’s taxable estate, and enhanced cash flow at retirement age. The minimum contribution to establish a gift annuity with AASK is $10,000.
What you do today CAN change the future for children in care. For more information, contact Julie Turko, Development Director at jturko@aask-az.org or 602-930-4409. Foster hope for tomorrow.