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REMEMBERING ASF IN YOUR WILL

One of the simplest ways to support ASF is to remember ASF in your Will. 

How do you leave ASF a bequest?
An individual may include ASF as a beneficiary of a percentage of your estate, a set dollar amount or of a particular asset.  You should note that for these bequests, your estate will receive an estate tax deduction for the full value of your bequest to ASF.

How do I add ASF to my estate plan?
It's pretty easy – the detailed designation is:

AIDS SERVICES FOUNDATION OF ORANGE COUNTY
17982 Sky Park Circle, Suite J
Irvine, CA 92614-6482


 PLANNING THROUGH BENEFICIARY DESIGNATIONS

There are other ways to make an estate gift to ASF besides a gift through your will. These include assets in living trusts, qualified retirement plans, and the proceeds from life insurance policies.  You may name ASF as a beneficiary of any of these assets or as a contingent beneficiary in the event that the primary beneficiary is no longer living at the time of your death.

Living Trusts
Some people establish living trusts to provide for the current management of assets or for the future management of assets in the event they become incapacitated.  ASF may be named beneficiary of your living trust.

IRA, KEOGH, 401(k), and Other Qualified Retirement Plans
Naming ASF as a beneficiary of assets remaining in your qualified retirement plans after your lifetime is considered particularly wise tax planning.  This is because retirement plans left to individuals, other than a spouse, are taxed more heavily than most other assets.  However, estate taxes and income taxes are avoided if a charity, such as ASF, is named as a beneficiary.  ASF generally will receive 100% of your plan assets.

Life Insurance Policies
Designation ASF as a beneficiary of a life insurance policy is a simply and commonly used way to leave a legacy and take advantage of tax benefits.  While life insurance is not taxable for income tax purposes, it is taxable for the estate tax calculation.  A gift to ASF alleviates this tax burden.

  • Individual policies – There are two methods to using individual policies.  The first way is to name ASF as the owner and beneficiary of a life insurance policy.  In this method, you will receive an immediate income tax deduction for the lesser of your cost basis or the current value of a policy.
  • The second method is to simply name ASF as the beneficiary of your policy.
  • Group policies – You may also designate ASF the beneficiary of your group policy. 


GIFTS THAT PAY INCOME

Charitable Remainder Trusts allow you to make a gift to ASF that will enable you or others to enjoy enhanced income for your life time or a specified term of years.  You choose the percentage payout you wish to receive (not less than 5%).  When the trust terminates, ASF receives the remaining principal.

There are two types of trust:

  • Charitable Remainder Annuity Trust – you receive a set dollar amount each year, equal to your chosen percentage of the trust’s original fair market value.
  • Charitable Remainder Unitrust – Each year you receive a variable amount, equal to your chosen percentage of the changing yearly value of the trust.  This type of trust can help hedge against inflation over time.

Why do a Charitable Trust?
A charitable remainder trust can sell appreciated assets that you donate without incurring the capital gains tax or income tax that would ordinarily be due on a sale.  You will generally receive an immediate income tax deduction.  For gifts of cash or stock or real estate, you have owned more than a year, your deduction is equal to a percentage of your gift’s fair market value.

 

 
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