Retirement plans, such as IRAs or 401(k)s, are often one of the largest assets people own. They are also one of the most heavily taxed assets when passed on to heirs, other than the spouse of the owner. The retirement plan assets are included in one’s gross estate and heirs (including spouses) must pay income tax on any money withdrawn.
Charities like the AOPA Foundation, however, pay no tax when they receive a gift of retirement assets and those assets are also removed from the donor’s gross estate.
Naming the AOPA Foundation as a beneficiary of your retirement plan ensures that your desire to support general aviation is met and may leave available other assets, with more favorable tax-treatment, that can pass to heirs.
Making a gift through your retirement plan is straightforward. Often, it involves nothing more than downloading a change of beneficiary form from the retirement plan administrator’s website, filling it out, and returning it to the IRA manager to make the change.
Life Insurance policies provide the peace of mind that your loved ones will have the resources they need after your passing. But what do you do with a policy that you no longer need?
Much like a retirement account, changing or adding a beneficiary to a life insurance policy usually only requires completing a form from the life insurance company. You can choose to contribute all, or just a portion, of the proceeds to charity. This is a straightforward way to make a significant contribution to the AOPA Foundation.
You can also donate a fully-paid life insurance policy to the AOPA Foundation, which may result in a significant charitable tax deduction during your lifetime.
Because every situation is different, we recommend contacting your attorney or tax advisor to see if this type of gift is right for you.
To let the AOPA Foundation staff know of your intentions to leave a legacy gift by making the AOPA Foundation a beneficiary of your retirement account or life insurance policy, please download and submit the form below.download form
If you would like more information on making the AOPA Foundation a beneficiary of your retirement account or life insurance policy, please contact our Legacy Giving office at (301) 695-2320 or [email protected].