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AFA JournalMONEY & FINANCEWhen you give is as important as what you giveBy Glen FrandenburgAFA Foundation Director AFA Journal, April 2001 Edition As a good steward of all God has given you, you may want to honor Him by leaving part of your estate to the AFA Foundation and other charitable organizations. You may have already designated one or more charitable beneficiaries through your will or trust. Under most circumstances, your simple designation is sufficient, and your favorite charity receives your gift following your demise. However, there are times when family members contest the terms of a will, or other extenuating circumstances result in long delays and costly legal proceedings. But, good news! You can protect your charitable beneficiaries by signing a legal instrument through which you guarantee now, while you're still alive, that your property will be distributed to charity at your death. Possible vehicles include a charitable gift annuity, a charitable trust, a life estate and others. There are several benefits: 1) you can receive a charitable tax deduction today even though the actual distribution will not take place until your passing; 2) you can maintain the benefit of the property during your lifetime, including living in it, farming it, and/or receiving any income it produces, while also obtaining a charitable tax deduction in the year you guarantee the gift; and 3) you may even avoid capital gains tax should the property subsequently be sold. May we help? To consider this concept, write or call and ask for the free brochure, How to Receive a Charitable Income Tax Deduction Without Giving Up the Benefit of Your Property. Address correspondence to: American Family Association Foundation, P. O. Box 3933, Tupelo, MS 38803; call us at 800-326-4543 ext. 206. |
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