PLANNING YOUR GEOSCIENCE LEGACY
Giving funds or other property to the AGI Foundation is one way
to accomplish personal and financial planning objectives simultaneously.
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Charitable gifts can:
- Provide assistance in supporting your long-term objectives
for geoscience endeavors
- Increase your income-tax deductions
- Substantially reduce death taxes
- Create a lasting tribute to the person or persons you
may wish to designate
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Gifts of Cash
The dollars you give to the AGI Foundation are tax deductible.
You may take a current-income tax deduction equal to 50 percent
of your adjusted gross income. If you give more than the 50 percent
limit, you may carry the excess amount for up to five years and
use it to reduce income taxes until you have used all of the carry
overs.
Gifts of Appreciated Stock and Other Property
If the value of stock has increased sine you obtained it, the tax
laws make it possible for you to make your gift at a low after-tax
cost. If you were to sell the stock and donate the proceeds, you
would pay taxes on the full gain in the security. By donating the
appreciated stock or other property to the Foundation, however,
your gains would not incur any tax even though the current value
would be counted as your charitable deduction.
Life Insurance
The Foundation can receive life insurance death proceeds free of
federal income and estate taxes. The benefit to the Foundation is
guaranteed as long as the premiums are paid. Through the relatively
small annual cost of your premiums, you can make a significant contribution
towards ensuring your geoscience legacy.
Leaving Property Through Your Will
You may obtain a federal estate tax deduction for the entire fair
market value of the property you leave to the Foundation in your
will, and there is no limit to the amount of this deduction. You
retain full use of your gift property during your lifetime, when
you assign a gift through your will.
Charitable Remainder Unitrusts
A unitrust is an arrangement by which you irrevocably place money
or property under the care of a trustee. Commonly, the trust is
instructed to pay you or the person(s) you designate a percentage
of the income for life. When the recipient of the income dies, the
remainder in the trust would pass to the Foundation. You benefit
from a unitrust by receiving an immediate income tax deduction for
the gift that the Foundation will someday receive. Charitable trusts
can also be established as annuity trusts so that a fixed amount
is paid for the life of the grantor(s).
Retirement Plans and IRAs
You can use pretax assets to establish your geoscience legacy by
making a bequest of retirement plan or IRA assets to the Foundation.
This action assures saving both income and estate taxes while benefiting
the geosciences.
The AGIF is a non-profit, non-stock corporation operating under
the laws of the state of Virginia and in accordance with Internal
Revenue Service (IRS) codes governing tax-exempt charitable and
educational organizations 501(c)(3). An independent audit is conducted
annually. Gifts to the Foundation are tax-deductible. Individuals
who would like more information about the planned giving program
or who wish to tailor a personal giving program should contact either
Maureen Phillips of Woodway Financial Advisors - A Trust Company
in Houston, Texas (1-800-940-0650) or J.F. (Jan) van Sant, Executive
Director, AGI Foundation, 10777 Westheimer, Suite 250, Houston,
TX 77042-3453 (Phone: 713-787-6767; Fax: 713-787-6772).
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