Contributions from individuals, corporations, and foundations enable the American Geosciences Institute to respond to needs in the geoscience community with programs that meet those needs. Planned gifts from individuals can help provide programs of great benefit to the geoscience community while bringing significant financial advantages to the donor.
Making provisions for the American Geosciences Institute in estate plans, gifts of securities, and personal property, for example, creates ways to benefit individuals with tax savings and reduced estate-settlement costs.
The Foundation has an alliance with Woodway Financial Advisors, an experienced and successful trust company that administers the Foundation’s planned giving programs. Woodway can provide advice and information on the many vehicles available for planned giving and the requirements to establish such a program. They can also provide information to help individuals or their representatives maximize charitable gifts as well as information on the investment management of assets in trust.
Trust officers can review and discuss charitable income tax deductions that are available, the ability to generate current income, and the necessity to reduce estate size from eventual estate-tax purposes. Finally, as a trust company, they can offer information on the investment management of assets in trust as well as provide fiduciary responsibility associated with the various planned giving vehicles.
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 Andrey N. Gidaspov, Development Director, AGI Foundation, c/o AGI 4220 King Street, Alexandria, VA 22302-1502 (1-703-379-2480 x205).