Retirement Plan Assets
Reduce Taxes and Support Our Work
Make the Most of Your Retirement Plan Assets
Retirement plan assets are a great way to support the work at Airway Science for Kids because they not only help share aviation with your community but they also can provide tax relief for your loved ones.
Did you know that retirement accounts are exposed to federal income taxes that could be as much as 37% upon your death? The good news is that these taxes can be eliminated or reduced through a carefully planned charitable gift.
Consider leaving your loved ones less heavily taxed assets and leaving your retirement plan assets to Airway Science for Kids to support our work. As a nonprofit organization, we are tax-exempt and will receive the full amount of what you designate to us from your plan. You can take advantage of this gift opportunity in several ways, illustrated on the following pages.
Ways to Donate Your Retirement Account
1. List Airway Science as a beneficiary of your account.
The simplest way to leave the balance of a retirement account to Airway Science after your lifetime is to list ASK as the beneficiary on the form provided by your plan administrator. If you are married, your spouse must sign a written waiver.
2. Make Airway Science a contingent beneficiary.
If you prefer to make your spouse the primary beneficiary of your retirement account, you can name Airway Science for Kids as the contingent beneficiary. Want your children to benefit, too? Designate a percentage for ASK with the remainder for your children.
3. Give from your IRA.
If you are 70½ or older, you can give any amount up to $100,000 from your IRA directly to a qualified charity such as Airway Science without having to pay income taxes on the money. Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution.
4. Give from your IRA and receive income in return.
If you are 70½ or older, you can make a one-time election of up to $50,000 (without being taxed on the distribution) from your IRA to fund a charitable gift annuity—the gift that pays you. Special rules may apply, so contact us for more details.
Next Steps
Including a gift in your estate plan offers a versatile approach to extending your backing for Airway Science into the years ahead. If you have inquiries about contributing from your estate or have already taken this step, please don’t hesitate to reach out. We’re eager to express our gratitude. Rest assured, we honor your choice for anonymity if desired.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.
