What is planned giving?
Planned giving is a way to make a future charitable gift to your favorite organization. It can also provide personal financial, tax, or family benefits to your estate or heirs.
Planned gifts can be funded with cash, stock, securities, or personal property. The organization receives the gift at some time in the future instead of immediately.
The Alpha Omicron Pi Foundation places planned gifts in the endowment fund. The gifts are invested and annual income is used to support AOII programs and scholarships. The Foundation Board determines priority needs.
The donor may further restrict how the gift may be used; for example, it may be designated for scholarships, education programs, or another purpose of interest to you. Income from your gift may only be used for your designated purpose.
There are several types of planned gifts:
Bequests: You may name the Foundation as a beneficiary in your will and designate an amount or percentage of your estate. It is very easy to add a binding will codicil without redrafting your original will.
Life Insurance: You may purchase a new policy or donate a policy that you no longer need. You may receive a tax deduction for the premiums of a new policy or for the cash value of a current policy by designating the Foundation as both owner and beneficiary.
Retirement Plans: By naming the Foundation as a beneficiary of your plan, such as a 401(k) or IRA, the benefit could qualify for an estate tax deduction and be free of income tax obligations.
All of this information is very general and is not intended to be legal or tax advice. If you are interested in including the Alpha Omicron Pi Foundation in your long-term planning, please consult with a legal or tax advisor. You can also contact the Foundation office for more information at 615.370.0920.