You may establish a unitrust, annuity trust and/or gift annuity for the benefit of specific income beneficiaries and the AAHF through your Last Will and Testament. This type of planning provides substantial estate tax benefits. Principal will be transferred to the AAHF after the death of the named beneficiaries ~ or in accordance with the testamentary trust document.
Life Estate Reserved
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The gift of a personal residence, vacation property or farm, while retaining the right to live in or use the property for life, provides attractive benefits. The donor continues to be responsible for expenses of the property. Upon the death of the donor, the property passes to the AAHF. If, for whatever reason, the donor should decide to vacate the property, it can be rented to another party. If selling the property is preferable, the AAHF would join in the sale, invest the proceeds, and the net income earned would be paid to the donor for life.
The benefits of this type of gift include:
- a charitable income tax deduction;
- reduced federal estate tax;
- continued use of the property for your lifetime;
- bypass of probate on the property at death;
- assistance in disposition of the property, if required.
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Bequests
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One of the easiest ways to make a planned gift is by including a bequest in your will. Through a bequest, you can make your wishes known today without relinquishing needed assets during your lifetime. Both large and small bequests have played a major role in the AAHF's development.
A bequest to the AAHF can be included in the body of your Last Will and Testament or in an addition to it through a codicil. To name the AAHF as the beneficiary, please use its legal name, "American Airpower Heritage Foundation, Inc."
As with lifetime gifts, a specific purpose may be designated for the use of your bequest. If this is your desire, you or your lawyer should contact The Development Office to make sure the language used in your will correctly states the restrictions. Testamentary gifts to the AAHF are typically deductible for estate tax purposes and may be made in several ways.
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Residuary Bequest
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You may state that all ~ or a portion ~ of your estate be given to the AAHF after specific amounts are distributed to other beneficiaries.
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Specific Bequest
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You may stipulate that a certain percentage of your estate, a certain dollar amount, or particular securities or other assets be given to the AAHF.
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Testamentary Charitable Trust
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You may establish a unitrust or annuity trust for the benefit of a spouse or other specific beneficiaries through your Will. The trust principal is transferred to the AAHF only after the death of the last trust beneficiary.
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