Planned Giving Guide
We are honored to work with you to develop a lasting gift to ASRA Pain Medicine. Planned gifts offer a meaningful way to provide income for yourself and your loved ones while leaving a legacy that supports the Society for years to come. These gifts can also help reduce estate or capital gains taxes. There are several ways you can support the Society.
Cash
Gifts of cash can be made by check, credit card, or automatic transfer from your bank account.
Appreciated Securities
You can potentially maximize your gift and increase your tax savings by donating appreciated securities. A donor can usually deduct the full fair market value of assets—such as stocks, bonds, and mutual funds—held for longer than one year that have appreciated in value. This method also avoids federal capital gains taxes that would apply if the assets were sold before donating.
Wills and Living Trusts
- A will specifies the beneficiaries who will inherit a decedent’s assets. These beneficiaries can include charitable organizations. A representative named in the will is responsible for distributing the assets accordingly.
- A trust is a legal arrangement in which a trustee manages assets on behalf of a beneficiary, who may be a charitable organization. A living trust is established during an individual’s lifetime.
Individuals who wish to leave a bequest to charity at death may do so through a will or a living trust. The Internal Revenue Code allows a charitable deduction for federal estate tax purposes for bequests to qualified charitable organizations.
Beneficiary Designations
Life insurance policies and retirement accounts allow you to designate beneficiaries to receive your assets, which can include charitable organizations. These designations may qualify for a charitable deduction for federal estate tax purposes.
- Paid-up life insurance policies that are no longer needed for family protection can be designated to benefit charitable organizations.
- Retirement accounts left to charitable organizations may result in significant tax savings compared to leaving them to individuals. Pre-tax retirement plans are not subject to income tax when distributed to a tax-exempt charitable organization.
Qualified Charitable Distributions from Your IRA
Individuals aged 70½ or older may donate up to $108,000 per year from their IRA directly to a qualified charitable organization. If you have reached your required minimum distribution (RMD) start date, you may satisfy all or part of your RMD with a qualified charitable distribution (QCD). This type of transfer creates neither a deduction nor taxable income, offering an income tax benefit—even if you do not itemize deductions. Unlike transfers made at death, a QCD allows you to witness the impact of your gift during your lifetime.
Donor-Advised Funds
A donor-advised fund offers flexibility and convenience in charitable giving. It allows you to receive a current-year tax deduction while recommending grants to ASRA Pain Medicine at a future date.
Donors contribute to a public charity that manages the fund and sets aside the gift in a separate account. The donor may advise the charity on the timing and direction of distributions to other public charities.
This method allows you to take advantage of an immediate federal income tax deduction while retaining the flexibility to support ASRA Pain Medicine when the time is right.
Charitable Trusts
- Charitable remainder trusts allow you to transfer assets, such as cash or appreciated securities, into a trust. You or other designated non-charitable beneficiaries receive annual income for life or a set term. When the trust term ends, the remaining assets go to ASRA Pain Medicine. This option may offer an immediate income tax deduction based on the present value of the charitable remainder and may reduce capital gains taxes.
- Charitable lead trusts involve transferring assets into a trust that makes regular payments to ASRA Pain Medicine for a specified term. After the term, the remaining assets are distributed to you or your designated beneficiaries. This trust can help you make a meaningful impact while potentially reducing gift and estate taxes, depending on how the trust is structured.
Life Insurance
If a life insurance policy originally intended for family support is no longer needed, it can become a powerful way to support ASRA Pain Medicine. There are three primary ways to give life insurance:
- Name ASRA Pain Medicine as a beneficiary. This can be done by updating your policy’s beneficiary designation form. You can name ASRA Pain Medicine as a primary beneficiary for a percentage or a specific amount, or as a contingent beneficiary if the primary does not survive you.
- Make an outright gift of an existing policy. You can transfer ownership of an existing policy to ASRA Pain Medicine, naming the Society as both the owner and beneficiary. If you itemize deductions, you may qualify for a federal income tax deduction. Continued premium payments may also be tax-deductible as charitable contributions.
- Make an outright gift of a new policy. You can purchase a new policy and irrevocably name ASRA Pain Medicine as the owner and beneficiary. This option is particularly attractive to younger donors. Whether you make a single premium payment or pay annually, the payments may be tax-deductible if you itemize deductions.
Thank You for Considering a Planned Gift
Thank you for your interest in supporting ASRA Pain Medicine through a planned gift. Your generosity helps ensure the continued advancement of education, research, and advocacy to support patient care. Please contact us i you have any questions or would like to explore the options that best fit your goals.
