Include amfAR in Your Will or Estate Plans
Remember amfAR in Your Estate Planning
There are many ways you can support amfAR both during your lifetime and through your estate plans. Some of these options are summarized below.
Remebering amfAR in Your Will
Many people—those living with HIV or AIDS, their friends, partners, families, and others—have chosen to express their commitment to ending the AIDS pandemic by remembering amfAR in their wills. You can read about some of these ordinary, yet extraordinary, people here:
How can I leave a bequest to amfAR?
You may name amfAR as the beneficiary of a percentage of your estate, of a set dollar amount, or of a particular asset.
Another possibility is to name amfAR as a contingent beneficiary of assets you have designated for a loved one, should that person no longer be alive at the time of your death. If you haven’t made a will, amfAR has partnered with FreeWill to make it easy for you to do so. It’s free and only takes about 20 minutes. Get started clicking here.
If you haven’t made a will, amfAR has partnered with FreeWill to make it easy for you to do so. It’s free and only takes about 20 minutes. Get started clicking here.
PLEASE NOTE: If you wish to benefit amfAR through your will, your attorney will discuss with you the best way to realize your goal.
How do I designate amfAR for a bequest?
For the avoidance of doubt a detailed designation using the following language is preferred:
amfAR, The Foundation for AIDS Research, a not-for-profit tax-exempt organization incorporated under the laws of the State of New York, having as its principal address 120 Wall Street, 13th Floor, New York NY 10005-3908.
Planning Through Beneficiary Designations
Many estate assets are not transferred through a will. These include assets in living trusts, qualified retirement plans, and the proceeds from life insurance policies. You may name amfAR as a beneficiary of any of these assets or as a contingent beneficiary in the event that the loved one you named as primary beneficiary is no longer living at the time of your death.
Some people establish living trusts to provide for the current management of assets or for the future management of assets in the event they become incapacitated. amfAR may be named as a beneficiary of your living trust.
IRA, Keogh, or Other Qualified Retirement Plans
You may also consider naming amfAR as a beneficiary of assets remaining in your qualified retirement plans after your lifetime.
If you are 70 ½ or older and you have a traditional IRA, you are eligible to make a tax-free donation to amfAR directly from your IRA. Starting when you turn 70 ½, you are required to withdraw money from your IRA, otherwise you will face a hefty tax penalty. If you choose to donate directly from your IRA, the gift is tax free, always!
Life Insurance Policies
Designating amfAR as a life insurance beneficiary is a simple and commonly used way to both advance HIV/AIDS research and gain tax advantages.
- Individual policies. You may irrevocably name amfAR as owner and beneficiary of a long-standing life insurance policy; or you may retain ownership and merely name amfAR as the beneficiary.
- Group term policies. If you are employed, you may be receiving group term life insurance as an employee benefit. If so, amfAR can be named as a beneficiary of the entire policy or as the beneficiary.
Gifts That Pay Income: Charitable Remainder Trusts
These trusts allow you to make a gift to amfAR that will enable you or others to enjoy enhanced income for your lifetime(s) or for a specified term of years. You choose the percentage payout you wish to receive. When your trust terminates, amfAR receives the remaining principal.
There are two types of charitable remainder trusts:
- Charitable remainder annuity trust. You receive a set dollar amount each year, equal to your chosen percentage of the trust’s original fair-market value.
- Charitable remainder unitrust. Each year, you receive a variable amount, equal to your chosen percentage of the changing yearly value of the trust. Over time, a unitrust may provide some hedge against inflation.
Many types of assets can be used to fund charitable remainder trusts, including cash; appreciated securities, real estate, or collectibles; life insurance policies you plan to sell (viaticate); and municipal bonds.
Each of these options has unique properties and benefits, including valuable tax benefits to you and your estate.
We recommend that you consult an estate planning professional who can evaluate your individual circumstances and create or update a plan that is appropriate for you. We at amfAR would be happy to discuss your planned giving options with you or to guide you in selecting a qualified estate planning advisor.
amfAR is a 501(c)(3) nonprofit organization under the U.S. Internal Revenue Code. Our federal tax ID number is 13-316-3817. For more information, email us at firstname.lastname@example.org.