GIVING TO THE ANDRE AGASSI FOUNDATION FOR EDUCATION
Ways to give now:
Cash Donations
Cash gifts are eligible for a deduction equal to the full value of your gift. You may utilize this deduction for up to 50% of your adjusted gross income (AGI) and carry forward unused portions for up to five years.
Stocks/Bonds
By giving long-term appreciated securities, you may be eligible to deduct the full fair market value at time of transfer. You may utilize this deduction for up to 30% of your AGI and carry forward any remaining balance for up to five years. Additional savings can be realized by avoiding capital gains taxes on the appreciated securities.
Real Estate Gifts
You can realize important tax and income benefits while making a substantial commitment by gifting all or part of a property. You may be able to significantly reduce the income, capital gains, and estate taxes you would otherwise have to pay. By giving real estate gifts, you may be eligible to deduct the full fair market value of appreciated property which has been held for more than one year at the time of transfer.
Tangible Personal Property
Tangible personal property such as art, jewelry, antiques, stamps, coins, and collectibles may be subject to estate taxes. Donating this type of property during your lifetime may reduce your taxable estate and qualify for income tax deduction.
Life Insurance
Donating life insurance can result in an upfront income tax deduction (depending on type of policy you donate). Likewise, subsequent premium payments may be tax-deductible as well.
Bequests:
Donors may leave cash or other tangible property to AAFE under their wills or trusts. Your estate may receive a charitable deduction for the bequest made to AAFE.
Retirement Plans
You may designate the Andre Agassi Foundation for Education as a beneficiary of the remainder (or a percentage of the remainder) of your IRA, Keogh, qualified pension, profit-sharing plan, or tax-sheltered annuity.
Life Income Gifts:
There are several different ways to gift your assets so that they not only benefit the Andre Agassi Foundation for Education, they also supply a stream of income to you or your beneficiaries. You may also see a significant reduction of income, capital gains, gift and/or estate taxes.
Charitable Lead Trusts
A charitable lead trust (CLT) is best utilized when a donor has property they would like to retain but does not necessarily need the current income from the property. A donor can provide the AAFE with an annuity stream from a CLT for a period of time and then have the property and the CLT revert back to the donor or to donor's beneficiaries. There are two types of CLT's, the Grantor CLT and Non-Grantor CLT.
When a donor wishes to create a current income tax deduction (i.e. when the grantor has an unusually high taxable income in a particular year) a Grantor CLT is often utilized. Using a Grantor CLT creates an immediate income tax deduction for the present value of the charitable income interest. However, the income earned by the trust will be taxed to the donor. The Non-Grantor CLT is often utilized when a grantor wishes to pass assets to his/her heirs in the future with reduced gifts/estate tax consequences. This type of CLT is designed so that the trust assets pass to the grantor's heirs. Because the IRS Section 7520 rate is currently low, this may be a good time to consider a CLT.
Charitable Remainder Trusts
A donor can create a charitable remainder trust (CRT) if the donor wishes to make a deferred gift to the Andre Agassi Foundation for Education. The donor (or other designated beneficiary) will receive an income interest for a term not exceeding twenty years. After the termination of the income interest, the AAFE will receive the remaining assets in the CRT. The donor will receive an immediate income tax deduction equal to the present value of the remainder interest passing to AAFE.
Charitable Gift Annuities
Charitable gift annuities establish a contract between you and the Andre Agassi Foundation for Education that states in exchange for your gift, the AAFE agrees to pay you a fixed dollar amount annually for life. Part of the income paid to you (or your beneficiaries) may be tax-free or taxed at the capital gains tax rate, depending on the asset you use to fund the annuity. Upon the death of the last beneficiary, the Andre Agassi Foundation for Education utilizes the principal according to your directives. There are several ways to structure charitable gift annuities to maximize gift and tax benefits, including deferred income annuities, stepped gift annuities, flexible gift annuities, and annuities arranged to help a child or grandchild with educational costs.
Pooled Income Funds
Pooled income funds combine donors' contributions for investing. Gifts to a pooled income fund entitle you or your beneficiary to a pro rata share of the income for the rest of your life. Upon the death of the last beneficiary, the Andre Agassi Foundation for Education will then use the principal according to your directives.
Thank you for considering the AAFE for your charitable contribution. Please contact our Director of Development, Darian Borowiak, at (702)227-5700 or Darian@agassi.net with any questions or to initiate your gift today. For questions regarding the tax or legal aspects of your giving, we suggest you contact your legal or tax advisor.
