Cash. We gladly accept checks mailed to us the old-fashioned way! Generally, under the “mailbox rule”, you are allowed to deduct your contribution in the year the check is mailed, even though we may not receive it until after year-end. We are also happy to assist you in setting up a regular monthly or quarterly ACH transfer directly from your bank account to ours. The discipline of regular monthly giving allows you to make a very meaningful contribution over the course of the entire year. For your convenience, you may donate by going to website (www.VirginiaAviation History.org)
IRA distributions. If you are at least 70 ½, you are permitted to make a Qualified Charitable Distribution from your IRA of up to $100,000 per year. This distribution counts as part of your required minimum distribution for the year. The funds move directly from the IRA custodian to the VAHS and are excluded from your taxable income. This is a great way to give pre-tax dollars to charity, particularly for those who no longer itemize deductions due to the increased standard deduction.
Marketable securities. Giving stocks or bonds that you have held for at least one year can be very tax efficient. In such a transaction, you are allowed a charitable deduction for the full fair market value of the security without paying tax on the underlying capital gain. We can help arrange for the securities to be transferred directly from your brokerage account to our brokerage account.
Closely- held securities or real estate. The tax benefits of giving non-marketable assets to a public charity can be the same as with gifts of marketable securities. You usually obtain a tax deduction for the fair market value of the asset without paying tax on the underlying gain. However, with most gits of non-marketable assets an appraisal is required. The VAHS is not set up to receive gifts of this nature directly. However, you can benefit the VAHS through your local community foundation or a donor advised fund that accepts these types of gifts.
IRA beneficiary designations. Tradition IRAs can be very tax inefficient assets to leave to your children. In addition to any estate or inherited tax you might pay at your death, your children must also pay income tax when the fund are withdrawn. Charities, such as the VAHS, are good candidates to name as beneficiaries for all or part of an IRA since the charity is tax exempt. Your custodian can provide you with a simple beneficiary change form to make this change.
Charitable trusts. Would you like to receive an income stream from assets to the remainder of your life, after which time the assets would pass to the VAHS? There are various trust alternatives that can accomplish these goals. Due to the administrative costs of establishing and maintaining a trust, this should only be considered for more meaningful legacy gifts. We are happy to discuss in further detail.
Testamentary giving. We invite you to consider remembering the Society in your Will. You can leave the VAHS a percentage of your estate or fixed dollar amount, and the bequest can be changed or revoked as often as you update your estate planning documents. We can provide you with sample language to discuss with your estate planning attorney.