Yes, you can make an impact for future generations
Even if you’re concerned about maintaining your current lifestyle or your family’s financial security, you can make an impact to create a world without lung disease.
How? By setting up a gift that costs nothing now
You can help save lives from lung disease for generations to come simply by signing your name.
Don’t worry, you can change your gift at any time and for any reason.
The difference you make will last for years to come.
A gift in your will is one of the easiest ways to fight lung disease.
- No payment now: It costs you nothing now to give in this way;
- Flexible: You can alter your gift or change your mind at any time and for any reason;
- Lasting impact: Your gift will create your legacy of love for people with lung disease now and for generations to come.
Four simple ‘no-cost-now’ ways to give in your will.
- General gift in your will
Leaves a gift of a stated sum of money in your will or living trust. For example, you might decide to leave each of your grandchildren $10,000. It’s considered general because it doesn’t specify from where the money comes.
- Residual gift in your will
Leaves what is left over after all other debts, taxes and other expenses have been paid.
- Specific gift in your will
Leaves a specific dollar amount, percentage, fraction or specific items (collections, art, books, jewelry and so on).
- Contingent gift in your will
Leaves a stated amount or share only if a spouse, family member or other heir/beneficiary does not live longer than you. In other words, your gift is contingent upon whether or not they survive after you.
You can mix these no-cost ways together. For example, you might consider leaving a specific percentage (such as 50 percent) of the residual to the American Lung Association contingent upon the survival of your spouse (meaning, as long as your spouse is no longer here).
Gifts by Beneficiary Designation, An Easy ‘No-Cost-Now’ Way to Give
It’s easy to put your bank accounts, retirement funds, savings bonds and more to use in creating a world free of lung disease and it costs nothing now.
By naming the American Lung Association as a beneficiary of these assets, you power the research, education and advocacy that will help save lives now and for future generations. And it will be your legacy of love for the world.
Potential benefits of gifts by beneficiary designation:
- Reduce or eliminate taxes on retirement assets;
- Reduce or avoid probate fees;
- No costs when you give now;
- Create your legacy with the American Lung Association.
To name the American Lung Association as a beneficiary of your retirement plan, contact your bank or insurance company to see whether a change of beneficiary form must be completed.
How to change a beneficiary designation
Bank accounts, CDs, brokerage accounts, and commercial annuities:
This is one of the easiest gifts to give and one of the most useful in accomplishing what you want—stopping lung disease. The next time you visit your bank, you can name the American Lung Association (Tax ID: 13-1632524) as the beneficiary of a checking or savings bank account, a certificate of deposit (CD) or a brokerage account. When you do, you’ll take a powerful step toward fighting lung disease for generations to come.
Retirement funds gift:
You can simply name the American Lung Association as a beneficiary of your retirement plan to end lung disease and save more lives. Naming the American Lung Association as a beneficiary of your retirement account can be an attractive option for leaving a legacy while reducing income and possibly estate taxes for your loved ones.
If you have bonds that have stopped earning interest and you plan to redeem them, you might owe income tax on the appreciation. That could result in your heirs receiving only a fraction of the value of the bonds in which you invested. However, you can avoid these taxes and save lives. Since the American Lung Association is a tax-exempt institution, naming us as a beneficiary means that the full value of your savings will go toward improving lung health and preventing lung disease.
Donor-advised fund residuals:
What remains in a donor advised fund (DAF) is governed by the contract you completed when you created your fund. When you name the American Lung Association as a successor of your account or a portion of your account value, more people will breathe better because of your support.