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Leave a Lasting Legacy

A True Legacy Leader

In 1912 Lilian "Deedie" Orr, volunteered as a member of a visionary group of citizens concerned about children's well-being and they founded CAS.  The vision of an  earlier generation came full circle in 2012 through the efforts of Deedie's great granddaughter, Alice McSpadden Williams, one of our board members, who led the effort to find CAS a permanent home.

Alice's lifelong commitment to CAS is summed up with her latest gift:  "I've made a legacy gift commitment because I want to perpetuate my annual support long after I'm gone.  I've received the most important gift of my life, my children, because of CAS and I want to do everything I can to ensure CAS lives on for our grandchildren and our great grandchildren.  There is no other agency like CAS and we must preserve it for future generations."

Please consider including Children's Aid Foundation, our 501(c)(3) supporting organization, which supports the mission of Children's Aid Society of Alabama,  in your Will or estate plan, or by some other means and let us know when you do!  All contributions are tax deductible to the fullest extent of the law.

For more information call Patti Lovoy at 205-943-5333.

 

 

Alice McSpadden Williams

An Interview with Legacy Leaders Michael and Martha Mims

Children's Aid Foundation Board Member Michael Mims and his wife Martha recently became CAS Legacy Leaders.  We interviewed them to learn more about what motivated them to make this generous gift.

CAS:  Why did you agree to serve on the board in the beginning?
Michael: Janet Ball, a co-worker and former CAS board member, knew I was looking for an opportunity to give back to our communities and spoke with me about CAS.  She thought my skill set may be a good fit to add value to the organization.  After visiting with CAS CEO, Gayle Watts, and understanding what CAS was all about, I knew this was an organization I wanted to be involved with.

CAS:  What impresses you the most about CAS and its mission?
Michael:  The formation of CAS in 1912 makes it one of the most tenured continuous charitable organizations in Birmingham.  Additionally, the focus on the well-being of children is important to me and my wife.  Finally, the incredible dedication of the leadership and staff of serving families in need to get the education and resources that provide opportunities for success.

CAS:  Why do you support CAS with annual gifts?
Michael:  Nothing is more important to a community, a state, or a country than to provide the opportunity for success and growth for children in a healthy family environment.  Ongoing support of CAS allows it to continue its mission of helping “at risk” families and children to become productive and engaged members of society.

CAS:  Why did you decide to leave a Legacy gift?
Michael:  Martha and I have been blessed with the resources God has provided.  Leaving a Legacy gift is our small way of providing continued support to this great organization in fulfilling its mission long after we are gone.  

Thank you, Michael and Martha, for making this gift for the future of Alabama's children and families.

Legacy Leaders

Legacy gifts are charitable gifts that are committed now, but are spendable in the future, such as gifts through Wills, Trusts, Life Insurance and Retirement Plans.  Many of these types of gifts can be completed with simple beneficiary changes, and other types require the assistance of financial or legal counsel.

Every donor who makes a legacy commitment will be recognized now (with permission) by our special "Legacy Leaders" designation.  This is our way of recognizing the special planning that these donors have made to ensure the future of Children's Aid Society of Alabama.

Some Types of Gifts to Consider

Charitable Rollover of IRA*

A tax wise way to support the life changing work of Children's Aid Society of Alabama is by utilizing the Charitable Rollover provision.  This is only for individuals age 70 1/2 and older, and using a charitable rollover from IRA required minimum distributions (RMD) can be an easy way to support CAS.  You can avoid the annual income tax on these withdrawals by transferring directly to CAS instead.

What are the benefits TO YOU?

  • Save income tax on your RMD.
  • Can be applied toward your annual Required Minimum Distribution (RMD).
  • Beneficial for individuals who do not itemize deductions on their income tax return.
  • Support the life changing work of CAS without writing a check!

How to Make a Qualified Charitable Distribution (QCD)

To complete a qualified charitable distribution (QCD) from an IRA to a charity, the IRA owner must:

  1. Already be age 70 1/2 on the date of distribution.
  2. Ask your IRA administrator for the proper form and procedure to make a transfer from the IRA directly to Children's Aid Society of Alabama.
  3. Ask your IRA administrator to make the check payable directly to CAS, (for you to avoid the income tax) and mail to us.
  4. There is no charitable income tax deduction for making this type of gift.

While the process of completing a QCD to a charity is fairly simple, the key requirement is that the distribution check must be make payable directly to the charitable entity.  If the funds go to the IRA owner and then are passed along to the charity, it would still be a taxable distribution to the IRA owner.

It won't qualify if the trustee or custodian makes the mistake of putting IRA money in a non-IRA account of yours as an intermediate step.  It won't quality if the check is made out to you.

QCDs may be made from any IRA or individual retirement annuity, but not from a simplified employee pension, a simple retirement account or an inherited IRA.

*This information is meant to summarize concepts and for general educational purposes only, and is not legal or financial advice.  Please always consult your tax adviser for information specific to your own circumstances.

Gifts of Appreciated Stocks**

One of the ways to make a big impact on children's and families' lives through Children's Aid Society of Alabama is to gift appreciated stocks.  The primary advantage is that you would not be using your disposable income to make a charitable gift.

Gifting Appreciated Stocks AFTER lifetime:

You can leave stock to charity by completing a simple transfer on death (TOD) registration form.  Contact the brokerage firm that holds you securities for forms and instructions.  Leaving it this way, instead of through your will, allows it to go directly to charity, and avoid going through the probate process. This is a revocable gift which means you can change your mind at any time, should your circumstances change.

While the owner of the TOD account is alive, the beneficiaries will not have any access to or control over the TOD account.  Only the owner has access to and control over the assets held in the account during lifetime.

Gifting Stock DURING lifetime: 

You can also give appreciated stock to Children's Aid Foundation.  If you've held it for more than one year, you may be able to take a charitable tax deduction for the current market value of the stock, AND neither you nor the charity has to pay capital-gains taxes when the stock is sold!

Be sure to call Children's Aid Society of Alabama ahead of time to notify them of a gift of stock so they can give you instructions for the transfer.

**This information is for educational purposes only and is not meant to be construed as legal or tax advice.  Always consult with your advisers before transferring assets to charity.

 

 

 

 

2018 Highlights of Individuals & Families Served

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