THE AUTHORS LEGACY SOCIETY
The Authors Legacy Society was created to allow the Authors Guild's most loyal supporters to make a personal commitment to the Guild or its Foundation that lasts beyond their lifetimes. The Authors Guild plays a critical role in protecting professional authors' rights to fair contracts, compensation, and free expression. By including the Guild or its Foundation in your estate plans, you can help ensure that its essential work will continue in the years to come. Members of the Society will receive a memento of appreciation and will be listed annually in the Authors Guild Bulletin, unless they choose to remain anonymous. You may join the Authors Legacy Society with:
A Gift Through Your Will
A gift through your will can take a number of forms. You may elect to designate a specific dollar amount. Or you may wish to included a percentage of what remains in your estate after other bequests are fulfilled.
A Gift from Your Retirement Plan
IRAs and other retirement plans represent a very large portion of many peoples' estates. While these plans are highly beneficial during a person's lifetime, they can become tax burdens on one's death. This is because they are included in a person's taxable estate, and are therefore subject to both estate tax and income tax. Up to 80 percent of retirement plan assets may have to be paid to the government in taxes.
By naming a charitable organization as the beneficiary of your retirement plan, you can still take distributions during your lifetime, but on your death the entire plan balance will pass, free of taxes, to the organization. If you are married, you can name your spouse as your primary beneficiary, with the remaining assets going to a designated charitable organization, free of taxes, on his or her death.
A Gift of Life Insurance
An insurance policy that has served its original purpose can be contributed to the Authors Guild or Authors Guild Foundation. If you name the Authors Guild Foundation as the irrevocable beneficiary and owner of the policy, you obtain an immediate income tax deduction equivalent to the policy's cash surrender or replacement value. Any benefit the Foundation receives from the policy will be excluded from your taxable estate.
A Gift of Appreciated Securities or Real Estate
A gift of appreciated, long-term capital gain securities or real estate to the Authors Guild Foundation can provide even greater tax benefit to the donor than a gift of cash. In addition to receiving a charitable deduction for the fair market value of such a gift, the donor also escapes any capital gains tax and the sales commission that would be payable on the sale.