AOPA Pilot Magazine - November 2011 - 30

SAFETYPILOT

BY BRUCE LANDSBERG
PRESIDENT, AOPA FOUNDATION

You can’t take it with you

ife always comes with an expiration date. While it’s kind of a downer—confronting your own mortality—I’m buoyed by the comments of

We’ve been given this wonderful gift of and keep that freedom alive!

flight. Now it’s our turn to pay it forward

More complex financial situations may require a bit more planning, such as a charitable gift annuity where you actually get paid back, often at a far better rate than banks or certificates of deposit are offering. A remainder trust is yet another vehicle, and we can provide some guidelines on how to set up many of these instruments. Depending on how it’s structured, you can deprive the tax man of some of your hard-earned dollars—not that any of us would want the government to do without. Freddy Heineken, the late beer magnate. Freddy GA has benefited significantly through some bequests to the AOPA Foundation. Our largest was reputed to have said something to the effect AOPA Foundation that the universe got along just fine in the four to bequest set up an endowment that results in about President Bruce five billion or so years before he came along. It 20 additional safety programs and the production Landsberg began didn’t bother him much during that rather long of an online course annually. It was given by a pilot his career in the gestation period, so presumably it would be about who wanted to be remembered for what he did and U.S. Air Force. the same afterward. We all have a variety of faith who he was. Manny Maciel, an immigrant from and psychological coping mechanisms to deal with the Azores, ran a small fuel concession in Sonoma the hereafter. County, California, for more than a half-century. An One way of coping is to leave a legacy—something that will AOPA member and pilot, he lived modestly but was well known outlast you. Some pilots leave very unflattering legacies after a in the community. Prior to his final flight west, he directed that fatal accident that reflects poorly on their airmanship or judg- $3 million of his estate come to the AOPA Foundation for aviament, which is often the topic of this column as we all attempt tion safety. Manny is no longer with us, but he is remembered to learn why. I’m proposing a much better deal. Leave a bequest. fondly and known for his legacy. That’s a nice thought! In the short term, I hope to get no benefit out of the bequests asked for here since the foundation’s mission is to keep pilots alive and flying for a long time, but, eventually, when one can fly without manmade wings, you will no longer need manmade assets, either. Sir Isaac Newton, who had more than a little to do with laws of physics that govern aviation, is reputed to have said, “If I have seen further it is by standing on the shoulders of giants.” We’ve been given this wonderful gift of flight. Now it’s our turn to pay it forward and to keep that The AOPA Foundation is one of general aviation’s great edu- freedom alive! The AOPA Foundation’s four initiatives—safety, cation institutions. It is the largest nongovernment GA safety improving GA’s image, preserving airports, and growing the pilot provider in the world. In the past 10 years we’ve invested more population—are aimed at making our activity healthier so the than $30 million in seminars, online courses, and other forms next generation has an opportunity to savor flight in light aircraft. of safety education. In the past year we’ve granted nearly $1 Some say we stay airborne because of Bernoulli and some million toward improving the perception of GA, about $250,000 because of Bernanke, although the latter might be debated. in looking at the economic impact of airports, and another Funding is as essential to flight as fuel, which you can’t get with$150,000 on pilot population initiatives. There will be more to out funding. So it is with organizations, and if the organization come on that, and I’m happy to explain how a bequest will used. is doing the right thing, support it. Like many nonprofits, the AOPA Foundation has a Legacy Finally, I’m reminded of a former flight student of mine, Fred, Society, which explains how to make a deferred gift. There is who was contemplating upgrading from a Cessna 172 to a 182. a complete planned giving website with calculators and dis- I told him to go for it, but he was worried about the cost (yet cussion on various approaches (http://aopa.giftlegacy.com/). he could certainly afford it!). I told him he couldn’t take it with There is no obligation. It can be complex or very simple. him, to which he replied that if that were the case, he wasn’t “Simple” is merely including the foundation in your will by going. Despite that, several years later he did, unfortunately, designating a percentage or a dollar amount—as much or as prove that the only certainties in life are death and taxes. little as you wish. Be sure to let us know so we can recognize We might be able to offer you a better alternative, at least on you for your gift while you’re still able to enjoy it. the tax side of the equation. 30 • NOVEMBER
2011

AOPA PILOT •

http://aopa.giftlegacy.com/

AOPA Pilot Magazine - November 2011

Table of Contents for the Digital Edition of AOPA Pilot Magazine - November 2011