Funds put to work fast when gift is a Charitable Annuity

Joseph A. Falcon wanted his 60-year support of engineers to continue after his death. So, in his will, he made a traditional bequest to the ASME Foundation.

His recent decision to convert that bequest to a Charitable Gift Annuity not only accelerates that plan by transferring the money to the ASME Foundation before he dies, but it will provide the Life Fellow and former ASME president with some income benefits.

"I wanted to do something for the ASME Foundation now, while I'm alive," said Falcon. "Not only can I see the benefit to the Foundation, but I can also see some benefits for myself right now."

With a Charitable Gift Annuity, the donor receives a percentage of their original donation each year as guaranteed income for life. The percentage is based on the donor's age at the time of the gift. The older the donor, the higher the return.

Joseph A. Falcon

"The Foundation's Charitable Gift Annuity is a win-win situation for everyone," said Warren Leonard, the ASME Foundation's director of development. "The donor receives immediate and future tax savings as well as the lifetime guaranteed income," Leonard said. "Added to that is the donor's knowledge that the Foundation's programs and the profession of mechanical engineering will benefit immediately, not eventually, from the gift."

As with the traditional planned giving bequests, the actual use of a Charitable Gift Annuity can be determined by the donor. In Falcon's case, he has not made that determination yet.

Falcon has been a member of ASME for six decades and has received the Edwin F. Church Medal and the ASME Dedicated Service Award. Before retiring, Falcon specialized in the energy field, working for the Bechtel Corp., and then founding J.A. Falcon & Associates, an energy consulting firm, in 1987. He also spent 32 years teaching part-time at the University of California, Los Angeles.

Falcon and his wife, Shirley, are also founding members of the ASME Foundation's Archimedes Club, a gift recognition unit that unites colleagues who have made legacy gifts to the ASME Foundation.

To learn more about how an ASME Foundation Charitable Gift Annuity can meet your needs, contact Warren Leonard at (212) 591-7846 or e-mail leonardw@asme.org to arrange a consultation.

 

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