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You can do so much for our students by remembering to include the Academy in your estate planning. There are many methods of making planned or deferred gifts to the Academy, including but not limited to:
• Bequests
• Annuities
• Trusts
• IRAs
• Life Insurance Policies
Gifts made in a last Will and Testament are a meaningful source of support for Washington Academy. The gift, or "bequest", usually provides tax savings to the donor's estate because all or part of the value of the bequest is deductible when determining the taxable estate. Bequests can be made in a number of ways.
• Direct bequest. By making an unrestricted gift, you allow us to apply the funds to the Academy's most pressing needs. You simply bequeath a given sum of money or other asset.
• Percentage or residue. You may choose to leave Washington Academy a percentage of your estate or the balance remaining after bequests are made to your heirs.
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You can boost your income and cut your taxes while supporting Washington Academy with a gift of annuity. By transferring assets to the Academy, you can receive a guaranteed fixed quarterly payment for life. The assets are invested with the Academy's other holdings, and the remainder, upon your death, becomes part of the Academy's endowment.
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Many different kind of trusts are available and can be discussed with your financial planner to find the one that is right for you. Two of the most frequently used trusts are:
• Charitable Remainder Trust. With an irrevocable remainder trust, you can ensure income for yourself or a loved one, for life or a fixed number of years. Upon the death of the last beneficiary, the assets of the trust are transferred to the Academy.
• Charitable Lead Trust. By transferring assets to a lead trust, you can contribute the income generated to Washington Academy for a specified period of time. Upon termination of the trust, the assets revert to the donor or another specified beneficiary.
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By naming Washington Academy as a beneficiary of your IRA or other retirement plan, you gain the potential of reduced or eliminated estate taxes.
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By naming Washington Academy as the beneficiary of a life insurance policy, you receive a charitable deduction for the present cash surrender value of the policy. Contributions made for premiums paid after the transfer are also deductible.
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