Planned Giving at Gow
An estate plan will benefit you, Gow, and those you love.
What is a Planned Gift and why should we have one?
Regardless of your estate size, your Planned Gift may be the most important document you create. A Planned Gift may include a donation to a favorite charity like Gow. You can stipulate this gift in your will as either a set amount or percentage of your estate (called a bequest), or make a gift of life insurance or retirement funds during your life. Estate planning offers tax benefits for you and your family, and ensures that your assets are distributed to the people and places that are important to you.
A Planned Gift is a charitable instrument designed (preferably with professional advice) to optimize your financial, tax, and estate wishes. Planned Gifts help donors to maximize their charitable giving and minimize taxes. Your will can be altered at any time. You can make an unrestricted gift (so that Gow can use it where needed most) or restrict it to a program or area of interest such as scholarship or endowment. You may be able to request a naming opportunity such as a fund in your name or in honor or memory of a loved one in exchange for your commitment.
Designate a Gift to Gow in your Will
This is one of the easiest ways to make an estate gift. Simply ask your attorney to review the following wording and include it in your will: “I give and bequeath to The Gow School (Tax ID# 16-1034793), located in South Wales, New York, the sum of $______ OR ______% of the rest, residue and remainder of my estate.
Donate a Life Insurance Policy
Donate a policy that has been paid off or name Gow as your beneficiary. If you make the premium payments, they become deductions and the policy’s value is removed from your estate. You could also sell an unneeded insurance policy and donate the proceeds, earning an immediate tax-deduction.
Donate your IRA
If you are age 70½ and have to take a Required Minimum Distribution from your IRA, you can donate that to Gow. By making the gift directly to Gow, this will reduce your adjusted gross income and tax burden.
Make Gow a Beneficiary of Your Retirement Plan
Leaving your retirement plan or IRA (or a portion of it) to Gow or naming Gow as the recipient of your retirement plan after your lifetime, avoids estate and income taxes on the plan assets. If you name Gow as the beneficiary of the remainder of your retirement plan at your death, 100% goes to Gow. To make this gift, notify your plan’s administrator of your wish to add Gow as a beneficiary or change the beneficiary to The Gow School. A change of beneficiary form will be required. If your spouse and children are currently the beneficiaries of your retirement plan, you can keep them as beneficiaries and include Gow as a beneficiary of a portion of the plan.