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 life circumstances or estate size, your Planned Gift may be the most important document you create. Your bequest stipulates your charitable wishes and can include a will which leaves a set amount or percentage of your estate to your favorite charity, a gift of life insurance, or donation of retirement funds during your lifetime. A Planned Gift offers tax benefits for you and your family, and ensures that your assets are distributed to the people and causes that are most meaningful 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, minimize taxes, and can be altered at any time. Your gift can be unrestricted (so that Gow can use it where needed most) or restricted 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 distribution, you can donate that 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 (or following the death of you and your spouse), avoids all estate and income taxes on the plan assets. If you name Gow as the beneficiary of the remainder of your retirement plan at death, 100% goes to Gow.
To make this gift, notify your plan’s administrator of your wish to add or change the beneficiary to Gow. 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.
Please consult your professional advisor to determine which Planned Giving option is most appropriate for you.