A thoughtful planned gift helps ensure the Catholic Schools of Broome County can continue to prepare our young men and women not only for college, but for life. A “planned gift” is a gift given to a charity through a will, contract or trust. It is often deferred and usually spread out over an extended period of time. Planned giving strategies, which should be discussed with professional counsel, may include; bequests, gift annuities, gifts of appreciated securities, life insurance, rollovers from retirement accounts, and various trust arrangements.
Providing for the CSBC through one’s will is a personal statement of support and appreciation and a generous means to sustain our schools into the future. A bequest provides a donor the flexibility to commit to future support with no impact on current income. And bequests can be structured to fit individual, family and financial needs.
Charitable Gift Annuity
In exchange for a gift of cash or securities, the CSBC promises to pay the donor and – if the donor stipulates – another annuitant, a fixed sum each year for life, based on age. In most cases, part of each payment is tax-free, increasing the after-tax value.
Donors who own securities that have appreciated in value may prefer to contribute securities rather than cash, thus avoiding capital gains tax while allowing a tax deduction for the current fair market value.
Donors with life insurance policies they no longer need may consider naming the Catholic Schools of Broome County as the owner and beneficiary, creating an immediate tax deduction for the accumulated cash value of the policy and a future deduction for any subsequent premiums the donor pays.
Retirement Plan Assets
Retirement plan assets may be directed to support the Catholic Schools of Broome County at a donor’s death. Plan administrators can provide the necessary change-of-beneficiary form. For donors over the age of 70½, there may also be tax advantages to having minimum distributions from some retirement accounts assigned directly to the CSBC.
Various charitable trust arrangements are available that can provide significant support for the CSBC while also securing the financial future and reducing taxes for donors and their heirs.