Planned gifts are a thoughtful way to make a significant impact on Athenian's future. Your planned gift can help deserving students with limited resources, support faculty excellence, keep class size small, endow a special program, or maintain and improve our buildings and grounds. When you include Athenian in your financial or estate plan, you are helping us to keep our promise to provide a unique educational experience for generations of students to come.
Planned gifts are not just for the very wealthy. You can include a gift of any size in your will or your living trust. Or, you might consider a Charitable Remainder Trust (CRT) which can provide you with an income during your lifetime. A CRT also helps you avoid capital gains taxes when you sell appreciated real estate, stock or other assets. Many people find that a planned gift allows them to make a larger commitment to the School than if they were making an outright gift of cash.
If you have already included a gift to The Athenian School in your will or a trust, please let us know. If you have not yet made your intentions clear through a will or trust, you may want to reflect on the ways in which even a simple will or trust can provide for the people and organizations that are important to you.
The Pillar Society
The Pillar Society is a special group of visionary donors who have designated The Athenian School in a will, trust, an estate or financial plan. When you notify Athenian about your planned gift, you will be invited to join the Society, receive invitations to special celebrations and other activities, and be listed in the annual Athenian Magazine.
There are many different ways to support The Athenian School with a planned gift. If you would like to learn about various giving methods, or help you accomplish your financial, estate and charitable goals, we would be very happy to talk with you.
Why Does Everyone Need a Will?
You can direct the distribution of your assets to those you care about most.
You can choose a personal representative (executor) or trustee who will oversee the distribution of your assets.
You avoid unnecessary expenses on the administration of the estate.
You can provide appropriately for minor children by naming a guardian or establishing a trust.
You can provide for family members, friends or relatives according to their needs.
You can save considerable estate tax by utilizing proper estate planning techniques.
You can provide support for charitable causes that have a special meaning for you.
A bequest is simply a gift that you make using your will or living trust. You can change or revoke it at any time during your life. A bequest allows you to make a meaningful contribution to The Athenian School while retaining complete control of your assets during your life. Your will or trust can both provide for family members according to your wishes and also support your favorite charities at whatever level you determine. Here is sample language that can be used to include Athenian in a bequest.
A charitable remainder trust (CRT) is a custom-designed and individually-managed trust that distributes income to you during your lifetime or for a certain number of years. When you pass away or the trust term ends, what is left in the trust at that time is distributed to Athenian. Many people choose this trust because at the time that you create it you receive an immediate income tax deduction, and you avoid paying any capital gains taxes on the property or securities you use to create the trust.
A charitable lead trust (CLT) is a custom-designed and individually-managed trust that distributes a gift to Athenian each year for the period of time that you choose — either a term of years or for the lifetime of one or more individuals. At the end of the term, the trust terminates and distributes what is left in the trust (called the remainder interest) back to you, to one or more individuals that you have specified or to the charity of your choice. A CLT can be used to create a significant income tax deduction when that is an important part of an individual's current financial plan.
A life estate agreement is an arrangement where you transfer a title to a personal residence or farm to Athenian while retaining the right to occupy and otherwise enjoy the full use of the property for your choice of a term of years or the lifetime of one or more individuals. After the term or lifetime, full ownership would pass to Athenian. You receive a significant tax deduction at the time you set up the agreement.
You transfer a title of your home or farm to Athenian but continue to live in it or use it for the rest of your life or for as long as you want – or you can give the right to live in it to a loved one after you are gone. After you or your loved one dies, the property would pass to Athenian. This is called a Retained Life Estate. People choose this arrangement for many reasons. They like to have the transfer of the property finalized and completed before they die instead of afterwards; they feel comfort in seeing it has been done according to their wishes. They know they will be able to stay in their home for as long as want to. And they receive a significant tax deduction at the time the arrangements are made.
You may wish to make the charity the beneficiary (or a contingent beneficiary) of a life insurance policy as a way to make a sizeable future gift. You retain lifetime ownership of the policy, keeping the right to cash it in, borrow against it, and change the beneficiary. A gift of this nature is treated much like a bequest made through your will.
Bequests are the actual gift disbursals that result, upon one's passing, from a specifically worded commitment in a will or trust agreement. Bequests are unlike any other gifts we receive because they represent individuals' final statements about what is most important to them. Every bequest is a powerful expression of loyalty, good will, and faith in the future of us and our mission.
In addition to a will, most experts recommend that you have a durable power of attorney, which allows another person to act on your behalf should you become incapacitated. Also, a living will is helpful to your heirs in that it directs at which point you do not want your life artificially supported.
Certainly. You may wish to consider a living trust as an estate planning tool. More information is available. Living trusts may be either revocable or irrevocable and there are advantages and disadvantages to consider in both.
Personal possessions are best distributed through a tangible personal property memo in which you list the personal items you wish to give to specific people. Your will must mention the existence of this memo and you should keep a copy of it with your will.
There are always specific reasons for making an irrevocable trust agreement. Perhaps it involves a family business where some of the family members are getting on in years and the family wants to make certain that management continues to run smoothly even if hindrances, such as senility, enter the picture.
Many times the reasons for an irrevocable trust involve estate and/or income tax avoidance. In order to be successful in such avoidance, the trustor must not have any direct or indirect power or control over the trust property or income. The regulations on this subject, set out in the Internal Revenue Code, must be carefully followed.
The major difference is in the valuation of the assets of the trust, which establishes part of the calculation for the determination of the amount of income received by the income beneficiary(-ies). The annuity assets are valued at the time the assets are placed in the trust and are never revalued. Annual payments remain the same, whether the assets appreciate (increase in value) or decline (lose value).
The assets in the unitrust are revalued annually. If the trust assets appreciate, the payment to the income beneficiary(-ies) will increase. If the trust assets depreciate, the payment will decrease.
This is often done if the organization is qualified to so act under local law. The organization's representatives can satisfy you in that regard. Often they will serve without fee, which is an additional incentive.
These documents should be updated any time your financial or your family circumstances change. As laws vary from state to state, if you move you should have an attorney licensed in and familiar with the new state's laws review your will or trust agreement. It is always wise, even if there are not any significant changes in your circumstances, to periodically review these important documents. A good rule of thumb is to review your will every three years.
Yes. This is an area overlooked by many. You can name one or more charities as alternate or as primary beneficiary. Furthermore, if you no longer need the policy proceeds in your estate for use now, you can transfer ownership of the policy to the charity or charities. If the policy has cash loan value, the charity can draw this out and use it. In this case, you not only receive a charitable gift deduction, but any additional premiums you pay are tax deductible for you now. And, on your death, the charity receives the balance of the policy proceeds and none of it is included in your estate for tax purposes.