This is the most popular way of making a planned gift.You can provide for the Academy in your will by stipulating that a specific dollar amount, a specific percentage of your estate, or the remainder thereof be used as a gift to the School for either general or specific purposes, such as our endowment.
Life Insurance, IRAs and Pension Funds
A donor can donate a policy or name SHA as beneficiary of a policy. If SHA is named as the owner and beneficiary of a permanent life insurance policy, the cash value or the annual premiums are tax deductible to the donor.
Beneficiary designations on IRAs and other tax-deferred pension funds remove the funds from the donor’s estate and the remainder comes to SHA at their full and current value at the time of death. It is important that they make SHA the beneficiary on any appropriate forms; simply naming someone the beneficiary in a will, or making a testamentary gift, does not ensure that specific wishes will be carried out.
Charitable Gift Annuity (CGA)
CGAs – the most popular type of life income gift –have been available since the 1840s. In return for a gift to SHA to establish the gift annuity, the donor(s) receive(s) annual income for the rest of their life and an immediate, one-time, charitable income tax deduction.
The payout percentage is based on the donor(s) age at the time of the gift and follows the recommended rates of the American Council on Gift Annuities. Gifts of cash or appreciated securities are used to fund a CGA. ‖The suggested minimum amount to establish a charitable gift annuity is $10,000. A portion of the annual income is tax free.