Charitable bequests to Lake Country School are easily made whether your estate is simple or complex. You may choose to leave a specific dollar amount, percentage, or residue of your estate or to the school, or gift a certain stock or life insurance policy. You can also make your bequest contingent on a certain event. Click here for sample bequest language.
Lake Country School welcomes being named as beneficiary of a life insurance policy or being gifted ownership and beneficiary interest of paid up policies. You qualify for a charitable deduction for the cash value of the policy. If premium payments remain on a policy, you receive a deduction on premiums you pay after naming Lake Country School as beneficiary.
Gift of Retirement Plan Assets
Lake Country School encourages donors to name the school as beneficiary of IRAs, 401(k)s and profit sharing plans. Gifting retirement plan assets in this way provides for substantial tax savings (income and estate taxes) to the donor’s estate.
By gifting real estate to the school, you can avoid capital gains on the appreciation, receive the fair market value as a tax deduction and decrease the size of your estate.
Life Income Gifts
Life income gift instruments include Charitable Remainder Unitrusts, Charitable Remainder Annuity Trusts, Charitable Gift Annuities and Pooled Income Funds. Life income gifts often provide substantial tax benefits for the donor in the form of charitable deductions, avoidance of capital gains on appreciated securities and decreased taxable estate assets. While Lake Country School does not administer these plans, attorneys, estate planners and community foundations can direct you in establishing life income gifts.
Gifts of Interest Income
Lake Country School welcomes gifts of interest income which are generally made through vehicles such as Charitable Lead Trusts where interest income from a trust is gifted to the school and the assets of the trust revert to the donor or donor’s beneficiary at some future date.
Retained Life Estates
A retained life estate is a gift of real estate with the restriction on it that the donor or the donor’s beneficiaries retain the right to live on the property for a term of years or the rest of their lives.