With a bit of planning, you have the opportunity to make a gift that will have a great impact on Benet and support both your personal and philanthropic objectives equally. The following gift planning options have special advantages such as increased tax benefits or a current income stream. At the same time, you can enjoy the satisfaction of knowing that your gift will provide vital future support for students, faculty, facilities, or programs throughout Benet. To show our gratitude, all donors who support the Academy through a planned gift are invited to join the Legacy Society and are recognized in an annual Honor Roll (unless anonymity is requested.)
An outright gift to Benet from your estate–whatever the amount, and whether it is expendable or for endowment–is entirely free from federal estate taxes*. This means that Benet is able to use the full amount of the bequest, whereas if it were left to an individual, a significant amount (up to 55 percent) might go to estate taxes.
For estate gifts over $100,000, you may name the fund after yourself or another person you wish to honor. You may make estate gifts anonymously but may change it at any time.
Giving by bequest costs nothing now, yet it may give you a great deal of satisfaction to know that your future gift will live on.
Gifts of Property & Real Estate
Appreciated real estate may be one of the best gifts that can be made to Benet. Often, however, your return from the property is small and operating costs, such as taxes and maintenance, continue to rise. Should you sell the appreciated real estate, you will have to pay capital gains tax on the appreciated amount, considerably reducing your net gain from the sale. If, however, you make a gift of the real estate to Benet, you may be able to deduct the full market value of the property, including all appreciation.*
Please note that there are some legal requirements that you will need to meet in order to make a charitable gift of real estate. The trust and estate planning staff will be happy to assist you and your attorney or other professional advisor to comply with these requirements.
Quite often people find that they have more life insurance than they really need. For example, their children may be grown and life insurance that was intended to provide education funds is no longer needed. A gift of a life insurance policy, one that is paid up or one with premiums still due, makes a very good charitable gift. And the gift can easily be made by naming Benet as both the beneficiary and owner of the policy. You may even want to purchase a new policy to give to Benet.
Normally, your charitable deduction will be approximately the cash value of the insurance policy at the time of the gift.
*The general considerations above are for information and awareness but are subject to change by law and from state to state, thus you should get advice from your trusted financial planner.