Going Green!

Planned Gifts

Through the generosity of loyal friends of the Academy, Planned Gifts provide additional resources in the form of bequests or other testamentary arrangement. These gifts help to preserve the excellence of Woodstock Academy for future generations of students and provide numerous benefits to you.

Planned Gifts can help you make a meaningful gift as a component of your estate planning without having to part with assets you may need in the future.

Friends of the Academy who have made planned gifts become members of the prestigious Ely Ransom Hall Legacy Society.

If you are considering making a planned gift to The Woodstock Academy Foundation, please contact Kristen Willis at (860)963-4926 for confidential advice.

Wisdom of Planned Giving

 Helping others as you help yourself

REWARDS OF CREATIVE GIVING

  •    Fixed lifetime annuities and guaranteed annual income
  •    Tax free income
  •    Reduce the size of your estate
  •    Avoid estate taxes
  •    Relief from capital gains tax
  •    Protect your IRAs from the double blow of income plus estate taxes
  •    Endow your annual gift
  •    Leave a legacy without giving up assets
  •    Distribute your assets according to your wishes
  •    Benefit you, your loved ones and Woodstock Academy

About Planned Giving

Estate Tax Benefits


Giving Programs that Benefit You, Loved Ones and Woodstock Academy: Your bequest to The Woodstock Academy Foundation will reduce the size of your estate, saving considerable taxes if your net worth is above the estate tax exemption limit allowed by law. A bequest is the most effective means of avoiding estate taxes and through a bequest, you can direct your wealth to The Foundation rather than the government.

Through your will or living trust, you can create charitable gift plans that offer tangible benefits to your heirs, and then to the Foundation. These plans can be modified or rescinded by you anytime prior to your death. Your estate may be eligible for significant tax savings through the use of these plans.

 

Income to Beneficiaries

A Charitable Trust or Charitable Gift Annuity can be created today or through your estate plans to provide the beneficiary(ies) you name with an income over time rather than a lump sum distribution. Once the beneficiary’s income interest in the agreement ends, the remaining principal comes to The Woodstock Academy Foundation.

 

Give What Is Left in Your Pension Plan

One of the most tax advantageous gifts you can make to The Woodstock Academy Foundation may be through your Individual Retirement Account (IRA), 401 (k) plan, Keogh plan, or other qualified retirement savings plan. This is because assets remaining in these plans will be taxed more heavily than the rest of your estate. Income taxes must first be paid, then any estate taxes due will be collected before remaining funds are distributed to heirs. In some instances, 70% of the assets in a retirement plan can be consumed by taxes.

You can avoid the income and estate tax simply by changing your beneficiary designation to name The Woodstock Academy Foundation as the recipient of any assets remaining in your plan. The amount that could go to The Foundation is sometimes far more than would otherwise go to your heirs, and you avoid sending a substantial portion of your savings to the government.

You can also make a testamentary transfer of remaining pension plan assets to a charitable trust. Your estate receives a tax deduction for the remainder interest coming to The Foundation, and your heirs are taxed only on the annual income flowing through the trust.

 

The Outright Bequest

The outright bequest is the most common means of  remembering the Academy. A bequest is a provision in your will or living trust that directs that a portion of your estate should be transferred to The Foundation at a time subsequent to your death. There are many types of outright bequests, to learn more please contact Kristen Willis at (860) 963-4926.

 

Charitable Gift Annuity

A Charitable Gift Annuity is an easy way to give yourself - and the Academy - greater security in the future.  Charitable Gift Annuities provide a long term annual income to you (and/or another person you choose), while easing your income tax burden. In addition, if you fund the annuity with appreciated long-term assets, you may reduce a portion of capital gains taxes. Gift Annuity rates are determined by the age of the person receiving the income payments.
 

Charitable Remainder Trust

Through a charitable remainder trust you can make a significant gift to The Woodstock Academy Foundation while providing income to yourself and/or another beneficiary for life or for a specified number of years. Assets are irrevocably transferred to a trustee of your choice, who manages and invests the trust assets. Regular payments are then made to you, or to other beneficiary(ies) you choose, for life or a specified number of years. After the lifetime of the income beneficiary, the trust assets are left to The Foundation.

 

Life Insurance

You can name The Woodstock Academy Foundation as the death beneficiary of a life insurance policy, while keeping the lifetime ownership rights (the right to borrow against it or cash it in). Your estate will be entitled to a charitable deduction for any amount passing to The Foundation from these arrangements.

 

Planned Giving FAQ's

What is the first step?

Make a confidential telephone call to the Development and Alumni Office at (860) 963-4926 or stop by at the Academy. We will be happy to assist you in developing a charitable planned giving program tailored to your specifications.
 

What is the best method of giving for me?

The decision as to which vehicle to use is personal and should be decided with the help of your financial advisor and the Office of Development and Alumni Relations at the Academy. Factors such as your age, life expectancy, assets, heirs, and income should all be considered. The Academy is always at your service at no cost to you, respecting your confidentiality and willing to work with your accountant, attorney, or financial advisors.
 

Do I need a lot of money to make a gift to the endowment?

No, there are many ways to give, meeting both your needs and the needs of the Academy. Your attorney, accountant, or financial advisor can provide additional advice on which charitable option is best for you.
 

How does a planned gift differ from an annual gift?

A planned gift should be in addition to annual giving. The planned gift is often deferred and you are able to designate how the money will be used in the future. Some planned gifts are immediate and are part of an estate plan to benefit Woodstock Academy and yourself.