Planned Giving

Planned giving is a very significant way to help an organization you care about to thrive. Focusing on planned giving allows you to take advantage of tools and techniques that reduce your personal income tax liability, and ease the burden of federal estate taxes and state inheritance taxes. Planned giving also helps organizations like Wilberforce to continue to serve future generations.

Donor Advised Fund (DAF): A donor advised fund, which is like a charitable savings account, gives you the flexibility to recommend how much and how often money is granted to The Wilberforce School and other qualified charities. You can recommend a grant or recurring grants now to make an immediate impact or use your fund as a tool for future charitable gifts.

You can also create a lasting legacy by naming The Wilberforce School the beneficiary of the entire account or a percentage of the fund. With a percentage, you can create a family legacy of giving by naming your loved ones as your successor to continue recommending grants to charitable organizations. Contact your fund administrator for a beneficiary form.

Click here to read more on benefits of Donor Advised Funds.

Change of Beneficiary Forms or Gifts of Retirement Funds: One of the easiest ways to get your planned giving strategy started is to simply adjust the beneficiary on such accounts as IRAs, 401K, 403b and other retirement plans. The Wilberforce School can be added as a beneficiary for some or all of these accounts by simply signing an updated Beneficiary Designation form.Under current tax law, retirement assets that are bequeathed to heirs or individuals other than your spouse are often severely reduced by estate and income taxes. The Wilberforce School’s charitable status avoids the heavy taxes your heirs could incur if they receive your retirement assets.Your employer or plan custodian can assist in making this change. We can also provide any needed information to properly complete the form.

Gifts of Appreciated Assets: One of the most tax-efficient ways to make gifts to The Wilberforce School is to donate appreciated stock, mutual funds, real-estate and other investments that have grown in value over time. The tax benefits include a charitable deduction for the total value at the time of the gift plus avoidance of the capital gains tax. It is almost always more beneficial to donate an appreciated investment than to write a check because of the significant tax savings. We are happy to assist you in executing the transfer of your stock or mutual fund to the School.

Gifts of Life Insurance: Life insurance is a versatile financial planning tool, and can also be a convenient way to give. You have two options:

1) You give your policy to The Wilberforce School. As the policy owner, the school will either cash in your policy and use the proceeds, or maintain the policy until it ends and then receive its death benefit. This gives you the satisfaction of making a generous gift while having the benefit of no change in your cash flow and saving taxes.

2) You can designate The Wilberforce School as a beneficiary of your policy. When your policy ends at your death, the school will receive some or all of your policy's benefit, as you have designated. This arrangement gives you the satisfaction of making a generous gift to the school while having the benefit of no change in your cash flow and saving taxes. You also retain the ability to change your mind should circumstance in your life change. This added flexibility is only found in option two

Gifts of Required Minimum Distributions: For those who are age 73 and older, annual required minimum distributions (RMD) from retirement accounts can have significant income tax implications. In 2016, Congress made permanent a law that allows donors to transfer up to $100,000 annually from their IRA directly to The Wilberforce School to avoid paying taxes on those distributions for that year. If you are married and filing jointly, your spouse can also contribute an additional $100,000 to Wilberforce. We can provide your financial adviser detailed instructions on how to properly execute the tax-free distribution. There are several rules that must be followed carefully to ensure that the distribution is tax-free. To qualify, the distribution must be made directly from your IRA custodian to The Wilberforce School.

Adding The Wilberforce School to Your Will: Bequests are a simple yet effective way to give to The Wilberforce School at your death. A bequest is a gift that comes out of your estate by means of naming the School a beneficiary in your will or revocable living trust. This can be a specific dollar amount from your estate, a specific percentage of your estate, or a specific asset from your estate.

If you have already included The Wilberforce School in your estate planning, please let us know.

Endowed Gifts:The Wilberforce endowment fund is just beginning. Endowment donations are invested. In the future, when our endowment funds have grown, a portion of the annual income from the investment will be used to address immediate needs at The Wilberforce School. The remaining funds are reinvested to ensure future support. Join those pioneering our endowment fund and give to ensure a Wilberforce education for future generations.

For more information concerning giving, contact Jennia Axelson, Director of Advancement.

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