Gifts that cost nothing during your lifetime.
How it Works
If your will is already written, you may add the school as a beneficiary by instructing your attorney to include a codicil (amendment) to your bequest intention. We are happy to provide you with sample language. You may make a bequest that is unrestricted, or direct it to a specific purpose. You may indicate a specific amount or a percentage of the balance remaining in your estate or will.
- Your assets remain in your control during your lifetime.
- You can modify your gift to address changing circumstances and can direct your gift to a particular purpose. The AIS Development Office will work with you to make sure your gift can be used as intended.
- Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.
Gifts of retirement plan assets (IRA) may be particularly appealing because these assets are often subjected to several taxes:
- Federal income tax
- Federal estate tax (upon you and your spouse's death)
- State income and estate taxes
When applied, these taxes may result in only 25 cents on the dollar available for one's heirs.
There are several ways to give these retirement assets to The Agnes Irwin School:
- Name The Agnes Irwin School as the primary or secondary beneficiary of your plan by contacting your plan administrator and completing a new beneficiary form.
- Take structured withdrawals from your plan, beginning at age 59 1/2 or 70 1/2, and make outright gifts to the school that generate an offsetting charitable deduction.
- Set up a Charitable Remainder Trust in your will into which you transfer any residual in your retirement plan at your death; naming your surviving spouse or children as income beneficiaries for life or a term of years, and The Agnes Irwin School as the charitable remainderman.
The Agnes Irwin School, under any of these arrangements, will receive a full dollar for every dollar remaining in your retirement account.