The Jess Borg Society

List of 6 items.

• Bank Accounts, Securities and Certificates of Deposit

  A no-cost way to make a planned gift to St. Andrew's is by designating it the recipient of a bank account or security. You can instruct any financial institution in which you have an account or are the holder of a security to place your asset in a trust (often called a Totten Trust or a Transfer upon Death Account) which will be transferred, upon your death, directly to St. Andrew’s.

  
  

  This allows you to retain complete control of the asset during your lifetime and to give the remaining asset to St. Andrew's upon your death. Most Totten Trusts can be created easily, using a form obtained from your bank, financial institution or the holder of the security.

• Bequests and Estate Plan Gifts

  The simplest way to make a planned gift is by naming St. Andrew’s Episcopal School (SAES) in your will. A bequest is a meaningful way to support our work without affecting your cash flow during your lifetime. Your attorney can include it when you prepare or revise your will or you can add a codicil at any time.

  
  

  There are several types of bequests:

  
  

  • A specific bequest indicates the amount of cash, securities or other assets you wish to leave to St. Andrew's. Or it can indicate a specific percentage of the total value of your estate.
  • A residuary bequest leaves the remaining portion of your estate (or a percentage of the total) after all other bequests have been satisfied.
  • You can make St. Andrew's the recipient of a contingency bequest, which takes into account the possibility of a change in your beneficiary’s circumstances.

  
  Remembering St. Andrew’s with a bequest from your estate will help and strengthen our school in years to come. Some of the advantages of creating a bequest include:

  
  

  • A bequest costs nothing now, yet gives you the satisfaction of knowing you have provided for St. Andrew’s in the future.
  • You retain control of and use of your assets during your lifetime.
  • You may modify your bequest if your circumstances change.
  • Gifts to St. Andrew’s from your estate are exempt from federal estate taxes.

• Charitable Gift Annuities

  A charitable gift annuity is a simple contract between you and St. Andrew’s. In exchange for your irrevocable gift of cash or securities, St. Andrew's agrees to pay one or two annuitants whom you designate a fixed annuity for life, and you will be entitled to an income-tax deduction in the year you make the gift.

  
  

  At St. Andrew’s, the minimum age to start receiving annuity payments is 55. However, you can establish a charitable gift annuity at a younger age and defer the start of annuity payments to age 55. The minimum amount to establish a charitable gift annuity at St. Andrew's is $5,000.

  
  

  You will receive an immediate income-tax deduction for a portion of your gift, and your annuity is backed by all of St. Andrew’s assets.

• Charitable Trusts

  A charitable trust is a way to achieve your current and long-term financial, estate and philanthropic goals. A donor makes an irrevocable transfer of cash, stock, real estate or other assets to a trust which produces income for the donor or other beneficiary, for a fixed period of time of up to twenty years or until the donor or other beneficiary dies. At the conclusion of the trust period, the remaining principal assets will be distributed to St. Andrew's.

  
  

  Charitable trusts take two forms — charitable remainder trusts and charitable lead trusts.

  
  

  A charitable remainder trust allows you to designate the beneficiary of regular payouts from trust proceeds (for either a fixed dollar amount or a fixed percentage) during your lifetime or for a period of time, not to exceed twenty years. At the same time, St. Andrew's is designated a remainder beneficiary. This allows you to claim a tax deduction for the estimated portion of the assets that will ultimately go to St. Andrew's upon death or the expiration of the fixed period.

  
  

  Charitable lead trusts appeal to individuals who wish to make a gift but retain the property. These irrevocable trusts are, essentially, the reverse of charitable remainder trusts in that the payments from a charitable lead trust will first go to St. Andrew's for a specific period of time, usually between 10 and 20 years, after which time the principal of the trust will revert to you or to those you have designated.

• Life Insurance Policies

  St. Andrew’s welcomes philanthropic support through gifts of life insurance policies when the policies are paid in full and St. Andrew's is named as the owner and irrevocable beneficiary of the policy.

  
  

  You can name St. Andrew's as the primary or contingent beneficiary of an existing or new life insurance policy. Although a current income tax deduction is not available, it will result in a federal estate tax deduction for the full amount of the proceeds payable to the charity, regardless of policy size. Or you can make an assignment or gift of a life insurance policy that you currently own or donate a new life insurance policy, approaches which allow a current income tax deduction.

• Retirement Plans

  You can contribute to St. Andrew’s through your retirement plan. Certain retirement plans, including IRAs, Keoghs, 401k and 403b plans, allow you to defer paying taxes until you withdraw income during retirement. However, after your death these accounts are often exposed to significant taxes.

  
  

  Therefore, you might find it beneficial to contribute all or part of these funds to St. Andrew’s while leaving other assets to your heirs. Simply name St. Andrew’s as a beneficiary of your retirement plan. You will retain control of the plan during your lifetime, and you can change your beneficiary at any time if your circumstances change.