Gifts that Benefit Hammond in the Future
| Bequests |
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| One of the simplest and most effective ways to make a gift to Hammond School is to create a bequest under your will. A bequest allows you to maintain control and use of the assets during your lifetime. It is also flexible - the bequest can be structured as a specific dollar amount, a percentage of the estate assets (or a percentage of the assets remaining after payment of other bequests and expenses), a specific asset, or even a gift effective only if you have no other beneficiaries. Ask your attorney to help design a gift that meets your personal and charitable goals. |
| Life insurance beneficiary designations |
| Another simple method of making a charitable gift is to name Hammond School as beneficiary of a current life insurance policy. Although you do not receive a deduction when Hammond School is named as beneficiary (since you still own the policy and the beneficiary can be changed), the estate receives a charitable deduction for the insurance proceeds paid to charity. Here is another option. If you name a family member as the primary insurance beneficiary, naming Hammond School as the secondary beneficiary in the event the named family member is not alive at your death. |
| Retirement plan beneficiary designations |
| Naming Hammond School as the beneficiary of all or a portion of your retirement assets is one of the most tax-advantaged ways to make a charitable gift. Retirement assets are subject to two taxes at death: income tax and estate tax. Naming Hammond School as beneficiary of all or a portion of the retirement plan or IRA avoids both taxes. Since the combined taxes on retirement, plan assets can run as high as 75% to 80% for some taxpayers, a gift from a retirement plan rather than a gift from other estate assets may leave more for family. Make sure you talk with your estate-planning professional before changing your beneficiary designation to ensure the best result. |
| Annual Fund Gifts | Annual Fund Pledges | Return to Ways to Give |
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