DEVELOPMENT PAGES ARE UNDER CONSTRUCTION
Benefits
To you and your family
Increased income to you and to your family
Avoidance of capital gains taxes
Income tax savings
Reduced Higher Federal estate taxes
Ability to defer income until you need it
To Berwick Academy
A more secure future
Ability to offer more financial aid
Ability to attract and retain our high quality faculty
Ability to maintain our already low faculty – student ratio
Planned Gifts
Bequests or gifts by Will – To include Berwick Academy in your Will the following language is appropriate:
I give, devise , and bequeath to The Trustees of Berwick Academy located at 31 Academy Street, South Berwick , ME 03908, The sum of $_________ ( or you may describe the gift or the percent of your remaining assets at death.) to be used by said organization to meet the most immediate needs of the Academy, as determined by the Board of Trustees.
Charitable Remainder Trust – an irrevocable gift to establish a Trust that in turn provides the donor income for life or a period of years. Upon the death of the donor and or the secondary beneficiary the assets in the Trust become a gift to Berwick.
Charitable Lead Trust - an irrevocable gift to establish a Trust that in turn provides income to Berwick fro a defined period and then the Trust allows the assets to be transferred to family beneficiaries at a low transfer cost.
Retained Life Estate- allows you the donor to use the property during your life and then upon the donor’s death the property is transferred to Berwick and you the donor receive a charitable deduction during your lifetime.
Gifts in Unexpected Places
Retirement Plans – consider naming Berwick Academy as a beneficiary of your plan.
Life Insurance - consider naming Berwick Academy as a beneficiary of your plan.
House Passes Legislation with IRA Charitable Rollover Extension
On November 9, the House passed H.R. 3996, which includes a one-year extension of the IRA Charitable Rollover. The legislation now moves to the Senate.
H.R. 3996, the Temporary Tax Relief Act of 2007, provides relief to certain taxpayers from the Alternative Minimum Tax and extends select tax credits and deductions that expire at the end of the year, including the IRA Charitable Rollover. Enacted in August 2006 as part of the Pension Protection Act, the IRA Charitable Rollover permits IRA owners beginning at age 70½ to make outright charitable gifts totaling up to $100,000 per year from their IRAs directly to eligible charities. The donor does not have to report the distribution as taxable income and is not entitled to claim a charitable income tax deduction for the gift.
In the coming weeks, the Senate will also consider tax extensions, and the National Committee on Planned Giving (NCPG) expects lawmakers to support either a one-year or two-year extension of the IRA Charitable Rollover.
NCPG's priority remains passage of an expanded IRA Charitable Rollover as provided for in the Public Good IRA Rollover Act (H.R. 1419, S. 819). NCPG continues to work with top tax-writers in the House and Senate and the co-sponsors of the Public Good IRA Rollover Act to secure an extension and achieve some expansion of the Rollover before the end of the year.
More about options and benefits:
Bequests
Real Estate
Personal Property
Gift Annuities
Charitable Remainder Trusts
Charitable Lead Trusts
Life Insurance
Retirement plans
