You can be a part of Louisville Collegiate School’s legacy! Named for the school’s founders, Virginia Perrin Speed (1879-1968) and her husband, William Shallcross Speed (1873-1955), the Speed Society consists of individuals and families who make a legacy gift to Collegiate’s planned giving program.
Planned gifts can provide you with a variety of benefits which may include life income, continued use of gift property, an avoidance of capital gains tax and an immediate tax deduction.
Contrary to popular misconception, nearly everyone can make a planned gift to Louisville Collegiate School at some level and a multitude of simple options exist.
Making a bequest to Louisville Collegiate School can be easily accomplished by including a few sentences in your will or Revocable Living Trust. Bequests are flexible and can be adjusted-perhaps for this reason, 75% of planned gifts come in this form! You may elect to benefit Collegiate as the recipient of a set amount of cash, stocks and securities, or a percentage of your overall estate. Your legal and financial advisors will know how best to structure a will to meet your financial needs, but sample testamentary language looks like this:
I, (name), do hereby devise and bequeath to Louisville Collegiate School, a Kentucky not-for-profit organization, located in Louisville, Kentucky, the sum of $100,000 to be used (a) for the benefits of Collegiate as the Board of Trustees may determine; or (b) for a specific purpose, the criteria for which is on file at Louisville Collegiate School.
I, (name), do hereby devise and bequeath to Louisville Collegiate School, a Kentucky not-for-profit organization, located in Louisville, Kentucky, 50% of my estate to be used (a) for the benefits of Collegiate as the Board of Trustees may determine; or (b) for a specific purpose, the criteria for which is on file at Louisville Collegiate School.
(a) All the rest or (b) X% of the rest residue and remainder of my estate, both real and personal property, I give, devise and bequeath to Louisville Collegiate School, a Kentucky not-for-profit organization, located in Louisville, Kentucky, to be used (a) for the benefit of Collegiate as the Board of Trustees may determine; or (b) for a specific purpose, the criteria for which is on file at Louisville Collegiate School.
By notifying the Advancement Office of your provision, we will name you or your family as a member of our Speed Society.
Whole-life insurance policies represent a valuable opportunity to make a major gift that benefits both you and the school in many ways. It is incredibly simple to name the School as a beneficiary on your policy. Moreover, if you transfer ownership of a fully-paid policy to Louisville Collegiate School, you can receive an immediate income tax deduction for approximately the cash value of the policy and get to see the gift at work in your lifetime.
Naming Collegiate as the beneficiary of your retirement plan (IRA, 401K, or 403B) is an easy and tax efficient way to leave a legacy gift. Given current tax laws, if you are not planning to leave your retirement plan to a spouse, other heirs may be taxed on the income, thereby reducing the overall impact of your retirement plan. But charities such as Louisville Collegiate School are able to receive the full amount of remaining retirement assets. You have done a lifetime’s hard work. To ensure that 100% of your assets have an impact, contact your retirement plan administrator to make Collegiate the beneficiary.
Other Planned Gifts
With guidance from your advisors, you may want to explore other deferred giving options for appreciated assets (stocks, real estate) such as charitable trusts. A properly chosen planned gift vehicle may offer significant tax benefits and retirement income, while imparting a much larger gift than you imagined possible to the school that has factored so greatly into your life.
This information is not intended as legal or tax advice. Please consult your attorney and financial advisors regarding tax implications for any planned gift.
For more information, please contact Mandy Helton, Major Gifts Officer at firstname.lastname@example.org.