PLANNED GIVING
One of the most transformational ways to support the students and teachers at Charleston Collegiate School is through making a planned gift. As a planned gift donor, you can experience tax savings, increased income, and providing for your heirs, all while benefiting CCS.
WHAT IS PLANNED GIVING?
Planned giving includes a variety of philanthropic strategies that will allow you to donate assets to support the school, yet defer the time that the gifts are received. In many cases, a planned gift enables you to make a significantly greater contribution than would be possible through an outright gift.
The best gift plans require careful thought and analysis of income, estate and tax consequences, and we strongly recommend you consult with your attorney or tax advisor to determine the best way to include CCS in your will or estate planning.
The best gift plans require careful thought and analysis of income, estate and tax consequences, and we strongly recommend you consult with your attorney or tax advisor to determine the best way to include CCS in your will or estate planning.
Below are planned giving options. To discuss a planned gift in more detail, please contact Bonnie Scapellato, Director of Development, at 843-559-5506 x 227 or bonnie@charlestoncollegiate.org.
BEQUEST IN A WILL
A bequest allows donors to plan for and make a substantial gift to Charleston Collegiate School, often many times their capacity during their lifetime. When including CCS in your will, please be sure to provide appropriately for spouse and children first.
To make a bequest for CCS, you may include the following language in your will:
- Percentage of estate for unrestricted purposes:
“I give to Charleston Collegiate School, a not-for-profit organization located in Charleston, S.C., ________ percent (%) of the remainder of my estate for its general charitable purposes.”
- Specific amount for unrestricted purposes:
“I give to Charleston Collegiate School, a not-for-profit organization located in Charleston, S.C., the sum of $________ in cash or ___ shares of ________ stock to be used for its general charitable purposes."
- Restricted purpose:
Please contact Bonnie Scapellato, Director of Development, to discuss suggested bequest language for a restricted purpose to ensure that your intentions are followed properly.
LIFE INSURANCE
Donor owns a large policy or several policies, not all of which is needed to fund estate requirements. Make a gift of the policy and allow Charleston Collegaite School to choose cash value or death benefit, or designate CCS as the beneficiary.
CHARITABLE LEAD TRUST
Donor owns substantial assets, and would like to pass them to the next generation at low tax cost. A charitable lead trust pays income to CCS for a period of years, then the remainder to family members. By paying to a charity, a much lower imputed value is passed to the family members, avoiding tax on the marginal difference in value. Not for the faint of heart, since the assets pass from control of both the donor and the other family members for the period of payment to the charities.
CHARITABLE REMAINDER TRUST (CRT) or CHARITABLE GIFT ANNUITY (CGA)
Donor owns appreciated assets. The assets are low growth, low dividend, or both. Donor does not wish to pay capital gains tax, but would like to create more current income from assets. A gift to a CRT or CGA avoids capital gains taxes and estate taxes, provides income to designated beneficiaries, and the remainder to Charleston Collegiate School.
REAL ESTATE
Real estate can be a difficult item to resolve within an estate, or by family members after it leaves the estate. A gift to CCS avoids estate, gift and capital gains taxes, and provides an income tax deduction. If some cash is needed, then a bargain sale can be used to provide cash in part, and a gift in part.
PERSONAL PROPERTY
Many donors accrue substantial assets in collections of artwork, antiques, or other personal property. Gifts of personal property can provide tax deductions while not substantially reducing the value of an estate.
IRA or OTHER QUALIFIED PLAN
A great item to own during one's life, but not ideal to try and pass to family members. The IRA Charitable Rollover provision allows living individuals who have reached age 70½ to donate up to $100,000 to CCS directly from their Individual Retirement Account (IRA), without treating the distribution as taxable income. However, an entire IRA can be transferred to CCS after a donor’s passing thereby avoiding significant tax loss for the family.
