Legacy and planned giving refers to giving through a bequest, will, estate plan, or life income gifts, such as an annuity. These gifts are planned during a donor’s lifetime and then the full gift is realized upon the donor’s passing. Due to the unique nature of each donor’s individual needs, we strongly recommend that our supporters seek the advice of a professional financial advisor. To assist donors in the planned giving process, The Sharon Academy has a partnership with the Vermont Community Foundation in advising and managing planned gifts. For more information, please check out the Vermont Community Foundation at www.vermontcf.org, or contact Tom Roberts, Vermont Community Foundation’s Senior Philanthropic Advisor for the Upper Valley at TRoberts@vermontcf.org
If you are not able to make a substantial gift to The Sharon Academy at this time, but eventually you want to leave some or all of your estate to serve the charitable needs of TSA, you might consider making a bequest to The Sharon Academy by including us in your will or trust for a specific amount or percentage of the residue. In order to make a bequest to The Sharon Academy, please see below for sample language to include in your will or trust.
As an alternative to amending your current will, consider naming The Sharon Academy a beneficiary of your retirement plan. Simply contact your plan administrator for a change of beneficiary form, and designate The Sharon Academy for a percentage of the assets which remain in the plan at your death.
Sample Bequest Language
I bequeath __________________________________ (describe dollar amount, property to be given, or proportion of your residuary estate) to The Sharon Academy, a not-for-profit secondary school located in Sharon, Vermont, 05065, for its general charitable purposes.
I bequeath __________________________________ (describe dollar amount, property to be given, or proportion of your residuary estate) to The Sharon Academy, a not-for-profit secondary school located in Sharon, Vermont, 05065, to be added to the _______________________ Fund, a component fund of The Sharon Academy, and I direct that this bequest become part of this Fund.
(Please note: When creating a restricted bequest, please consult first with The Sharon Academy about specific wording for your provision.)
If you so choose to make a bequest to The Sharon Academy, please notify Jenn Hayslett, our Director of Development, at 802-763-2500 or firstname.lastname@example.org so that we may acknowledge your generosity and contribution.
Charitable Gift Annuity
A charitable gift annuity enables you to transfer cash or marketable securities to The Sharon Academy in exchange for a current income tax deduction and TSA’s promise to make fixed annual payments to you for life. Annuity payments can begin immediately or can be deferred to some future date. All charitable gift annuities to The Sharon Academy should be made through the Vermont Community Foundation (VCF) who can provide more information about the program, calculate and report your charitable deduction for tax purposes, and will supply application forms and a gift annuity contract. The VCF will invest your gift, pay the annuity to you, and set aside the remainder in a VCF Donor Designation fund for The Sharon Academy. The VCF will also prepare and file all required tax forms annually.
Charitable Remainder Trusts
A charitable remainder trust is a trust that provides for a specified distribution, at least annually, to at least one non-charitable income recipient for a period specified in the trust instrument, with the remainder interest paid to at least one charitable beneficiary. By setting up a charitable remainder trust with The Sharon Academy, you can ensure that any heirs will receive a specified amount of your estate, with the remainder benefitting TSA. Again, the Vermont Community Foundation can serve as your trustee in setting up a Charitable Remainder Trust. The VCF provides consultation, legal documents, invests your funds using a variety of Vanguard Index funds, files necessary annual trust tax returns, and provides quarterly and annual reports of trust activity. At the end of the trust term, the remaining assets are set aside in a VCF Donor Designated fund for The Sharon Academy.
Charitable Lead Trusts
A Charitable Lead Trust (CLT) is a good option if you’d like to establish a charitable fund but also want to transfer assets to heirs. In the most common form of a Charitable Lead Trust, a donor creates a qualified trust document, names a trustee, and transfers assets to this trustee for a specified period of years or the life of an individual. During the term of the trust, the trustee makes annual payments to qualified charitable organizations equal to the annual payout specified in the trust document. At the end of the trust term, the remaining assets, including all unrealized appreciation, pass to the donor’s heirs free of any further transfer taxes. By carefully selecting the payout rate and the length of the trust’s term, the donor can greatly diminish or completely avoid the payment of any transfer taxes. The donor does not receive a charitable deduction for trust payments that are made to charity, but neither is the donor taxed on income earned by the trust. Charitable lead trusts offer philanthropic individuals a splendid method of combining their annual philanthropy with a tax-efficient means of transferring wealth to the next generation. Again, the Vermont Community Foundation can assist donors in establishing and managing certain charitable lead trusts.