When people think about financially supporting Wayland Academy, they usually plan to make an outright gift: they write a check; make a gift online; or donate appreciated securities. These are wonderful ways to help benefit the Academy. Planned giving through a bequest made to Wayland in their will, adding Wayland as a beneficiary, or life insurance gifts, however, offers you other possibilities.
A planned gift shows your support for Wayland Academy and makes it unnecessary for the assets to clear probate. Unless you specify that your gift should be used for unrestricted immediate Academy needs, all planned gifts become a part of Wayland's endowment. A planned gift to Wayland helps ensure a strong future for the Academy, and you will have the satisfaction of knowing that your gift will support quality education at Wayland for many generations to come.
We hope the information below is helpful, but if you would like assistance or have any questions, please contact Tyler J. Ratajczak, Leadership Gift Officer at firstname.lastname@example.org or (920) 356-2120 x.282. We also urge donors to discuss any planned giving with their personal tax and financial advisors.
Join the Heritage Society
Alumni and friends of Wayland Academy become members of the Heritage Society by including Wayland in their estate plans or by making the Academy a beneficiary in their wills, retirement plans, life insurance policies, etc. You can join the Heritage Society today by letting Wayland Academy know of your intention to leave a legacy to the school by calling (920) 356-2120 x.282 or mailing us this short non-binding letter of intent:
What are my Planned Giving Options?
There are many different planned giving vehicles to consider. The most widely used planned giving vehicles are:
A bequest pledges all or part of your personal estate to Wayland...
Many alumni and friends of Wayland Academy, as a vote of confidence in the Academy's mission and belief in the importance of Wayland's continued educational excellence, have pledged all or part of their personal estate to Wayland. These dedicated individuals, thanks to their financial support and bequests to increase the Academy's endowment, are helping to provide in perpetuity for future generations of Academy students.
To help you include Wayland in a bequest, we have provided sample language below to place in your will, codicil, or trust. Your personal attorney can adjust these statements to fit your unique estate situation:
"I give and bequeath ____ % (or a specific dollar amount or describe specific personal property being given) to Wayland Academy, Beaver Dam, Wisconsin. I request that the total bequest be used in such a manner as the Academy's Board of Trustees shall, in its sole discretion, determine."
"I bequeath ____ % (or a specific dollar amount or describe specific personal property being given) to Wayland Academy, Beaver Dam, Wisconsin, for the purpose of establishing (state the restricted purpose of how the bequest should be used & i.e. scholarship endowment, building endowment, faculty chair endowment, etc.)."
"I devise and bequeath the entire residue of the property owned by me at my death, real and personal, whatever situate, to Wayland Academy, Beaver Dam, Wisconsin, for its general purposes."
Wayland Academy thanks you for your consideration of including the Academy in your estate plans. We hope these samples are helpful to you and your advisors. If you are considering a restricted bequest, Wayland strongly encourages you to discuss the details of your intentions with a senior member of the Academy's administration to assure the maximum effectiveness of your bequest. In conclusion, make sure you discuss any questions or concerns you may have with your attorney, accountant, or financial planner.
Consider naming Wayland as a beneficiary...
A gift annuity is a contract between you and Wayland...
This is how it works. You transfer assets (usually cash or securities) to Wayland and in return the Academy sends you fixed, guaranteed payments for your lifetime or the lifetimes of other beneficiaries whom you name. Payments may begin immediately or you may defer payments a number of years.
The main benefits of a gift annuity are:
- You and/or loved ones are provided with income for life, or a chosen period of time.
- It may provide a significantly higher income than your assets currently provide.
- Wayland guarantees payments.
- You receive an immediate income tax deduction, based on the age of the beneficiary(s).
- A portion of each regular payment will be tax-free, based on the age of the beneficiary(s).
- You may reduce capital gains taxes, if you fund the annuity with appreciated assets.
- You may reduce estate taxes, by reducing the size of your taxable estate.
- A gift annuity is easy to set up and maintain.
A remainder trust is an arrangement in which a donor transfers assets to a trust...
The main difference between the two is that the income payment from a unitrust will vary based upon the results of the investment strategy of the trustee who manages the trust's assets. A trust can be established to run for the life of the beneficiary(s), or for a specified number of years. When the trust expires, the remaining assets become part of the endowment of Wayland.
The main benefits of a charitable remainder trust are:
- You and/or loved ones are provided with income for life.
- It may provide a significantly higher income than your assets currently provide.
- Payments are guaranteed by the Academy in an annuity trust.
- Your gift and your income payments has the possibility of growth in a unitrust.
- You receive an immediate income tax deduction for the present value of the gift.
- You bypass all capital gains taxes, if you fund the trust with appreciated assets.
- You may reduce estate taxes by reducing the size of your taxable estate.
- Income received from the trust may be taxed favor ably at lower capital gains rate.
- You may make additional contributions to a unitrust at any time.
This is not intended to be legal or tax advice. We encourage you to consult your own legal or tax advisor.
You can avoid significant taxes and make a gift to Wayland's endowment...
It only takes three, simple steps to make this type of gift. Here’s how to name Wayland Academy as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1-100) you would like Wayland to receive and name Wayland Academy, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
A life estate agreement allows you to transfer title of a residence or farm that you own...
... (you do not need to live in it) to Wayland Academy, while you retain the right to use the residence for your lifetime, or the lifetime of someone you name. You keep any income that the property generates, and you are responsible for its upkeep. Upon death, Wayland receives the property.
The main benefits of the life estate agreement are:
- You receive an immediate income tax deduction at the time the agreement is established.
- You may bypass capital gains taxes, if the residence has appreciated in value.
- You receive an estate tax deduction.
- You retain a life interest in the property.
- By increasing Wayland's endowment, you provide lasting support for its mission.
A lead trust is an arrangement in which a donor transfers assets to a trust...
...the trust then pays an income to a charity or non-profit organization named by the donor. There are two primary types of lead trusts. The first provides a fixed income payment to the named organization and this is a charitable lead annuity trust. A trust that provides a variable income stream to the named organization is called a charitable lead unitrust.
The main difference between the two is that the income payment from a unitrust will vary based upon the results of the investment strategy of the trustee who manages the trust's assets. A trust can be established to run for the life of the donor, or for a specified number of years. When the trust expires, the remaining assets are either retained by the donor or given to a non-charitable beneficiary, usually a family member. The main benefits of a charitable lead trust are:
- Enables you to experience the impact of your giving during your lifetime
- Helps to substantially reduce the value of a taxable gift in that the gift is made for a future interest (known as an estate freezing technique)
- Provides a gift and estate tax sanctuary for assets expected to appreciate in value
- Allows you to donate to a non-profit and keep trust assets within the family
- Allows you to postpone the non-charitable beneficiary's receipt of the trust assets
- Allows you to control the payment method, term of the trust and beneficiaries
- Helps to minimize your taxable estate, thus potentially reducing federal estate tax liabilities