Gifts from Your Will

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  • Can I write my own will?

    Certain states allow individuals to create their own will. Many Probate Courts will accept such documents as long as they are properly generated in terms of appropriate signatures and witnesses. However, you may want to consult a qualified attorney. Wills tend to be the least expensive legal documents, but a poorly created will can cost your heirs a great deal of money and lost time.
  • What if I pass away without having a will?

    If a valid will does not exist upon your death, an administrator will be appointed by the Probate Court to coordinate the distribution of your estate in accordance with state law. Close to half of all adults in this country pass away intestate or without a will!
  • What is a codicil?

    A codicil is an amendment to a will that avoids the need to redraft an entire will. A codicil must be witnessed and signed or notarized similar to the original will.
  • When should my will be changed or updated?

    One thing is certain...we go through life there will be change.

    If you have taken steps to write a will, you can be certain that your circumstance and the makeup of your estate will change from time to time. It is important to amend or even rewrite your will as changes in life occur. Here are some common events that should nudge you to change your will: marriage, divorce, a new baby, stepchildren, named heirs pass away, or if you wish to add or change a charitable beneficiary.

IRA and Other Retirement Plan Gifts

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  • How can I give a gift from my retirement plan?

    You must simply contact your retirement plan or IRA administrator to request a copy of the “Change of Beneficiary Form.” You can then fill in the form as you see fit and designate Saint Andrew’s as a beneficiary.
  • What are some of the tax implications of making a gift from my retirement plan?

    For gifts at death, any portion of your retirement plan assets that are given to a qualified charity will also qualify for income tax, inheritance tax, and federal and state estate tax deductions as applicable to the size of your estate and your state of domicile. Assets that are passed on to your heirs may be subject to all of the taxes mentioned previously.

Gifts of Stock and Appreciated Assets

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  • Can a gift be made of closely held stock?

    Yes, and you could receive considerable tax benefits. Please contact our office so we can assist you in making your gift.
  • How can I donate gifts of stock to Saint Andrew’s School?

    It is important that you contact us so that we can assist you with transfer instructions. If you own securities in a brokerage account, we can help you set up an electronic transfer. The information to provide your broker is:
    Account with Merrill Lynch
    Account number 731-04022
    DTC 8862
    ID (EIN) 59-0942383
  • What advantages are there for giving gifts of stock?

    You will receive a charitable income tax deduction equal to the fair market value of the shares of stock if you are donating appreciated securities that you have possessed for one year or more. Gifts of stock are deductible up to 30% of your adjusted gross income the year you make a gift of appreciated securities. Any excess amount can be put towards the next tax year for up to five more tax years. Please do not sell your shares prior to making the gift to Saint Andrew’s School.
  • When will you sell the shares of stock I donate?

    It is Saint Andrew’s School policy to liquidate donated stock upon receipt.

Gifts of Life Insurance

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  • Are there tax implications for making gifts of life insurance?

    You can receive an immediate income tax deduction for the current value of the policy if you donate your policy to Saint Andrew’s School during your lifetime. To receive a deduction when Saint Andrew’s is the policy owner, you must make donations to Saint Andrew’s school to pay off the insurance premiums.
  • How would I make a gift from my life insurance?

    Please contact your life insurance company and request a “Change of Beneficiary/Ownership Form” and then designate Saint Andrew’s School as the new owner and beneficiary of your policy.

Gifts of Real Estate

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  • Are there any tax benefits for donating real estate?

    The donor will receive an income tax deduction that is equal to the appraised fair market value of the property. An independent appraisal of the property must be conducted to assess fair market value, and the donor must organize and pay for the appraisal of the property. You may also reduce your estate costs and taxes by donating real estate.
  • Could my gift of real estate provide an income stream for life?

    In many cases the answer is yes. You can transfer real estate to a charitable remainder unitrust, which would provide a tax reduction and set up an income stream for beneficiaries.
  • What kind of real estate would be most beneficial to Saint Andrew’s School?

    Questions we will ask you to determine if the property will make a good gift:
    • Are there any liens on the property?
    • Do you think the property can be sold easily?
    • Are there any environment issues that are concerning?
    • Will the school be able to net a return on the property?
    • What exactly are the costs related to acquiring and holding the property?

Gifts of Personal Property

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  • Are there tax benefits for donating personal property?

    Your gift of personal property must be related to the core mission of Saint Andrew’s School. If this is the case, you may take an income tax deduction based on the fair market value of the property being donated. The IRS requires that any gifts valued at $5,000+ must be appraised by an independent qualified appraiser. You may learn more about how the IRS views gifts of personal property by looking at IRS Publications 526 and 561.
  • Can my gift of personal property be used to provide a life income stream?

    In some cases the answer is yes. A charitable remainder unitrust can be set up to receive gifts of personal property. This would provide a donor with a tax deduction and would set up an income stream for beneficiaries. You should only consider this option if you have personal property with value of $50,000 or more.

Charitable Gift Annuity

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Deferred Gift Annuity

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  • Can I choose the start date of my annuity payments?

    Yes, you can. You may select whatever date works best for you. You will receive larger payments the longer you wait to receive them.
  • How can a deferred gift annuity improve my savings for retirement?

    This type of annuity sets up lifetime annuity payments to occur at a later date. This deferral allows for higher than normal annuity payouts. The donor usually receives a larger charitable deduction. Individuals often create annuities with funds already set aside for retirement. Some individuals have found it advantageous to create multiple deferred gift annuities over many years to begin payments when the donor retires.
  • Should I fund my deferred gift annuity with cash or stock?

    Choosing to fund a deferred gift annuity with either cash or stock has unique advantages. Funding with stock would reduce the donor’s capital gains tax and generate income that would likely be at a lower tax rate. While funding with cash would produce a more significant tax-free portion of the annuity. But, both cash and stock would create an equal annuity rate and charitable income tax deduction.

Charitable Remainder Annuity Trust

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Charitable Remainder Unitrusts

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Retained Life Estate

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Charitable Lead Trusts

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  • Can I choose my grandchildren as beneficiaries of this type of trust?

    Yes, grandchildren can be chosen as beneficiaries, however, there are some complications. Please contact our office to learn more.
  • How long will this type of trust exist?

    Most charitable lead trust are created for a period 20 years or less.
  • Is there an income tax deduction available when I create a charitable lead trust?

    Depending on how your trust is set up will determine if you are eligible to receive an income tax deduction. You normally would receive an income tax deduction in the year you set up the trust. But this would cause all the income from the trust to be taxed during the following years. Many donors design their Charitable Lead Trusts in a way that would not generate a current income tax deduction so that they would not have to worry about tax issues. The Charitable Lead Trust is a great vehicle to support Saint Andrew’s School while providing trust appreciation to your heirs free from estate and gift tax.   

About Us

A non-profit, independent, co-educational school for grades Pre-K - 12, Saint Andrew's School is a private day and boarding school located in Boca Raton, educating the best students from across Palm Beach County, Florida, the United States, and throughout the world in the Episcopal tradition.
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