A planned gift is any gift that is carefully designed to maximize a donor’s financial and estate plans while, at the same time, supporting the long-term financial stability of an institution through endowment. Planned gifts can take a variety of forms.
Gifts from Wills
The simplest planned gift is a bequest, which is the inclusion of The Pilot School in your will. The following are examples of how you may choose to include The Pilot School in your will and specific language you may choose to achieve your giving goal.
Naming The Pilot School as a beneficiary of a specific amount from your estate with the following statement.
“I give and devise to The Pilot School, Inc. the sum of $_________ to be used for its general support (or for the support of a specific fund or program).”
A residual bequest comes to us after your estate expenses and specific bequests are paid:
“I give and devise to The Pilot School, Inc. all (or name a percentage) of the rest, residue, remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program.)”
The Pilot School can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:
If (insert a name) is not living at the time of my demise, I give and devise to The Pilot School, Inc. the sum of $______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).
- Retirement Plan Beneficiary
You may name The Pilot School as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts. By naming The Pilot School as a beneficiary of a retirement plan (401(k), 403(b), IRA, Keogh or profit-sharing pension plan), the donor maintains complete control over the asset while living, but at the donor’s death the plan passes to support The Pilot School free of both estate and income taxes.
Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify The Pilot School.
Gifts from Retirement Plans
Making a gift to Pilot from your retirement plans offers you flexibility to change beneficiaries if your family needs change, helps your heirs avoid potential double taxation on your retirement account, and lets you continue to take regular lifetime withdrawals.
Through this mode of giving, you name The Pilot School as a beneficiary of your IRA, 401(k), or other qualified retirement plan and the balance comes to our school as a gift. Please let The Pilot School know you have made this arrangement. Your plan administrator is not obligated to notify us we may not know if you do not tell us.
Gifts from Life Insurance
Making a gift to Pilot from a life insurance policy which you and your family no longer need, enables you to support our school while you receive an income tax deduction equal to the cash surrender value of the policy. You simply transfer the ownership of a paid up life insurance policy to The Pilot School.
Other Planned Gifts
There are many additional forms of planned gifts, such as life-Income gifts, charitable gift annuities, deferred gift annuities, charitable remainder annuity trusts, charitable lead trusts, and more. Please contact our Development Office if you would like to discuss alternate giving options.