I remembered Lynnhaven in my will, because I want the school to be available for my daughter's daughter. - Johnathan & Dr. Courtney Harris, School Founder & Parents to a future student.
There are creative ways to support Lynnhaven School and leave a legacy that will ensure the longevity of our wonderful School. Such giving techniques are called "planned gifts", because with thoughtful planning, you create win-win solutions for you and Lynnhaven School by ensuring that the School and its mission will endure for generations to come. These charitable gifts can be an important part of your estate planning.
Bequests, gift annuities, and charitable trusts are vehicles through which you can provide valuable financial support to Lynnhaven School. They also can provide significant financial benefit for you and your loved ones. We encourage you to seek advice from your tax professional about including Lynnhaven in your estate planning.
Types of planned gifts:
Bequests
You may make a gift to Lynnhaven by designating Lynnhaven School as a beneficiary in your will. Bequests permit donors to commit assets after their lifetimes while retaining the property during their lives. Bequests can allow for significantly larger gifts and can reduce estate taxes. A bequest can be made for a specified amount or as a percentage of the estate. Bequests can be unrestricted or used to establish operating or endowed funds to accomplish specific goals. Bequests of any size will help to secure the strength of the school for future generations.
Charitable Lead Trusts
With a charitable lead trust, you essentially "lend" the school your assets for a set period of time. At the end of that period, the property is returned or passed on to named individuals.
Charitable Remainder Trust
A charitable remainder trust may be designed to provide you with income throughout your lifetime as well as to support Lynnhaven upon your death. The trust may be established with a gift of cash or appreciated stock.
Gifts of Real Estate
Your residence, condominium, vacation home, timeshare, or acreage may have appreciated in value through the years so that its sale would mean a sizable capital gains tax. By making a gift of property to Lynnhaven, you would avoid the capital gains tax and receive a charitable tax deduction for the full market value of the property.
Charitable IRA Rollover
Are you over the age of or approaching 70 1/2? Did you know that the PATH Act of 2015 made permanent the Qualified Charitable Distribution (QCD), which allows you at age 70 1/2 to give up to $100,000 from your traditional IRA to a 501(C)(3) public charity and not have it show as income. Lynnhaven has a few options that could result in substantial tax savings for you. A married couple with two separate IRA’s may take up to $200,000 tax free annually. Even with the passage of the SECURE Act of 2019, which pushed the age for the Required Minimum Distribution (RMD) from retirement accounts to 72, you still are eligible to do a QCD at age 70 1/2.
Gift Annuities
A charitable gift annuity is a contract between a donor and Lynnhaven. As a donor, you make a sizable gift to Lynnhaven using cash, securities or possibly other assets. In return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from Lynnhaven for the rest of your life. This is a great way to leave a legacy at Lynnhaven for your child, grandchild, or in the name of someone you love.
Life Insurance Designations
Designating Lynnhaven School as a beneficiary of a life insurance policy will benefit the School at your death, as long as the policy is kept in force. Giving a policy with cash value provides an immediate gift to the school.
Beneficiaries designations on financial accounts
A “beneficiary designation” is the simplest way to name who should receive your financial account when you pass away. As the name implies, it allows a person to designate beneficiaries for their financial accounts (retirement account, life insurance policy, checking/savings account, etc.). For example, in a beneficiary designation, you can instruct your bank to pay account funds over to Lynnhaven School when you pass away.
One of the simplest ways to make a planned gift is to name Lynnhaven School as a beneficiary in your will or revocable trust. Bequests allow you to realize your vision for the future in a tangible way without a financial burden during your lifetime and may reduce estate taxes for heirs.
If you wish to designate the school as the beneficiary of your life insurance policy, individual retirement account, qualified retirement plan benefit, brokerage account, bank account, certificate of deposit, annuity, or other asset, you may identify the school on the beneficiary form by using the following name and address: “Lynnhaven School, INC - 8151 Warriner Rd. Henrico, VA 23221."
For more information on making a planned gift please contact the Business Office via email or by phone at (804) 750-2300.
Bequests, gift annuities, and charitable trusts are vehicles through which you can provide valuable financial support to Lynnhaven School. They also can provide significant financial benefit for you and your loved ones. We encourage you to seek advice from your tax professional about including Lynnhaven in your estate planning.
Types of planned gifts:
- Bequests
- Charitable Lead Trusts
- Charitable Remainder Trusts
- Gifts of Real Estate
- Charitable IRA Rollover
- Gift Annuities
- Life insurance designations
- Beneficiaries designations on financial accounts
Bequests
You may make a gift to Lynnhaven by designating Lynnhaven School as a beneficiary in your will. Bequests permit donors to commit assets after their lifetimes while retaining the property during their lives. Bequests can allow for significantly larger gifts and can reduce estate taxes. A bequest can be made for a specified amount or as a percentage of the estate. Bequests can be unrestricted or used to establish operating or endowed funds to accomplish specific goals. Bequests of any size will help to secure the strength of the school for future generations.
Charitable Lead Trusts
With a charitable lead trust, you essentially "lend" the school your assets for a set period of time. At the end of that period, the property is returned or passed on to named individuals.
Charitable Remainder Trust
A charitable remainder trust may be designed to provide you with income throughout your lifetime as well as to support Lynnhaven upon your death. The trust may be established with a gift of cash or appreciated stock.
Gifts of Real Estate
Your residence, condominium, vacation home, timeshare, or acreage may have appreciated in value through the years so that its sale would mean a sizable capital gains tax. By making a gift of property to Lynnhaven, you would avoid the capital gains tax and receive a charitable tax deduction for the full market value of the property.
Charitable IRA Rollover
Are you over the age of or approaching 70 1/2? Did you know that the PATH Act of 2015 made permanent the Qualified Charitable Distribution (QCD), which allows you at age 70 1/2 to give up to $100,000 from your traditional IRA to a 501(C)(3) public charity and not have it show as income. Lynnhaven has a few options that could result in substantial tax savings for you. A married couple with two separate IRA’s may take up to $200,000 tax free annually. Even with the passage of the SECURE Act of 2019, which pushed the age for the Required Minimum Distribution (RMD) from retirement accounts to 72, you still are eligible to do a QCD at age 70 1/2.
Gift Annuities
A charitable gift annuity is a contract between a donor and Lynnhaven. As a donor, you make a sizable gift to Lynnhaven using cash, securities or possibly other assets. In return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from Lynnhaven for the rest of your life. This is a great way to leave a legacy at Lynnhaven for your child, grandchild, or in the name of someone you love.
Life Insurance Designations
Designating Lynnhaven School as a beneficiary of a life insurance policy will benefit the School at your death, as long as the policy is kept in force. Giving a policy with cash value provides an immediate gift to the school.
Beneficiaries designations on financial accounts
A “beneficiary designation” is the simplest way to name who should receive your financial account when you pass away. As the name implies, it allows a person to designate beneficiaries for their financial accounts (retirement account, life insurance policy, checking/savings account, etc.). For example, in a beneficiary designation, you can instruct your bank to pay account funds over to Lynnhaven School when you pass away.
One of the simplest ways to make a planned gift is to name Lynnhaven School as a beneficiary in your will or revocable trust. Bequests allow you to realize your vision for the future in a tangible way without a financial burden during your lifetime and may reduce estate taxes for heirs.
If you wish to designate the school as the beneficiary of your life insurance policy, individual retirement account, qualified retirement plan benefit, brokerage account, bank account, certificate of deposit, annuity, or other asset, you may identify the school on the beneficiary form by using the following name and address: “Lynnhaven School, INC - 8151 Warriner Rd. Henrico, VA 23221."
For more information on making a planned gift please contact the Business Office via email or by phone at (804) 750-2300.