There are many ways to make a meaningful planned or charitable estate gift to the school. One or more of these plans may enable you to enhance your future financial well being while making a generous gift to Columbus Academy as well.
If you have already included Academy in your will or other long-range plan, please let us know! It would be our pleasure to induct you into the Van Syckel Society, CA's legacy donor group.
For additional information and assistance, please contact: Erich Hunker '81, P '16 '20 Assistant Head of School, Development and External Relations 614-475-2311
Many individuals would like to make a contribution to the school above and beyond what they are able to give on an annual basis. One practical way to accomplish this is to make a gift through a will or bequest.
You may indicate that the school is to receive a certain sum of money, a particular piece of property or a percentage of your estate. You may also indicate that the school will benefit only if named beneficiaries do not survive you. A bequest to Columbus Academy is also deductible for federal estate tax and state inheritance tax purposes.
It is not necessary to rewrite your will in order to make a bequest to the school. A simple addition or codicil will suffice. Your legal advisors will know how to proceed, and you only need to provide them with the following information:
Columbus Academy, a not-for-profit organization incorporated in the State of Ohio, located at 4300 Cherry Bottom Road, Gahanna, OH 43230.
A charitable gift annuity is created by making an irrevocable gift of cash or securities to the school which, in turn, agrees to pay yearly income to you (or to you and then to another income beneficiary like a spouse) for life. The school receives the principal upon the death of the donor, or that of a second income beneficiary if it is a two-life contract.
The amount of the income payment does not fluctuate and is determined by gift annuity tables which take into consideration your age and the age of the second income beneficiary, if there is to be one. Payments can be made quarterly, semi-annually or annually.
You are entitled to an income tax deduction in the year you create the gift. Little, if any, capital gains tax need be paid if appreciated securities create the gift. Finally, a portion of each annuity payment is considered tax-free. The amount of the payment and tax-free portion are determined when the annuity is created and remain constant for life.
A deferred gift annuity offers the same income payments as the above-described gift annuity but with one important difference. The donor can postpone the income payments from the gift created until a future date (such as retirement), for when those payments may be required to maintain a certain level of income. Because the payments are deferred, they will be greater than those of the standard gift annuity.
You may create a charitable remainder trust by transferring cash, securities or other property to a trustee (usually a bank) which will pay yearly income to you for life -- or to you and then another income beneficiary. The trust will pay a fixed income on a dollar amount basis (Annuity Trust) or a percentage of the trust as valued annually (Unitrust). The specific dollar amount (Annuity Trust) or percentage payment (Unitrust) is determined at the time the trust is established. Upon the death of the donor and beneficiary (if there is one), the school receives the current value of the trust.
You receive an important and immediate tax deduction for having created either type of trust, and you are not required to pay capital gains tax if appreciated property is used to fund the trust.
For many people, the single largest asset they own may be their home. It is possible for someone to make a gift of a personal residence or farm to Columbus Academy, while retaining the use of the property to live in for the rest of his/her life, or for a term of years. Vacation homes are also an excellent option to use in creating this relatively simple kind of a gift.
The property is deeded to the school and the owner is responsible for all routine expenses such as maintenance, insurance and property taxes. The owner receives an immediate charitable income tax deduction and, upon his/her death, Academy becomes the unqualified owner of the real estate.
Existing policy -- You may own a life insurance policy that was originally purchased to fill a need which no longer exists. For example, you may have purchased a policy to give financial support to your daughter in the event that you were unable to provide for her. Your daughter is now grown with insurance of her own, and the policy you purchased is no longer necessary. Turning such a policy over to the school is an excellent way to make a meaningful gift. By doing so, you may claim a tax deduction equal to the policy’s replacement value (essentially the cash surrender value) and any existing premiums to be paid are deductible.
New policy -- In this case you would purchase a policy designating the school as the owner and beneficiary. Since a new policy has no “cash surrender value” to deduct, the advantage is that the annual premiums paid by you are deductible.
Consult with your lawyer and financial advisor prior to making definitive plans involving your estate and for assistance in selecting the most appropriate planned gift method.