Planned Giving
Below is a summary of some planned giving options. These are not professional tax or legal advice and may not apply in all cases. Please consult a tax advisor or legal counsel about your specific situation.
Make a gift through your IRAA Qualified Charitable Distribution (QCD) from an Individual Retirement Account (IRA) may be advantageous for older, charity minded individuals in that you avoid recognition of income by diverting all or part of your required minimum distribution directly from your IRA custodian to the qualified charity. In addition to supporting Barbers Hill ISD Education Foundation with a QCD, you may still consider the Foundation as a primary or secondary beneficiary of your IRA account after your lifetime. Because these funds are received by the Foundation with no income tax liability, they can be a great choice for your after-lifetime philanthropy, leaving tax friendly assets to pass to your family and other heirs.
BequestA bequest through a will is the most common type of planned gift, and does not draw on assets during a donor's lifetime. Bequests can be estate distributions of cash, securities, real estate or personal property. Types of bequests include a percentage bequest, a fixed-dollar bequest, a residual bequest, and a contingent bequest. Important estate tax savings can result from a bequest.
Charitable Remainder Trusts (CRTs)CRTs allow a donor to make a gift to Barbers Hill ISD Education Foundation while at the same time achieving several other financial objectives. When you create a CRT, you irrevocably transfer money, securities, real estate, or other assets to a trust that will then pay you an income for life or for a period of years. If you wish, the trust also can pay an income to another beneficiary. At the death of the surviving beneficiary, the remaining principal in the trust goes to the Foundation. Several types of CRTs allow the donor to tailor their gifts to best serve their own needs.
Retirement PlansDonors may consider making Barbers Hill ISD Education Foundation a beneficiary of a percentage of their pre-tax qualified retirement plans, such as an Individual Retirement Account, 401k, 403b or Thrift Savings Plan to name a few. This is done via a beneficiary form. These pre-tax assets are received by a qualified non-profit free from income tax liability, leaving other tax friendly assets available to pass along to your family and other heirs. Contact us for the needed information to put on the beneficiary designation form.
Life InsuranceMany donors choose to give life insurance policies either as an immediate gift or as a provision upon their passing. This can be an easy way to make a gift to Barbers Hill ISD Education Foundation without revising your will and can have advantageous estate tax consequences.
Donors who consider giving life insurance policies do so because they have no heirs or because they already have made provisions for beneficiaries through other financial vehicles.
Barbers Hill ISD Education Foundation is a nonprofit, tax-exempt 501c(3) organization operating independently of the school district while maintaining a collaborative relationship. You will receive a gift receipt denoting the value of your gift for tax reporting purposes.