Outlined below are several planned or deferred giving opportunities that will enable you to further support our students.
Please note: This information is general and should not be taken by individual donors as legal or financial planning advice. All donors are strongly urged to consult with qualified legal and financial advisors to determine the appropriate strategies for their particular situation.
Charitable Gift Annuities
A gift annuity is a contract between you as the donor and Spartanburg Day School where, in exchange for a gift of cash or marketable securities, Spartanburg Day School will promise to pay you a guaranteed income stream for life. The annuity can be for one life or two, which means you and your spouse can enjoy this income stream at a percentage based on your life expectancy.
Charitable Remainder Trusts
Individuals most often use a charitable trust with low basis assets that produce little or no income. Selling the asset and reinvesting for income will generate an unacceptable capital gains tax. When the asset is gifted to a charitable remainder trust, no capital gains tax is paid, so the full amount can be reinvested to provide lifetime income to the donor or the donor and spouse.
Charitable Lead Trusts
A charitable lead trust is the opposite of the remainder trust. It provides an income stream to Spartanburg Day School for the term of the trust and then trust assets revert to family-typically children or grandchildren. The primary benefit to the donor of a lead trust is that it can produce significant gift tax as well as estate tax savings while shifting assets to heirs outside of the estate.
By giving an insurance policy already in force, you will receive a charitable deduction for the cash value of the policy. You may take out a new insurance policy on your life, or assign one already in force, naming Spartanburg Day School as the owner and beneficiary. The premiums will be tax-deductible.
Retention of Life Interest Gift
You may give a personal residence or farm and retain lifetime use of the property. You will receive an immediate charitable deduction for the remainder value of the gift based on your age. The property is removed from your estate for tax purposes. The donor is responsible for taxes, insurance, and maintenance. At your death or the death of the surviving spouse, the gift becomes the property of Spartanburg Day School.
You may name Spartanburg Day School as the beneficiary of all or a portion of a retirement plan such as an IRA or Keogh Plan. The trustee of the plan will help you make that beneficiary designation. Upon your death, the gift will come to Spartanburg Day School without probate. Or, if you choose, you can name a charitable remainder trust the beneficiary of the retirement plan. Then your heirs can receive the income for life or a term of years with the remainder going to Spartanburg Day School.
A Living Trust
You may name Spartanburg Day School as a co-owner with right of survivorship of any savings account. Upon your death, that account becomes the property of Spartanburg Day School automatically and without probate.
A Bequest Through Your Will
You may name Spartanburg Day School in your will, or in a codicil to your will, for a specific dollar amount, a percentage of your estate or as a final contingent beneficiary.
Gift Acceptance Policy
The Spartanburg Day School Board of Trustees must approve all gifts, other than cash and marketable securities. The Development Office will be happy to assist you by providing additional information about making various types of gifts for your greatest tax advantage. All donors should consult their own independent legal and financial advisors before making a planned gift.