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Leaving your legacy to Harrisburg Academy is easier than you thought and could cost you nothing. It is important for you to consider what your ultimate goal is at this point in time and then what benefits you will receive from these giving options.
If you wish to make a direct impact on Harrisburg Academy and its students, then making a cash gift today is your best option. If you itemize on your tax return, this option allows you to reduce your income tax liability. Cash gifts are fully deductible – up to a maximum of 50 percent of your adjusted gross income (AGI).
With just a few sentences in your will, you can continue to support Harrisburg Academy upon your passing. Your gift can be made as a percentage of your estate, or you can make a specific bequest by giving a certain amount of cash, securities or property. After your lifetime, Harrisburg Academy receives your gift. Click to view sample language for what to include in your will.
If you'd like to support Harrisburg Academy’s mission and receive steady payments during your retirement years, a charitable gift annuity may be right for you. You make a donation of cash, stocks or other assets to Harrisburg Academy. In return, Harrisburg Academy agrees to pay you (or someone else, if you choose) a fixed amount each year for the rest of your life. Your initial gift is partially income tax-deductible, your charitable gift annuity payments are partially income tax-free throughout your estimated life expectancy, and your payments are not affected by ups and downs in the economy.
The gift of a life insurance policy can benefit both Harrisburg Academy and you. This can provide you with a significant tax deduction. In order to do this, you can purchase a new life insurance policy and name Harrisburg Academy as the beneficiary or donate a policy that you no longer need. Please speak with your insurance agent on making this transaction, as some insurance companies handle this differently.
Most retirement plans, including 401(k)s and IRAs, are income tax-deferred, meaning that income tax is only paid at distribution or upon your death. Such taxation makes retirement assets costly to distribute to loved ones. Income taxes on retirement assets you leave to your loved ones can be as high as 35 percent. By naming a tax-exempt charity, like Harrisburg Academy, as the beneficiary of retirement assets, the school is eligible to receive the full amount and bypass any income taxes.
Transferring ownership of real estate to Harrisburg Academy can be a beneficial and tax-wise transaction. If you have a vacation home, a residence, vacant lots, etc. they may have appreciated in value since your purchase. By transferring this real estate, you are avoiding a potentially large capital gains tax and receive a tax deduction for the fair market value of your property.
Click to view examples of sample language should you choose to include Harrisburg Academy in your estate plan. Please contact the Development Office with any additional questions about planned giving.
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