A bequest or gift through a living trust is a simple way to provide for SAIC in your estate plans and yields estate tax advantages. By designating SAIC as a beneficiary in your will or living trust, you retain control of your assets during your lifetime and you can modify your gift if your circumstances change.
A bequest can deliver a specific dollar amount or asset to SAIC, or it can give us a percentage of the balance remaining in your estate after taxes and specific bequests have been paid. It can also be payable to SAIC if an individual beneficiary is not able to inherit.
You have the option of directing your bequest to a specific program or purpose at SAIC. Alternatively, you may leave an unrestricted bequest, which allows SAIC to designate the funds. We ask that you discuss your intentions with us if you are considering a bequest for a specific purpose to ensure that your gift is properly designated so that we are able to carry out your wishes.
Click here for the sample bequest language.
Retirement Plan Gifts
By naming SAIC as the beneficiary of your IRA, 401(k) or other qualified retirement plan, you can make a meaningful gift to the school while also improving your estate’s tax consequences and increasing the amount of money passing to your children or heirs. If you name anyone other than your spouse as the beneficiary of your retirement plan, the gift will be subject to income tax in addition to estate tax. However, by naming a charity as the beneficiary of your retirement assets, the gift becomes exempt for estate and income tax, and your estate becomes entitled to a charitable deduction. This arrangement leaves more money in your estate for your heirs while continuing your meaningful support of SAIC.
Life Insurance Gifts
When properly arranged, a gift of life insurance can allow you to make a major gift to SAIC at little or no cost to you. You can name SAIC as a beneficiary to your life insurance policy or donate the entire amount to be paid after your lifetime. If you choose to name SAIC as both the irrevocable beneficiary and owner of your existing life insurance policy, you can qualify for a federal income tax charitable deduction.
Charitable gift annuities are a flexible way to make gifts to SAIC. They provide you with certain tax benefits and a steady stream of income during your life.
A charitable gift annuity is a simple contract providing for fixed payments to you (and an optional second beneficiary) for life in return for your contribution. Your gift annuity can start paying you income once you make your contribution or you can choose to defer your payments until a later date.
Charitable gift trusts can provide tax benefits and income for you now while establishing a future gift for SAIC.
- Charitable Lead Trust
A charitable lead trust is a trust that provides annual payments to SAIC for a selected term of years, at the end of which the assets in the trust are distributed back to you or to your designated beneficiaries. Charitable lead trusts can be a good way to reduce the capital gains, gift, and estate taxes on assets passing to your heirs.
- Charitable Remainder Annuity Trust
A charitable remainder annuity trust is a trust that pays a fixed annual income to you or your designated beneficiaries for life. At the end of the term of the trust, the trust assets are distributed to SAIC. This arrangement allows you to make a major gift to SAIC while retaining a predictable, steady income during your life and reducing your estate tax liability.
- Charitable Remainder Unitrust
A charitable remainder unitrust is a trust that makes variable annual payments to you for life or for a term of years. At the end of the term of the trust, the trust assets are distributed to SAIC. Charitable remainder unitrusts create a hedge against inflation over the long term because the payments increase as the value of the trust grows. You can also receive a charitable income tax deduction for a portion of your gift and reduce your estate tax liability.
The material presented on this Planned Giving page is not offered as legal or tax advice.