Planned Giving and the K.O.B. Society

 

The K.O.B. Society recognizes donors who include Westtown in their estate plans such as a will, beneficiary of a retirement plan or a trust. Thanks to the foresight of dedicated alumni and friends of Westtown, planned gifts continue to create new educational opportunities for future students. Through these gifts, K.O.B. Society members ensure future financial stability for the school and preserve Westtown’s commitment to educate ongoing generations of young people.

The K.O.B Society harkens back to a time-honored tradition at Westtown – a “Kindness of Bearer” message, affectionately known as a “K.O.B.”

A K.O.B. was a message written on a piece of paper that was then folded into a tiny packet to preserve its special contents and delivered to the intended recipient by a trusted friend.

You can become a K.O.B member by including Westtown in your estate plans.

Bequests

 Bequests

 


"For me, Westtown School was truly a 'School for the Soul.'  It is a privilege to be able to help ensure that future generations will experience all that Westtown offers."

Anthony (Tony) Fross ’85 and his wife Katrin

 

By providing for Westtown in your will or living trust, your assets are not diminished during your lifetime and the amount of the gift may substantially reduce the taxes owed by your estate. Donors of all ages can formalize bequests to Westtown.

 Click here for Suggested Bequest Language

 

Bequests can be:

  • a specific dollar amount
  • a percentage of your estate
  • the residual of your estate
  • a contingent bequest

 

Life Income Gifts

Life Income Gift-Charitable Gift Annuity


“I wanted to continue my family’s tradition of supporting the school over a number of generations. I deeply appreciate my Westtown education, which prepared me for a lifetime of learning and growth. My charitable gift annuity pays me income for the rest of my life and, at the same time, creates an enduring legacy for future Westtown students.”  Dave Henderson ’62

 

In exchange for a gift of cash, securities, or other assets, you will:

  • Receive guaranteed life income for one or two named beneficiaries.
  • Receive an immediate charitable income tax deduction.
  • Choose an option of a DEFERRED GIFT ANNUITY to secure future income.
  • Know that a substantial gift will be made to Westtown School.

For information about Charitable Trusts click here.

The information we provide is general in nature and may not apply to all individuals. We urge prospective donors to consult their legal and financial advisors concerning specific consequences of making gifts to Westtown School.

Retirement Plans

Gifts from Retirement Plans

Name Westtown School as a beneficiary of your IRA, 401(K) or other qualified plan. Designate Westtown to receive all or a portion of the balance of your plan through your plan administrator. Westtown receives a gift that does not affect your current cash flow.

Benefits

  • You continue to receive your lifetime withdrawals.

  • You maintain flexibility to change beneficiaries if your needs change during your lifetime.

  • Avoid possible taxes that your retirement savings would face if you designate the remainder to your heirs.

 

The information we provide is general in nature and may not apply to all individuals. We urge prospective donors to consult their legal and financial advisors concerning specific consequences of making gifts to Westtown School.

Insurance Policies

Insurance Policies

  • You transfer ownership of a paid-up life insurance policy to Westtown School.
  • Purchase a life insurance policy, naming Westtown School as the owner and irrevocable beneficiary of the policy
  • Donate an existing policy and claim an income tax charitable deduction based on the cash value. 
  • Name Westtown School as beneficiary of a life insurance policy

 

Meet our Donors

Meet Our Donors

 "Our charitable gift annuity for Westtown was given in gratitude for the nurture, instruction, and inspiration which encouraged our son Merrick to explore the creative arts. No experience in his life ever surpassed the welcoming community he found at Westtown; the friends he made there remained friends for life. Though his life was cut short, it was his fondest wish to acknowledge his profound debt to the school. "  Charles and Joyce Ketcham

 

“I owed something back to the School for the four years of education I received in - and out of - the classroom.”

That’s the thought that first led Jack (Jay) Yeatman '51 to remember Westtown School in his will. “It was easy to do - a matter of adding simple wording to designate a percentage of my estate to Westtown.”

Some years later, however, when Jay started working on his 55th reunion, he wanted to make a special gift to the School. He had stock his family first purchased when their local bank was the National Bank & Trust Company of Kennett Square (now Wachovia). Through many mergers, Jay’s holdings became appreciated securities that faced huge capital gains taxes if ever sold because the original cost basis was so low. His 55th reunion gave him the perfect opportunity to donate the stock and make the significant gift he always wanted to give to Westtown. By doing so, he avoided capital gains tax, received a charitable deduction, and by creating a Charitable Gift Annuity, will receive income for life.

Now retired for 10 years from the State of Delaware Health & Social Services, Jay continues to enjoy life more than ever. He is busy with volunteer activities from the Kennett Symphony to the local YMCA and library, and he’s a member of the Alumni Association Board of Managers. He loves being more involved withWesttownSchool, and appreciative of the education it provided him in all areas of his life. Being able to make a tangible gift that will make a difference for generations of Westonians to come is a source of pride and satisfaction.

Following graduation from Westtown, Jack went to Penn State, following in his father’s footsteps. He graduated with a degree in Political Science, then went to Dickinson for a law degree. He soon decided he didn’t want to practice law, so he went back to PennState and worked in the Office of Financial Aid for close to 10 years. Soon, Jack felt the need for international travel, so he took a job as Head of Student Counseling at the “Overseas School of Roma.” While that only lasted for one year, Jack decided to stay in Italy and took another job teaching English as a Second Language at the Liceo, which was in the town of Rivoli. He worked there for two years and then returned home. He took a job with the State of Delaware Health & Social Services, division of Alcohol & Drug Abuse and Mental Health, where he did quality assurance for programs across the state. He worked there for 19 years. Now you can find Jack teaching Italian at the University of Delaware’s Academy of Life for senior adults.


Carol Woods Gehlbach ’61 recently set up a Deferred Charitable Gift Annuity (CGA) with Westtown as a way to contribute to her class’ 50th reunion gift. When asked what made her decide to support the future of Westtown with this gift, this was her response:

“Westtown meant a great deal to me, not just because of the wonderful friendships I formed there, but because of the values that were taught. These Quaker values were important to me and my family, including my mother and sisters, who also attended. I want to make sure this opportunity continues by providing a financial show of support for the school.

I decided to make this gift because of the efforts of my class for our 50th reunion. My husband, Steve, and I recognize that money that we don’t need to live on now can be used by Westtown yet still provide me with income later when we will have less earned income.

Setting up this gift is a win-win situation. I am thrilled to be able to give back to Westtown while creating a life income gift for myself at the same time.”

A CGA is a straight-forward planned gift – you transfer cash/appreciated securities to Westtown and Westtown guarantees you income for life in return. You also receive a charitable deduction for a portion of the gift and the satisfaction of helping Westtown. 

A Deferred CGA means you wait at least one year before receiving any income, thus increasing the percentage of return. This is a very attractive option for individuals over the age of 65.

 WE ARE HERE TO HELP

We are here to discuss your ideas and thoughts and to answer questions that may arise.  We would be pleased to discuss, in confidence, ways in which you may support Westtown School and to provide you with a peronalized gift illustration.  If you are unsure of which planned gift will suit your needs and would like to discuss the options to determine which might be best for you, please email Ray Slater or call 610-399-7917.

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