Gifts That Cost Nothing Now
1. Gifts through your Will or Living Trust
- You retain control over your assets throughout your life
- You can give a variety of assets: cash, securities, interest in a business, collectibles, etc.
2. Retirement account or life insurance policy
- No legal fees: Just request a beneficiary designation form from your account manager or insurance agent
- Reduced taxes for your heirs: If left to someone other than your spouse, retirement plan assets are subject to income tax as well as any applicable estate and inheritance taxes
3. POD (Payable-on-Death) Account
- No legal fees: Go to your bank and complete a POD statement naming Westtown School as the beneficiary of your savings account, checking account, or certificate of deposit.
- Upon your death, the balance of the account goes to Westtown, bypassing probate.
4. Real Estate
- You can give real estate (home, vacation home, commercial building, investment property, etc.) to Westtown through your Will or Living Trust, or
- You can arrange a Retained Life Estate, whereby you transfer the deed of your property to Westtown School, but you retain the right to live in your home for as long as you wish. This arrangement provides you with a charitable tax deduction now and may reduce your estate tax later.
This information is general in nature and not intended as legal advice. Please talk to your legal or financial advisor about your specific circumstances.