A charitable gift from your estate is a favored method of giving that enables you to achieve your financial goals and benefit Georgetown Day School. No other planned gift is as simple to make or as easy to change, should you ever need the assets during your lifetime.
A bequest may be right for you if:
- You want to make a gift to Georgetown Day School.
- You want the flexibility to change your mind.
- You want continued access to your wealth, should you need it.
- You are concerned about outliving your resources.
Remembering Georgetown Day School in your will is a wonderful way for you to make a lasting gift. Large or small, your bequest will make an important contribution to our long-term strength and our ability to carry on with our activities.
But what if you don't have a will or living trust? You are not alone. Most Americans don’t have a will.
Without a will, the laws of your state will decide how your estate is divided. Typically, the probate court will divide your estate among your closest surviving family members according to a formula, and none of your estate can go to Georgetown Day School or any other charity. If you wish to have a say in how your estate is distributed, you must have a will or living trust. We encourage you to work with an experienced attorney to create a will or living trust that accomplishes your goals for your estate.
Ways you can define a charitable gift in your will
There are several ways that you can define the amount of your charitable gift to Georgetown Day School. They are:
- A gift of a particular amount of money. Example: $25,000.
- A gift of a specific item or items. Example: 1,000 shares of ABC Corporation.
- A gift that will be made only if one or more conditions are met. Example: I give $25,000 provided my spouse does not survive me.
- A residuary bequest (a gift that will be made from the remainder of my estate once all other obligations have been met). Example: I give 25% of the remainder of my estate.
Ways to specify how we may use your bequest
You have several options for telling Georgetown Day School how we may use your bequest once we receive it. They are:
- An unrestricted bequest – This gift allows Georgetown Day School the most flexibility.
- A restricted bequest – This gift is for a specific use – such as financial aid, faculty salaries or a program – that is important to you. It is best for you to consult with us before placing restrictions on your bequest to be sure we can carry out your wishes.
- An endowed bequest – Georgetown Day School invests your gift with the rest of our endowment. We distribute the income these funds generate in accordance with our spending policy. An endowed bequest can be restricted or unrestricted.
- An honorary bequest – This gift is made in honor of someone. Any form of bequest can also be an honorary bequest.
Make sure we can carry out your wishes
It is important that your bequest be accurately and clearly described in your will so that we can carry out your wishes. We are pleased to consult with you regarding the terms of your bequest so that we will be able to carry out your intentions. To be sure your bequest is properly received by Georgetown Day School, please include our full legal name and employer identification number.
Legal name: Georgetown Day School, Inc.
Current address: 4200 Davenport Street, NW Washington, DC 20016
Employer identification number: 53-0204701
We are happy to provide you with sample bequest language to assist you and your attorney. You have complete flexibility to change your bequest at any time.
Because your bequest is revocable, you do not receive an income tax charitable deduction when you create it, but your estate will receive an estate tax deduction for the full value of your bequest in the year it is made. Depending on a variety of factors, including the size of your estate and estate tax law at the time your estate is settled, this deduction may or may not save estate taxes.
Diane Cannon, a widow and a parent of an alumna, has been a supporter of Georgetown Day School for many years. Diane is in good health now, but does not want to be a financial burden to her children should she require expensive health care in the future.
She wants to make a lasting gift to Georgetown Day School in memory of her husband. After discussing her options with her estate planning advisor, she creates a residuary bequest. GDS will receive 100% of the remainder of her estate after all other obligations, such as taxes and bequests to her children and grandchildren, have been settled.
- Diane’s assets will remain available to her should she need them.
- The revocable nature of her gift will minimize the possibility that she will ever need financial help from her children.
- If her estate is worth what she expects when it is settled, she will be able to provide a generous legacy gift to GDS, which has meant so much to her family.