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Planned Giving

Planned Giving

Planned Giving offers many choices and benefits for donors and their beneficiaries, while also providing substantial current or future support of Vertex Partnership Academies. Major ways of making a planned gift include:

  • Will or Trust Provisions

  • Retirement Plan Assets and Life Insurance Policies

  • Charitable Remainder Trusts

  • Charitable Lead Trusts

Will or Trust Provisions

By including Vertex Partnership Academies in your will or trust, you reduce the taxable portion of your estate by the full amount of your gift and guarantee that this unique institution continues to thrive well into the future. To make a bequest to Vertex Partnership Academies, you must prepare a new will or add a codicil to your present will. To ensure that your exact intentions are carried out, wills, codicils, trusts, or amendments should be prepared by, or with the advice of, your attorney.

Unrestricted bequests or trust provisions permit Vertex Partnership Academies to use your gift wherever it is most needed; restricted bequests or trust provisions underwrite Vertex Partnership Academies activities in areas of greatest interest to you. If you are thinking about making a restricted gift, please consult with Vertex Partnership Academies in order to ensure that our strategic priorities align with your interests.

Suggested language for making an unrestricted gift by will or trust:

"I give [the sum of ________ dollars] [all or _________ percent of the residuary of my estate] to Vertex Partnership Academies, 1143 Taylor Avenue, Bronx, NY 10472, Federal Tax ID 83-4296806.”

Suggested language for making a gift by will or trust for a specific purpose:

"I give [the sum of _________ dollars] [all or ___________ percent of the residuary of my estate] to Vertex Partnership Academies, 1143 Taylor Avenue, Bronx, NY 10472, Federal Tax ID 83-4296806 for the following purpose: [state the purpose].”

Retirement Plan Assets and Life Insurance Policies

Retirement account assets such as IRAs, 401(k)s, Keoghs, and 403(b)s are another attractive way to support Vertex Partnership Academies. Left to your estate or to an individual who is not your spouse, these assets are subject to significant estate and income taxes. By designating Vertex Partnership Academies as the recipient of any benefits remaining in your retirement plan, the gift will escape both estate and income taxes, while also supporting Vertex Partnership Academies. You may designate Vertex Partnership Academies as a beneficiary of your life insurance policy or donate a policy to Vertex Partnership Academies. You may either name Vertex Partnership Academies as the primary beneficiary or as a contingent beneficiary of your retirement plan or life insurance policy where Vertex Partnership Academies would receive the proceeds should anything happen to a loved one named as a primary beneficiary.

Charitable Remainder Trusts

Friends of Vertex Partnership Academies who would like to make a substantial gift but must also consider their own and their spouses’ financial needs, may find a charitable remainder trust (CRT) to be an attractive solution. CRTs are life income plans that allow you to make a gift to Vertex Partnership Academies and retain a benefit from the assets you give, in some cases making it possible to contribute more than you originally thought affordable. When you establish a CRT, you make an irrevocable gift of assets and in return receive payments for life or for a term of years.  When the trust terminates, the assets remaining pass to Vertex Partnership Academies.

CRTs offer a number of important potential benefits. Donors receive an immediate income tax charitable deduction for the value of Vertex Partnership Academies’ remainder interest in the trust while earning income for life (for themselves or for any designated beneficiaries).  They may receive increased income in many cases from low-yield, appreciated securities. Donors likely eliminate capital gains tax liability if appreciated property is donated, while also reducing estate taxes. An added benefit to you would be the satisfaction of supporting Vertex Partnership Academies during your lifetime.

CRTs are separately managed irrevocable trusts that can be tailored to meet your financial goals, especially with respect to the payout rate, the length of the trust term, and the assets used to fund the trust. The recommended minimum contribution to establish a charitable remainder trust is $250,000.

Charitable Lead Trusts

Another planned giving strategy, charitable lead trusts (CLTs), provide a method of making a significant contribution to Vertex Partnership Academies while transferring income-producing assets to your heirs at a greatly reduced tax cost. It differs from the CRT in that Vertex Partnership Academies receives the income for the term of the trust, which may be for a measuring life (or lives) or a term of years. At the end of the term, the remaining assets in the trust are transferred to the beneficiaries you designate in the trust.

The value of the assets placed in this type of irrevocable trust is frozen for estate and gift tax purposes. Your beneficiaries thus receive any future appreciation in the value of the trust assets free from wealth transfer taxes. In most cases, you receive an immediate income tax charitable deduction equal to the value of the income interest passing to Vertex Partnership Academies.

For further information regarding Vertex Partnership Academies’s planned giving program, please contact Ian Rowe at ian.rowe@VertexAcademies.org.