Other Gift Types
Donors can make gifts of life insurance to Brewster in several ways:
- Donate the ownership of a life insurance policy by making Brewster the irrevocable owner or beneficiary of a policy.
- Donate a the ownership paid policy with a cash value.
- Make a revocable designation of your policy to Brewster Academy by filling out a Change of Beneficiary form from your insurer. This arrangement allows your to maintain control of the policy and allows a great deal of flexibility during your lifetime.
You may give valuable assets that you no longer need to Brewster. Some examples of tangible personal property you might consider donating to Brewster include rare books, art or collectables. Tangible personal property worth more than $5,000 requires an appraisal by a qualified appraiser to establish the fair market value in order to claim a tax deduction.
Gifts of Real Estate
If you have marketable commercial, agricultural, or residential real estate that you no longer want or need, Brewster Academy would be happy to talk with you about making a gift.
If you are over 70 ½ you can transfer up to $100,000 per year from your IRA to Brewster Academy. These transfers count toward your required minimum distribution and reduce your AGI, but are not tax deductible.
Gifts from 401 (k), 403b, SEP and other plans do not qualify, but donors may roll these retirement plans into an IRA first and then complete a transfer.
If you aren’t yet, 70 ½ you may use retirement funds as all or a portion of a testamentary gift. Testamentary gifts of retirement plans are as simple as naming Brewster Academy using a change of beneficiary form.
Retirement savings can create an income tax liability when left to your heirs. Consider leaving other assets like cash to your heirs and gifting your retirement savings to Brewster. This type of estate plan can protect your heirs for bigger tax bills while helping further the important work of Brewster.
Donor Advised Funds
If you have created a donor advised fund, please consider recommending a grant to Brewster Academy. You may also direct the remaining balance of your DAF to Brewster by making us the ultimate beneficiary for all or a part of your fund via a change of beneficiary form.