Planned Giving - Leave a Legacy
A planned gift to Ravenscroft may cost you nothing out of pocket today and can help the school’s future strength and prosperity. Ravenscroft offers an assortment of mutually beneficial arrangements that provide a variety of benefits, including lifetime income, capital gains tax savings, and income tax deductibility.
Your planned gift makes you a member of the Josiah Ogden Watson Society, which honors and recognizes individuals who provide for Ravenscroft through planned gifts. To learn more about the ways you can design a planned gift to match your financial situation, contact Phil Higginson, Assistant Head of School for Institutional Advancement (919-847-0900).
The Josiah Ogden Watson Society
Since our founding, individuals dedicated to our long-term success have set up planned gifts for the benefit of our students, teachers and programs. Some donors included us as a beneficiary of their will, retirement plan (401(k), 403(b), IRA, etc.) or life insurance policy while others added to our endowment to continue their annual support after they were gone. Each of these individuals believed in our mission and wanted to be sure we could continue to thrive and grow into the future. For this special group, we created the Josiah Ogden Watson Society. The Josiah Ogden Watson Society is open to all individuals who have named us in their long-term plans or created an endowment for our benefit.
Dr. Josiah Ogden Watson, a physician and prominent North Carolinian, willed “Five Thousand Dollars out of my State Bonds... to fund and employ a teacher of a Parish school for Christ Church Raleigh.” From Christ Church school in downtown Raleigh grew the school we know today as Ravenscroft. Dr. Watson’s bequest reflected his deep belief in investing in the education of young people and established a tradition of giving which has sustained since our early years.
Some gifts do not have to cost you anything today but support our mission in the future. These gifts include naming Ravenscroft as a beneficiary of your will or living trust, retirement plan (IRA, 403(b), 401(k), etc.), or life insurance policy.
After naming Ravenscroft in your will, codicil to your will, living trust or as a beneficiary of your retirement plan, life insurance policy or donor-advised fund, designate your gift for a particular purpose that is important to you, or allow us to use the gift where the need is greatest at the time it matures. You can indicate a set amount, a percentage or the remaining balance to benefit our mission.
Through planned giving, your assets remain in your control during your lifetime, and you can modify your gift at any time. Under current federal tax law there is no upper limit on the estate tax deduction for your charitable gifts.
Retirement plans and IRAs may be subject to double taxation of estate and federal income tax, with total tax bill to heirs exceeding 50% of the assets – unless directed to a spouse or charity.
Because Ravenscroft is a tax-exempt institution, ownership of retirement assets can pass to the school without taxation. For this reason, it is often a preferred asset to gift to a charity. Alumni and friends who would like to make a tax-efficient bequest should consider naming Ravenscroft as a beneficiary of an IRA, tax-sheltered annuity, or qualified pension or profit-sharing plan—it’s the most tax-efficient way to create a legacy.
Gifts may be for a percentage of the plan’s value and there is no minimum gift amount.
As with retirement plans, naming Ravenscroft as the beneficiary of a life insurance policy or your donor-advised fund is as simple as filling in a change of beneficiary form from your plan/fund administrator. Be sure to let us know you have named us as the beneficiary so we can contact the insurance company or fund at the appropriate time and put your gift to work as you intend.
Naming Ravenscroft as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish your charitable goals while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming Ravenscroft as a beneficiary of all or a percentage of your retirement plan, you maintain complete control over the assets while living, but at your passing the remaining assets pass to Ravenscroft free of both estate and income taxes.
Making a charitable gift from your retirement plan is easy. Simply fill out a change of beneficiary form from your plan administrator and notify us. We can also assist you with the proper language for your beneficiary designation to Ravenscroft.
Wills and Living Trusts
A bequest is a gift that comes directly to Ravenscroft upon your passing. It’s flexible in that it can be revised any time, as your circumstances change. An outright bequest is fully deductible for estate tax purposes.
The most common and useful bequest is an unrestricted bequest, allowing Ravenscroft to use your gift wherever it is most needed. However, if there is a particular area you wish to support, the Planned Giving Office will work with you to help ensure that your request is directed appropriately.
A residual bequest comes to us after your estate expenses and specific bequests are paid:
I give and devise to Ravenscroft, located in Raleigh, NC, all (or state a percentage) of the rest, residue and remainder of my estate, both real and personal, to be used where it determines the need is greatest (or for the support of a specific fund or program).