Donating by check, credit card or cash. This is the most common and frequent donation we receive.
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Donating by check, credit card or cash. This is the most common and frequent donation we receive.
Fancy words for things you own that can be donated. Below are some of the ways these types of assets are donated.
You can be a part of Love of Learning’s legacy by making a life-income gift or other planned giving, and taking advantage of a CRT (Charitable Remainder Trust), a simple, tax-favorable estate planning tool. There are many ways to give a “Present Interest”, “Remainder Interest”, or “Residual Interest” in the assets you own. There are many types of trusts that qualify you for tax benefits and other economic benefits during your lifetime and afterwards.
Bequests are charitable gifts made through wills. A gift by a bequest removes assets from the donor’s taxable estate, potentially placing that estate in a lower tax bracket.
Bequests can include cash, security, real estate, other property, a percentage of the residue of your estate, or all the residue of your estate. Providing this type of benefit to Love of Learning Anchor Endowment Fund is simple. Simply include the following language in your will or other bequest:
“I give Love of Learning Montessori Anchor Endowment the sum of $ xxx, or a description of the specific asset), for the benefit of the Anchor Fund and in furtherance of its mission.”
Life insurance has the powerful and unique ability to multiply your donation many folds. The cost of life insurance is a fraction of the benefit the school will receive. If you have the ability and desire to donate, let’s explore this option together.
A life insurance policy may be contributed to Love of Learning by transferring ownership of an existing policy to Love of Learning and receive an income tax deduction this year, or you can name Love of Learning as beneficiary of an existing policy, or purchasing a new policy naming Love of Learning Montessori as owner and beneficiary.
Charitable remainder trusts allow Love of Learning Montessori to be named as the beneficiary of the trust. There are several tax advantages to such a gift, including a tax receipt at the time of the gift.
Charitable remainder trusts allow Love of Learning Montessori to be named as the beneficiary of the trust. There are several tax advantages to such a gift, including a tax receipt at the time of the gift.
You can set up the trust using:
You will receive tax benefits:
The income from the trust can be paid:
You may designate your gift to:
Definition of charitable remain trust – A tax-exempt irrevocable trust designed to reduce the taxable income of individuals by first dispensing income to the beneficiaries of the trust for a set time and then donating the remainder amounts of the trust to the designated charity.
To begin the process, contact the Office of Development by calling (631) 629-5599 or emailing giving@lolmontessori.org to inform us of the incoming gift.
Gifts of residual interest refer to an arrangement under which property is deeded to Love of Learning Montessori, but the donor retains a ‘life estate’, which ensures the donor’s use of her/his property for life or a term of years.
Your estate will save both income taxes and estate taxes when you designate Love of learning Montessori as a beneficiary of all or part of your individual retirement accounts. This works for all types of Retirement Accounts including 403b, 457, 401k, SEP, SIMPLE, and others.
You may also arrange for lifetime income to be paid to yourself or a family member. After your death, the account balance can be split so that your family and charities receive the remaining account balances. You and your family benefit during your lifetime and the school’s benefit will come later.
Legal Information
Love of Learning Montessori School
Our Tax ID: 11-3498153
Love of Learning Montessori is a 501c (3) not-for-profit institution and gifts are tax deductible as allowed by law.
