Planned Giving: Giving that Benefits Your Family and NYMA!
What Inspires You?
According to the company Stelter, Inc., not surprisingly, 83 percent of current planned givers say they have a natural affinity to the mission and cause of the charity that they have mentioned in their will. Most donors also believe that gifts to charities change the world for the better and giving makes us feel good! The reality is that many people have children who are doing very well, so there is a great ability to make a gift to a favorite charity such as the New York Military Academy!
By choosing to make a planned gift, you ensure that the impact of your generosity will reach far beyond your lifetime. Planned gifts also offer a variety of tax benefits and can make estate planning easier. We’ll work closely with you to determine the gift structure that is most appropriate for your goals—and that will have lasting value for the New York Military Academy.
Types of planned giving vehicles
You can choose to create a lasting legacy for NYMA by naming the school in your will. Bequest options include:
•A specific bequest of cash or real property, designating a set dollar amount or specific piece of property
•A proportionate bequest representing a percentage of your estate
•A residual bequest, which distributes the balance of your estate after other specific bequests have been distributed
A life insurance policy that is no longer essential or valuable to you might be of great value to NYMA. And in most cases, when you make the Academy the irrevocable beneficiary of the policy, you will receive an immediate income tax deduction (the amount depends upon the type of policy contributed.) We have a professional who can help you get a policy that will benefit your family as well as the Academy! Please give school a call at 845-534-3710 x4227.
Gifts of retirement plan assets:
You can make NYMA the beneficiary of your pension, IRA, Keogh, 403(b), 401(k), or other retirement plan. Since the tax laws regarding retirement plans are complex, consider talking with your financial advisor about the best way to make your gift.
Gifts that provide income:
A life income gift provides lifelong income benefits for yourself or another beneficiary (you or the beneficiary must be at least 50 years old), and the gift assets will go to the Academy. Setting up an irrevocable life income gift entitles you to an income tax education today and ensures that you or your beneficiary has income for life.
For more information on ways of giving to support New York Military Academy, contact the school at 845-534-3710 ext. 4227.