The easiest and lowest-cost way to make a gift to The Albany Academies is to include the school in your will or revocable trust. You may designate that the school receives a specific dollar amount, specific asset, or a percentage of your estate. If possible, kindly notify the School of your plans so we may acknowledge your gift and inspire others to make planned gifts.
Charitable Gift Annuities
To establish a gift annuity, you contribute funds or assets to the Albany Academies, and the Academies in turn make annuity payments to you from its general assets for the rest of your life. You receive an immediate income tax deduction for a portion of the gift, and a portion of each annuity payment is treated as a tax-free return of capital. The portion of the gift not used for payments benefits The Academies.
This involves the donation of assets to a specific legal entity, commonly referred to as a split-interest trust, since both the donor and The Albany Academies benefit from the trust. The two most common types of trust are Charitable Remainder Trusts (CRT) and Charitable Lead Trusts (CLT), which are described simplistically below.
- A CRT involves a donor placing appreciated assets in the trust, and receiving an annual income stream with the corpus of the trust paid out to The Albany Academies upon its dissolution.
- A CLT also involves the donor placing assets that may appreciate in value into the trust with The Albany Academies receiving the annual income throughout its term, with the corpus distributed to the designee named by the trust. There may be some substantial income and estate tax benefits from both vehicles, but either route requires consultation with professionals.