Legacy Giving

Legacy and Planned Giving

Bequests 
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. 

Charitable Trusts 
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. 
Appreciated Securities
Gifts of appreciated stocks, bonds, and/or mutual funds that have been held for one or more years can be great tax savers for donors since the capital gain tax on unrealized appreciation is waived. The full fair market value of gifts of long-term securities or real estate is tax deductible up to 30% of the donor's adjusted gross income. Any amount over the 30% maximum can be carried over for five years.

Donor-Advised Fund Transfer
You can send your gift directly to the Academies from your Donor-Advised Fund or list us as a beneficiary. It's a great way to memorialize, honor or commemorate a loved one or event. You may even designate the Academies to receive a portion of your account value, leaving the remaining portion for your children or grandchildren to continue your legacy of philanthropy.

Qualified Charitable Distribution
A Qualified Charitable Distribution (QCD) is a distribution of funds from your IRA (other than a SEP or simple IRA) directly to a qualified charitable organization, such as The Albany Academies. Because the gift goes directly to the charity without passing through your hands, the dollar amount of the gift may be excluded from your taxable income up to a maximum of $100,000 annually, with some exceptions.  Please consult your tax advisor for information regarding your specific exceptions. 

QCD's can be made by IRA owners who are age 70 1/2 or older. QCD's made prior to the age you are required to take a minimum distribution from your retirement assets (pre-required minimum distribution QCD's) will not reduce or otherwise impact future Required Minimum Distribution. Your tax advisor can provide additional information on your particular situation. Many individuals who are required to take money from their IRA but do not need it for living expenses have chosen to make QCD's from their IRA's to support The Albany Academies. This may make sense for you, too.


In Gratitude to Alumni

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  • A Legacy Gift from Robert Gifford '40

    The Albany Academies were thrilled to receive a $3 million legacy gift from Robert Gifford, one of the largest legacy gifts the school has ever received. Mr. Gifford, who died in 2018 at his home in Sarasota, Florida was born in Troy and graduated from The Albany Academy in 1940.
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Legacy Gifts Support Our Early Learning Center
Thank you to E. Wayne Wilkins, Jr., MD '37, Chandler Stein, J.D. '41, and
George Holzworth '45 for their generous legacy gifts in support of our youngest learners. The Early Learning Center was renovated during the summer of 2021, thanks to the support of these planned gifts.
Life Insurance 
There are several ways to utilize permanent life insurance to benefit The Albany Academies. The most straightforward manner is to name The Albany Academies as the beneficiary of the policy. You may also gift an existing policy to the School, take an immediate tax deduction, and the School will be responsible for any further premiums due. You can make cash gifts that are equivalent to the premium amount on a new or existing policy as well.
If you are interested in making a Legacy Gift, please contact Director of Development Silvia Edmonds at edmondss@albanyacademies.org or 518.429.2414.
The Albany Academies are a New York State non-profit organization located at 135/140 Academy Road, Albany, NY, 12208. Our mission is to develop capable and confident students through single-gender education in the Lower and Middle School, and through coordinate education in the Upper School. Employing individualized and positive education, The Albany Academies provide students with the knowledge, skills, and character needed for leadership and success in the creative, entrepreneurial century that lies ahead. A copy of our most recently filed financial report is available by contacting us or, upon request, from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY, 10005.  You may also obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.

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