The most common types of planned giving vehicles are bequests, gift annuities, charitable remainder trusts and charitable lead trusts.
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. By remembering Albany Academy for Girls & The Albany Academy in this way, you will help to ensure financial strength and academic excellence for many years to come. You may designate that the school receives a specific dollar amount or a specific piece of property or a percentage of your estate. The language is simple: "I give, devise, and bequeath to The Albany Academies, Albany, New York (insert the dollar amount, or piece of property, or desired percentage) in support of the school's general purposes." This is sample wording for an unrestricted bequest, which allows the school to use the gift however it is needed most, providing the school with the greatest amount of flexibility.
Charitable Gift Annuities
A charitable gift annuity provides you with lifetime income. To establish a gift annuity, you contribute funds or assets to The Albany Academies, and the Academies in turn make fixed 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 the investment. The portion of the gift not used for payments benefits The Albany Academies.
Charitable Remainder Trusts
A charitable remainder trust allows you and/or other designated beneficiaries to receive income from a trust for your lifetime(s), or for a period of years not to exceed 20. At the end of that time, the balance of the trust is transferred to The Albany Academies. You can take a charitable deduction for a portion of the gift you make to the trust in the year the trust is formed (in some cases, additional funds may be added in later years). The two most common types of charitable remainder trusts are annuity trusts and unitrusts, which differ in how the income you receive from the trust is calculated and distributed.
Charitable Lead Trusts
A charitable lead trust allows you to designate The Albany Academies to receive a regular, fixed amount from a trust for a specified time period or the lifetime of a designated person. At the end of that time period, the remainder of the trust passes to your designated heirs or other non-charitable beneficiaries.
Individual circumstances may differ, so we encourage donors to seek advice from their own legal and financial advisors. We are grateful for all types of gifts and welcome the opportunity to work with you and your personal advisors to determine if one or more planned giving vehicles are appropriate for you.
For more information on planned giving, please contact Director of Institutional Advancement Ann Wendth at (518) 429-2385 or email@example.com