Retirement Plan Gifts

Perhaps the easiest way to make a planned gift is to name The Village School of North Bennington as a beneficiary of your IRA, 401(k), 403(b) or other retirement plan. Simply get a change of beneficiary form from your plan provider and make the change! This can often be done online at your provider’s website or on their mobile app.  There’s no need for a lawyer, it’s easy and revocable, and there’s no income tax on the distribution that comes ultimately to the Village School.

Bequests

Including The Village School of North Bennington in your will or estate plan is as simple as inserting this language in your will: “I give________ [specific dollar amount or percent of your estate] to The Village School of North Bennington, having its principal offices at 9 School Street, North Bennington, Vermont 05257, for its general purposes.”

Life Insurance

If you give The Village School of North Bennington a life insurance policy, the cash surrender value of the policy or the cost of a replacement policy is deductible as a charitable contribution. If you continue to pay premiums after making your gift, the premiums are also tax-deductible.

Real Estate

You could deed your home or other real property to The Village School of North Bennington but retain the right to live in it for the rest of your life, a term of years, or a combination of the two. (You could, of course, donate your house to The Village School of North Bennington in your will, but you would not receive an income tax deduction, as you would if you made the gift during your lifetime.)

Gifts That Provide Income

Gifts that provide you and your loved ones income can be given to The Village School of North Bennington through our partnership with the Vermont Community Foundation (VCF). The foundation holds these trusts and gifts for the benefit of Vermont Humanities. You could also serve as your own trustee, or use a different third-party trustee, such as a bank or trust company.

Types of Gifts

Charitable Remainder Trust
Your trust pays you and/or a loved one a fixed annual sum or a fixed percentage of the trust’s value each year, either for life or for a term of years. The remaining assets then go to a fund at the VCF that benefits The Village School. Part of your gift qualifies for an immediate tax deduction, as determined by IRS tables.

Charitable Lead Trust
If you have assets producing income that you don’t now need but you’d like your children or grandchildren to inherit those assets, consider a charitable lead trust. Income will be paid to the Village School during the term of the trust, which can be for either a term of years or for an individual’s lifetime. At the end of that time period, the assets in the trust go back to you or your loved ones. A charitable lead trust is a great way to provide for children or grandchildren and help the Village School now.

Charitable Gift Annuity
In exchange for your gift to the VCF for the benefit of the Village School, you and/or a loved one receives a fixed amount annually for the rest of your life. Part of this payout is tax-free, and you receive an immediate charitable deduction, as determined by IRS tables. The rate paid by the annuity is determined by the age or ages of the income beneficiaries. When the gift annuity ends, the remaining principal passes to a fund to benefit the Village School.

Deferred Gift Annuity
In exchange for your gift to the VCF for the benefit of the Village School, you and/or a loved one receive fixed sum payments each year for life starting at some future date. Part of this income is tax-free, and you receive an immediate charitable deduction, as determined by IRS tables. A deferred gift annuity has the advantage of providing an immediate charitable income tax deduction (during, perhaps, your high income years) and then a guaranteed fixed stream of income beginning some time in the future, perhaps during your retirement years. The longer you wait to receive income, the higher the rate of return you receive. When the annuity ends, the remaining principal passes to a fund to benefit the Village School. The funding minimum is $15,000 for annual payments and $25,000 for quarterly payments.