Naming Rossman as a beneficiary of your will can, when properly planned, reduce the rate at which your estate is taxed. You can make a charitable bequest of a specific dollar amount, a percentage of your estate or the remainder of your estate after planning to care for your family and friends.
Charitable Gift Annuity
Charitable gift annuities may be purchased with cash or appreciated securities. Charitable gift annuities provide a fixed life income, and the rate of payment may be relatively higher than can otherwise be obtained. You receive an immediate charitable income tax deduction and may gain relief from tax on capital gain.
Charitable Lead Trust
This can allow you to pass wealth to your children or grandchildren with minimized or no taxation. A charitable lead trust provides payments to Rossman for a period that you determine. When the trust expires, the principal is returned to you or transferred to your heirs, possibly with significant tax savings.
Charitable Remainder Trust
A charitable remainder trust may be funded with cash or appreciated assets such as securities, real estate or other property. You and other beneficiaries can receive income for life or for a set number of years. You receive an immediate charitable income tax deduction, immediate income and relief from tax on capital gain. When the trust expires, the assets remaining in trust go to support the mission of Rossman School.
Gift of Retirement Assets
A unique and often overlooked way to make a charitable gift is to name Rossman a beneficiary of all or a portion of a retirement plan, such as an IRA, 401(k), 403(b), or other qualified retirement savings plan. Under current tax law, retirement assets that are bequeathed to heirs or individuals other than your spouse are often severely reduced by estate and income taxes. Rossman’s charitable status avoids the heavy taxes your heirs could incur if they receive your retirement assets.