Planned Giving – The Greene Heritage Society
The Greene Heritage Society seeks to honor the vision of Bellevue Christian School founders Joseph and Al Greene, Jr. It also recalls to mind the first planned gift to the school, the Clyde Hill property on which the Junior-Senior High is located. This property was a gift from the founders’ parents, Mr. and Mrs. Albert Greene, Sr., in 1951.
Bellevue Christian School formed the Greene Heritage Society in 1994 to
recognize individuals who believed in the mission and were committed to ensure the school’s long-term financial stability. The Society will sponsor forums for the BCS community to encourage biblical stewardship and planned giving. Contributions are typically made through bequests in a will, charitable trusts, life insurance, securities, and significant memorial gifts and financial contributions to the school.
Contact the Development department at 425-454-4402 x.210 or email@example.com for more information.
Bequests (by a Will)
A bequest is the fulfillment after death of the deceased’s commitment by will. For many donors, this is the most practical means of enjoying assets during one’s lifetime and also making a substantial contribution to Bellevue Christian School.
Almost any kind of asset can be given to Bellevue Christian School through a bequest, including cash, securities, an interest in real estate, tangible personal property or the remainderment of retirement plans. The gift may be for either unrestricted or restricted purposes.
Bequests can be established in several forms. A specific bequest conveys a fixed dollar amount or a specific asset. A residuary bequest conveys a stated percentage of an estate after distribution of specific bequests and the payment of debts, taxes and expenses. A contingent bequest conveys part or all of the estate under certain specified circumstances.
A bequest made to qualified charities such as Bellevue Christian School is allowed as an unlimited federal estate tax deduction. The value of the estate charitable deduction is the fair market value of the property at the time of death or alternate valuation date. In addition, bequests generally are not subject to state inheritance or estate taxes.
A bequest to Bellevue Christian School can be made by creating a new will or by simply adding an amendment, called a codicil, to an existing will. It is not necessary to redraft an entire will to add a provision benefiting BCS.
Charitable Remainder Trust (CRT)
A charitable remainder trust is a split interest irrevocable trust that has charitable and non-charitable beneficiaries. An individual donor transfers property to the trust, which guarantees to pay the individual or a designated non-charitable beneficiary a fixed dollar amount or a fixed percentage of the fair market value of the trust assets, for life or a term of up to twenty years. At the termination of the non-charitable beneficiaries’ interest, the trust is terminated and the remaining assets are transferred to Bellevue Christian School.
A charitable remainder trust is generally used to build retirement income, generate a higher return from currently owned assets, or to provide for a spouse, or other family member. It can be funded with cash, marketable securities, or any other asset which may be quickly converted to cash such as closely held stock, real estate, or tangible personal property.
Charitable Lead Trust
A charitable lead trust, sometimes called an income trust, is the reverse or mirror image of the charitable remainder trust. It is a split interest irrevocable trust that has charitable and non-charitable beneficiaries. The individual donor transfers property to the trust, which guarantees to pay Bellevue Christian School a fixed-dollar amount or a fixed percentage of the fair market value of the trust’s assets for life or a term of years. Upon expiration of the trust, the remaining assets revert either back to the donor or to the donor-specified beneficiary as established in the trust.
Planned gifts of tax-deferred retirement plans, allow the donor to avoid multiple levels of taxation, thus becoming an attractive gift vehicle. Bellevue Christian School can be named the designated beneficiary of all or a portion of the residual of an individual’s tax-deferred retirement plan(s) or tax deferred compensation. This could include IRAs, 401K plans, defined benefit and defined contribution retirement plans and non qualified deferred compensation plans.
Assets remaining in retirement plans at the death of the plan-holder are received as income in respect to the decedent (“IRD”). From a tax standpoint, “IRD” represents costly words. IRD assets are subject to multiple levels of taxation including income taxes and estate taxes as well as possible excise taxes and generation skipping transfer taxes.
Designating Bellevue Christian School as a residual beneficiary does not limit the donor’s ability to withdraw these funds and use them as needed during the donor’s lifetime.