Gifts that Cost You Nothing Now
You can have your attorney insert a clause in your will or revocable trust that leaves a charitable gift to Haverford. You can leave a specific dollar amount, a percentage of your gross estate or your net estate after taxes and distributions to heirs, or even a specific asset, such as real estate or valuable artwork. Contact us for a confidential discussion and sample wording.
Sample Bequest Language:
“I give and devise to The Haverford School (Tax ID #23-1352646), located in Haverford, PA, the sum of $___________ to be added to the endowment of the school and the income to be used for the general unrestricted purposes of the School (or specify a purpose.)"
HINT: Younger donors should consider leaving a percentage of your gross or residual estate (5%-10% is common) rather than a specific dollar amount. Then you don’t have to worry about changing the amount over time.
You can name Haverford as the beneficiary of a qualified retirement plan, such as an IRA or 401K, or a life insurance policy by simply filling out a Change of Beneficiary Form available from your plan or policy provider. You can also name the School as a percentage beneficiary with your spouse (a spousal waiver of benefits may be required). Contact us for more details.
HINT: Leaving the balance of your IRA or other retirement plan to anyone other than your spouse could cost you 70% or more of it in taxes. Consider leaving it to Haverford tax-free.
Mary-Helen McCulloch, Esq.
Director of Planned Giving