Planned Giving

Making a planned gift is a wonderful way to show your support and appreciation for Brooks School and its mission while accommodating your own personal, financial, estate-planning, and philanthropic goals. There are many options to consider: gifts that cost you nothing during your lifetime, gifts that pay you an income for the rest of your life, ways to make a gift through your retirement plan or with an asset such as real estate, and help you protect your income and assets. Learn more on this page or start asking us questions —  we would welcome a conversation about gifts that impact Brooks and work for you.

 

Consider: A Gift That Everyone Can Afford

Bequests and Retirement Plans
A provision for Brooks in your will allows you to make a contribution without diminishing assets during your lifetime. Since bequests are deductible from your taxable estate, significant estate tax savings are possible. Naming Brooks as a beneficiary of a retirement plan also avoids income tax when Brooks receives its distribution from the plan. When you make this type of gift, you can indicate that your eventual gift will fund the School’s greatest need at the time (unrestricted) or will support a specific purpose such as an endowed fund you have created during your lifetime.

  • Sample bequest language
  • Talk with us about a Qualified Charitable Distribution if you are over 70 ½ years old; you could make a gift to Brooks from your IRA and avoid paying federal income tax on the money.
  • Use this form when directing your IRA administrator to make a gift to Brooks.

 

Consider: A Gift That Pays You An Income

Charitable Gift Annuities and Charitable Remainder Trusts
A gift annuity is  a contract between you and Brooks. In exchange for a gift of cash or securities, Brooks will pay you and/or a loved one a fixed amount annually for the rest of your lives, providing a steady stream of support you cannot outlive. Additionally, a portion of this income is not taxed. You also receive a charitable deduction for part of the gift as calculated by your age and IRS tables. At the passing of the income beneficiaries, the remainder is directed to Brooks for a purpose you may indicate.

There is also the opportunity to create a gift annuity now but to defer the income until a later date, such as when you retire. The deduction is taken when the gift is funded, which is usually during higher-earning years, and thus protects current income. The minimum to create a gift annuity is $10,000.

A charitable remainder trust is similar to a gift annuity in that it provides an income, but it is one based on the value of the trust and varies each year. If managed well, the trust’s income could grow over the years, providing protection against inflation. A CRT can accept a broader range of assets (cash, marketable securities, real estate), a greater number of income beneficiaries and can run for beneficiaries’ lives or a specified term. Brooks can serve as the trustee for the trust or you (you, your bank or your brokerage firm) can serve. You receive a charitable deduction for part of the gift, calculated by the agreed-to pay-out rate and IRS tables, and other tax savings can be realized. At the conclusion of the term, the remainder is paid to Brooks to support the purpose you may indicate. The minimum to create a charitable trust which Brooks manages is $100,000.

 

Consider: A Gift That Protects Your Assets

Charitable Lead Trust
You can support Brooks today for a term of years or for the life of an individual by creating a charitable lead trust. Once funded, the trust pays income to Brooks each year during the term of the trust. At the end of the term, the assets and appreciation will pass to the individuals the donor wishes to benefit with reduced or zero gift and estate taxes. And you will have provided Brooks with a significant stream of income to fund priorities you are interested in supporting.

Ask us to prepare a life income calculation for you and show the likely income, deduction and savings you would receive.

 

Consider: Other Assets and Arrangements That Can Benefit You and Brooks

Contact the Advancement Office to talk about gifts of real estate, using life insurance to make a gift, and donor-advised funds as an asset for Brooks.

 

Frank D. Ashburn Society

In 1996 the trustees of Brooks School announced the establishment of a bequest society in honor of the founding headmaster, Frank D. Ashburn. The FDA Society recognizes alumni, parents, and friends who, by making gifts to Brooks through their estate plans, have declared their commitment to the values by which Frank Ashburn lived and taught.

All are welcome to join. Members have demonstrated their commitment to Brooks’ future by establishing life income gifts (charitable remainder trusts, gift annuities or pooled income funds) or by including the School in their wills, trusts or as beneficiary of a retirement plan, life insurance policy, or donor advised fund.

Contact the Advancement Office for more information about the Frank D. Ashburn Society.

 

For Advisors

In your work as a professional advisor, you value professionalism, integrity and honesty, taking the utmost care when serving your clients. As a nonprofit organization, we share your values and take the same care when it comes to helping our donors plan charitable gifts to Brooks School.

Please use these tools as you help your clients with their charitable intentions or as you administer an estate gift, and feel free to contact us for more information or assistance.

  • Legal name: Brooks School
  • Federal Tax ID (TIN): 04-2130844
  • Located: Brooks School, 1160 Great Pond Road, North Andover, MA 01845
  • Sample bequest language
  • For securities transfers, please email Director of Advancement Services Ellen Latham or call her at (978) 725-6300 x3202.
  • Contact us to discuss a potential gift situation or to request a gift illustration.