The Heritage Society Gift Options

Following are brief descriptions of some of the most popular gift options:


The Bolles School has been the recipient of bequests, both large and small, from alumni, parents, grandparents and friends over the years. Bequests often come in the form of specified amounts of cash or other property, a percentage of the overall estate, or all or a portion of the residue ("what's left" after specific bequests have been fulfilled) and may be made by adding a codicil to an existing will. You may use a will in combination with, or to create, the gift options described below. Living trusts may also be used in this manner.

Gifts of Life Insurance

Gifts of life insurance are another popular year-end charitable gift. The Bolles School should be named as owner and beneficiary of the policy to receive the charitable deduction. If the policy has a cash value, the donor may take approximately this amount as a charitable deduction. If annual premiums are still due and you continue to pay them, the premiums are tax deductible each year.

Life Estate Agreement

Under a life estate agreement, you may transfer title to a residence or a farm to The Bolles School and retain the right to live there and use the real estate for life. You are entitled to any income it produces and are responsible for upkeep. A tax deduction is available in the year of the gift. At your death, the institution receives the property to use as needed or as you directed.

Gifts of Long Term Appreciated Property
When stocks, bonds, real estate, and other appreciated assets are sold, tax is due on any capital gain. One of the only ways to avoid or delay the capital gains tax is to make a charitable gift of the property. When you give appreciated property that has been held long-term, you may take a deduction based on the current value of the property rather than just its cost. The combined benefits of bypassing tax on the capital gain, receiving an income tax deduction, and making a charitable gift can be gratifying.

Increasing Your Retirement Income
Many of the plans described here can be a welcome addition to your retirement plans. If you have property that has increased in value but yields little income, using it to fund a charitable gift plan can help your assets do "double duty." The life income you receive from the gift plan will be based on the full value of your property, not just what would be left after you paid tax on the gain. You will also enjoy tax savings from the deduction you receive when you create the plan. This amount can be invested for greater income. Many middle and upper income persons can increase their income from investment assets by 50% or more, while receiving the satisfaction of making a very meaningful gift in the process.
Advice from legal counsel should be sought when considering planned gifts. State laws govern wills, trusts, and charitable gifts made in a contractual agreement.
Periodically we receive bequests from individuals who have not let us know of their plans. Membership in The Heritage Society is the way we recognize this most significant commitment. If you are contemplating or have already made provisions for The Bolles School in your will, please let us know so we can include you in The Heritage Society. Of course, if you request anonymity, we will certainly honor your wishes.

To discuss a gift to The Heritage Society, you may reach:

KC Cassell at (904) 256-5015 or

Carol Nimitz at (904) 256-5020 or

Copyright The Bolles School 2015

Co-ed Day and Boarding College Preparatory School from Pre-Kindergarten through Grade 12

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