A Gift Through Your Will: The Easiest Way to Make an Impact

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The easiest way to join the John Metcalf Taylor Society—and the most flexible and popular method of charitable gift planning—is to create a bequest through your will.

A bequest is a gift that comes directly to Loomis Chaffee upon your death. It’s flexible in that it can be revised any time, as your circumstances change.

The most common and useful bequest is an unrestricted bequest to Loomis Chaffee. This permits the School to use your gift wherever it is most needed. However, if there is a particular area you wish to support, the Planned Giving Office will work with you to help ensure that your request is directed appropriately.

Bequests typically take one of the following forms:

  • a specified dollar amount.
  • specified assets, such as securities, real estate, or tangible personal property.
  • a residuary bequest, in which Loomis Chaffee receives all or a percentage of the remainder of your estate after all other obligations are met.
  • a contingent bequest, in which Loomis Chaffee becomes the beneficiary only if the original named beneficiary is deceased or unable to accept the bequest.

See sample bequest language.

See How It Works

Learn How to Fund It

You can use the following assets to fund a bequest:

Next Steps

If you have remembered Loomis Chaffee in your estate plans and wish to join the John Metcalf Taylor Society, please contact Chief Philanthropic Officer Tim Struthers '85 at 860-687-6221 or tim_struthers@loomis.org, or Associate Director of Development Heidi McCann '93 at 860-687-6273 or heidi_mccann@loomis.org.

Ready to start planning today? View and download your FREE copy of A Guide to Making Your Will: Direct Your Assets to the People and Causes You Care About Most.

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Download our FREE Personal Estate Planning Kit

A charitable bequest is one or two sentences in your will or living trust that leave to Loomis Chaffee a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

I give (x dollars/ x percent or all of the residue of my estate) to The Loomis Institute, a nonprofit corporation, organizing and existing under the laws of the State of Connecticut, and with a principal business address of 4 Batchelder Road, Windsor, Connecticut. TAX-ID # 06-0653119

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Loomis or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Loomis as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Loomis as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Loomis where you agree to make a gift to Loomis and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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