A planned gift can make a lasting impact Tandem Friends School and help you with your estate goals. The benefits to you may include:
an income tax deduction,
reduced capital gains taxes,
reduced probate costs and estate taxes,
income for life.
Planned gifts include making a bequest to Tandem Friends School in your will, adding Tandem as the beneficiary of retirement plans or life insurance. Additionally, there are more nuanced gifts such as charitable trusts and annuities.
You and your advisor can craft a gift that fits your needs, as well as the needs of Tandem Friends. By making a planned gift of any size you are strengthening the school's mission and helping to safeguard its future.
A charitable gift through your estate is the most straightforward way to help you achieve your financial goals and benefit Tandem Friends School. There are no minimum dollar requirements or complex rules to understand. In consultation with your lawyer, a bequest can be specified in your Will or by codicil. There are three types of bequests to consider: outright, residuary and contingent.
Outright: A specific sum of money
To make an outright gift, language like this could be used.
I/we hereby give, devise and bequeath to Tandem Friends School, a 501(c)3 nonprofit organization located at 279 Tandem Lane, Charlottesville, VA 22902, Federal Tax ID #23-7063914, [insert here the exact dollar amount].
Residuary: A percentage after all specific bequests, debts, estate expenses have been paid.
To make an residuary gift, language like this could be used.
I/we hereby give, devise and bequeath to Tandem Friends School, a 501(c)3 nonprofit organization located at 279 Tandem Lane, Charlottesville, VA 22902, Federal Tax ID #23-7063914, all [or a portion] of the rest, residue and remainder of my estate.
Contingent: Provides first for loved ones and benefits Tandem only if the named beneficiary predeceases the person making the Will.
To make a contingent bequest by Will, language like this could be used.
“I bequeath to _________________ the sum of $______________ and in the event he/she/they predecease me, I direct this sum to be paid to Tandem Friends School, a 501(c)3 nonprofit organization located at 279 Tandem Lane, Charlottesville, VA 22902, Federal Tax ID #23-7063914.
By naming Tandem Friends School, a qualified non-profit, as a beneficiary of all or a portion of your retirement plan (IRA, 401k or 403b), life insurance policy, or other financial accounts enables these assets to pass from your estate to Tandem tax-free. When given to individuals as heirs, these assets are subject to personal and possibly estate tax.
Naming Tandem Friends as a beneficiary is easy to do. Simply complete the beneficiary designation form which your insurance policy provider or retirement plan administrator can provide.
This gift is simple because you can control the transfer of these assets at your death without changing your will or living trust. All you need to do is request and complete a new beneficiary designation form from your plan administrator.
Life Insurance Policy
Life Insurance policies can also be used to make a gift to Tandem Friends. Complete and return to the insurance company a form designating that Tandem Friends School receives all or a portion of the death benefit associated with your life insurance policy.
Commercial Annuity Contracts - a commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name Tandem Friends to receive all or part of this amount by designating it as a beneficiary (sole or partial) on the appropriate form from the insurance company.
Bank Accounts - you can instruct your bank to pay Tandem Friends all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.
Investment Accounts - you can instruct your investment company to transfer to Tandem Friends some or all investments held in the account at the time of your passing. Your broker or agent can let you know the process for doing this – it may be as simple as adding “T.O.D. to Tandem Friends School” after your name on the account. (T.O.D. means transfer on death.)
*You may need Tandem's Federal Tax ID number for some of these forms. Federal Tax ID #23-7063914*
There are several types of planned gifts that allow you to support Tandem Friends School while generating income for yourself and your family. Tandem Friends has partnered with Friends Fiduciary to administer a variety of planned giving options. Learn more about their services.
Charitable Gift Annuity
A charitable gift annuity provides a fixed lifetime income payment to you as the donor(s), or to one or two life income beneficiaries (annuitants) you may designate. After the death of the annuitant(s), the remainder of the gift is transferred to Tandem Friends School. Charitable Gift Annuities might be right for you if
You want to maintain or increase your cash flow.
You want the security of fixed, dependable payments for life.
You want to make a generous gift to Tandem Friends School.
Charitable Lead Trust
With a Charitable Lead Trust (CLT), annual payments are made to Tandem Friends School for a fixed period of time, typically between 10 and 20 years. When the CLT terminates, the remaining principal is paid to your heirs. The amount and terms of the payments to TFS can be structured to reduce or eliminate taxes when the appreciated principal is transferred to your heirs. A CLT enables you to:
Build a strong future for Tandem
Leave your heirs a larger estate than might otherwise be possible.
Charitable Remainder Trusts
The Charitable Remainder Trust (CRT) is structured so that you or another named individual receives annual payments for a fixed period of time. When the CRT terminates, the remainder of the Trust is transferred to Tandem Friends. A CRT enables you to:
Build a strong future for Tandem
Receive income for life for you or your named beneficiaries
If you are advising a client who is considering a planned gift or bequest to Tandem Friends School, we welcome the opportunity to work with you in helping your client. Please feel free to contact us any time for further information or assistance on a confidential basis.
Here is some basic information about our organization:
Legal Name All charitable gifts should be directed to Tandem Friends School, a 501(c)3 nonprofit organization located at 279 Tandem Lane, Charlottesville, VA 22902, Federal Tax ID #23-7063914.
Tax I.D. Number
Tandem Friends School's Tax ID number is #23-7063914.
Tandem Friends School has partnered with Friends Fiduciary to advise and administer planned gifts such as annuities and trusts.
If one of your clients arranges an estate gift for the benefit of Tandem Friends, we would very much appreciate knowing about the gift, both so we can express our sincere gratitude and so we can make sure we will be able to fulfill the donor’s wishes.
Of course, we respect the fact that in some cases donors prefer to remain anonymous. If you are willing to serve as an intermediary, a client of yours can share information about his or her plans without divulging his or her identity. Click here for a confidential form that can be used in notifying Tandem Friends School that an estate gift has been arranged.
Thank you for the work you do on behalf of our donors!
The material presented on this website is not offered as legal or tax advice.
For advice or assistance in specific cases or whether to make certain a contemplated gift fits well into your overall circumstances and planning, the services of an attorney or other professional advisor should be obtained.
The purpose of this website is to provide general gift, estate, and financial planning information. Watch for tax revisions. State laws govern wills, trusts, and charitable gifts made in a contractual agreement. Advice from legal counsel should be sought when considering these types of gifts.
Donors who have made planned gifts that benefit Tandem Friends School are members of the Evergreen Circle.