Assets You Can Give
Bequests or Other Testamentary Gifts
A bequest to Overbrook is a powerful expression of your faith in the future of the school. An estate gift provides significant future support to Overbrook. You can provide for the school in your will or in a trust. The full value of a bequest is deductible for federal estate tax purposes, and there is no limit to the size of a bequest.
Bequests may be further restricted, for example, to establish a scholarship or in support of an existing endowed scholarship. All assets, including cash, securities, real estate and tangible personal property, may be transferred to Overbrook through your estate. You may also wish to consider naming the school as the beneficiary of your qualified retirement plan or a life insurance policy.
Gifts of Life Insurance
You may name Overbrook School the beneficiary (or co-beneficiary) on an existing life insurance policy. In the event of your death, Overbrook receives the proceeds of the policy as a bequest, generating federal estate tax benefits.
If you also make Overbrook owner of the policy and relinquish all incidents of ownership, you can claim an income tax deduction for the cash surrender value. You can also purchase, through relatively modest annual gifts, a new policy naming Overbrook beneficiary and owner. Not only will you be able to transform a small annual gift into a large one, you can claim the annual premium as a charitable deduction for income tax purposes.
Charitable Lead Trusts
The Charitable Lead Trust is a separate trust set up outside the donor’s estate that provides income to Overbrook School for an agreed upon time period. The individual making the contribution designates only the earned income or interest, from an asset or cash that is invested, to the school and receives a tax benefit only from the income that is generated by the investment.
Charitable Remainder Unitrust
This gift vehicle allows the donor to make a lump sum bequest to Overbrook School and in return receive an immediate tax deduction plus the right to receive the income from the trust throughout his/her life. At the termination of the trust (death of the donor or end of the designated time period) the “remainder” of the trust is given to Overbrook School.
Stock Options / Appreciated Securities
If you own appreciated securities, that have been held for more than 12 months, and give them as a gift to Overbrook, you can benefit by:
Claiming a charitable income tax deduction for the full value of the shares. Avoiding the capital gains tax that would have been due if the shares were sold. Please consult your tax attorney or tax preparer for the deductibility of your gift. Circumstances will vary with income and other factors.
Gifts of stock are sold upon receipt. You will be credited for the value of the stock on the date the gift is made and a receipt is generated that reflects that value.
Please instruct your broker to transfer the securities as a donation to:
Morgan Stanley Attn: Randy Campbell
Phone: (615) 269-2426
Account Number: 471-106400-318 DTC #0015
Account Name: The Dominican Campus / Overbrook School
Please contact Sharon Huber at the Development Office (615) 383-3230 or email@example.com to help us track your transfer in a timely manner and ensure you receive proper credit for your gift.
You may download instructions for transferring securities here:
Independent Retirement Accounts (IRAs) Accumulations in qualified retirement plans such as 401(k)s, 403(b)s, IRAs and Keoghs can cause the value of many estates to rise above threshold values established by Congress, thus incurring federal, and possibly state, estate taxes. Careful planning can minimize the taxes due on retirement plan assets.
One option is to designate a percentage of assets from the plan to Overbrook School. Because such a gift is for charitable purposes, it is fully deductible from the estate, and can often result in more assets being received by heirs.