You can leave a lasting impact on the lives of our Kaplan Scholars with a planned gift. There are a variety of planned gifts that will allow your legacy to live on in the work of the Kaplan Educational Foundation. Whichever method you choose, please be sure to notify the Kaplan Educational Foundation so we can properly thank you and recognize you as a member of our Legacy Society. Please find some helpful hints in making your planned gift below. And, you can always contact Rhoda Tamakloe at (212-974-2747) or Rhoda.Tamakloe@KaplanEdFoundation.org if you have any questions regarding any of these options.
Naming KEF a Beneficiary
Making a planned gift can be as simple as adding the Kaplan Educational Foundation as a beneficiary of a bank account, brokerage account, insurance policy, or retirement plan. In most instances, you can accomplish this by obtaining and filling out a form from your bank, brokerage firm, insurance company or retirement plan administrator. While this removes the item from the general probate process that covers items left through your will, it is still figured as part of your estate’s valuation. The good news is that your estate is allowed a federal charitable deduction for these gifts to the full extent allowed by law since Kaplan Educational Foundation is designated as a 501(c)(3) charitable organization by the IRS.
Bequests are one of the most common forms of planned giving. A bequest allows you to establish a charitable legacy for the future of Kaplan Educational Foundation and our Scholars while letting you keep control of your assets during your lifetime.
You can easily make a bequest by using a simple codicil to a will or trust, or by adding the gift to your current documents with specific language that your attorney or Kaplan Educational Foundation can easily provide.
Bequests to Kaplan Educational Foundation, which is an IRS designated 501(c)(3) charitable organization, are deductible against federal estate taxes to the full extent allowed by law.
Charitable trusts are another popular form of planned giving. One type, the charitable remainder trust, allows you to make a charitable gift while earning an income for yourself or other designated recipient for life or up to 20 years. After this time, the remaining assets are paid to Kaplan Educational Foundation.
There are two primary categories of charitable remainder trusts.
The Charitable Remainder Annuity Trust (CRAT) allows for a fixed payout every year and is negotiable according to your age and the term of the trust.
The Charitable Remainder Unitrust (CRUT) allows for a fixed annual payout based on yearly revaluations of its assets, and is also negotiable according to your age and the term of the trust.
Both Charitable Remainder Trusts include
- Tax-advantaged payouts
- Professional asset management
- Charitable deduction
- Lower estate valuation
- Remainder value payable to Kaplan Educational Foundation
Charitable Lead Trusts also involve charity and are particularly effective in periods of low-interest rates. Lead trusts are tax efficient in passing assets to another person with little or zero gift taxes. They have become increasingly popular as interest rates have fallen. It does take a skilled advisor to establish a charitable lead trust.
You have many different ways to use life insurance to support Kaplan Educational Foundation, and even ways to possibly increase the amount of money your heirs receive.
- Name Kaplan Educational Foundation as a beneficiary of your life insurance policy.
- Acquire a life insurance policy and make Kaplan Educational Foundation the owner of the policy. You would pay the premiums when due, and you are allowed to deduct these premium payments on your taxes as a charitable contribution.
- Transfer ownership of your existing life insurance policy to Kaplan Educational Foundation. This is a good option if you have policies you took to cover an intended purpose that no longer exists. Perhaps you took out a life insurance policy to cover the costs of your children’s education, and now your children are no longer in school. You can opt to donate the value of this policy to Kaplan Educational Foundation by transferring the policy ownership. You can even write off all the premiums you previously paid or slightly less than the cash value – and you can count any future premium payments as charitable deductions.
Did you know that only your spouse or a charity can receive your retirement assets completely tax-free? Even your children and siblings will first be liable for any income tax due on your retirement assets since these funds were not taxed during your lifetime.
If you leave your You IRA, 401(k), 403(b) or other pension or retirement plans to Kaplan Educational Foundation, we won’t be taxed, because we are a tax-exempt charity, and your estate can even claim this as a charitable tax deduction.
Consider leaving your ‘non-retirement’ assets to your friends and family, and let the tax-exemption work in your favor when you leave your retirement assets to Kaplan Educational Foundation.
Real Estate, Stocks, Securities and Tangible Personal Property
There are additional planned giving options. You are welcome to discuss your intentions and questions with Rhoda Tamakloe, and are encouraged to consult with your attorneys or advisors when making gifts to any charity. Please do remember to inform Kaplan Educational Foundation anytime you designate a planned gift to benefit our Scholars. Thank you for your support. We value your confidence in our work and honor your legacy of support.