Legacy Giving
Members of the Cole Society are committed to ensuring the continued strength of Carroll for future generations.
The Cole Society
The late Dr. Edwin Cole was a neuropsychiatrist at Mass. General Hospital who specialized in working with children with learning challenges. In 1967, he co-founded Carroll School to work specifically with that population. Today’s Carroll School is Dr. Cole’s legacy.
The Cole Society honors those who leave their own legacy at Carroll by including the school in their will, establishing a life income plan, or making Carroll the beneficiary of a life insurance or retirement plan.
All of these options offer advantages to you and your loved ones while also making an everlasting impact by helping to make sure a Carroll education is available for future generations.
If you have included a gift to Carroll in your will or would like to talk about options that would work best for you, please contact Sandy Potter.
Legacy Giving Creates Opportunity
As Meaningful as Anything Could Possibly Be
Gifts by Will or Trust
A charitable gift from your estate is a favored method of giving that enables you to achieve your financial goals and benefit Carroll. No other planned gift is as simple to make or as easy to change, should you ever need the assets during your lifetime.
Bequests to Carroll may be made in several ways, including:
- A specific bequest of a dollar amount which is exempt from estate taxes
- A residuary bequest of all or a portion of a donor’s estate after the payment of specific amounts to other beneficiaries
- A testamentary trust, the principal of which is paid to the School upon the death of beneficiaries of the trust income
Beneficiary Designation
Naming Carroll as a beneficiary of your retirement account can be a way to avoid significant estate taxes. Qualified Retirement Plans may be the most tax-burdened assets you own. If you die before you have taken all of your distributions from qualified plans such as an IRA or 401(k), the balance remaining in your plan can be subject to multiple taxes.
You can also use a life insurance policy to make a gift to Carroll. It’s usually as simple as completing a form with the insurance company designating Carroll as the beneficiary of all or a portion of the death benefit of your life insurance policy. As an alternative to naming Carroll as the beneficiary, you can transfer ownership of the policy. Transferring ownership can produce an immediate income tax charitable deduction for the value of the policy and future income tax deductions if you continue to pay premiums on the policy.
Charitable Remainder Trust
A charitable remainder unitrust can help you maintain or increase your income while making a significant gift to Carroll.
If your unitrust grows, your payments will grow too, providing a hedge against inflation. A unitrust provides more flexibility than other life income plans.
A charitable remainder unitrust could be right for you if:
- You want to provide income for yourself or others.
- You want the possibility of income growth.
- You want to save income taxes or capital gains taxes.
- You want to choose the person who administers your gift and guides its investments.
- You want to make a generous gift to Carroll.
Charitable Lead Trust
Make a substantial gift to Carroll in the form of fixed annual payments and pass assets to your family or other heirs at reduced gift and estate tax cost.
A charitable lead annuity trust may be right for you if:
- You have substantial assets that you do not need currently for your own financial security.
- You want to provide for your family or other heirs.
- You want to save gift taxes, estate taxes, and probate costs.
- You want your gift to make a difference at Carroll starting immediately.
Give
