Planned Giving
A planned gift is a thoughtful way to support the New Albany Floyd County Education Foundation and NAFC Schools while potentially benefiting from significant tax advantages. These gifts provide creative and flexible solutions that align with your charitable and financial goals. In addition to substantial tax savings, the greatest reward is the satisfaction of knowing you are contributing to work that is meaningful to you, your community, and future generations.
Let Us Know How We Can Help
We thank you for considering the NAFC Education Foundation in your will and estate planning. For more information or to get started, please contact our Executive Director, Tyler Bliss, at (812) 542-2228 or TBliss@NAFCEdFoundation.org.
Ways to Give
A bequest gift can be a specific dollar amount, a percentage of your estate, a particular asset, or the entire residue of your property. These gifts can be:
- Restricted: Designated for a particular purpose.
- Unrestricted: Used for the general purposes of NAFCEF.
- Contingent: Made only if specific conditions occur (e.g. if a spouse predeceases the donor).
One of the significant advantages of a bequest is that your assets remain under your control during your lifetime, and you can modify your gift at any time to reflect changes in your circumstances.
- Giving a Percentage: You can leave a specific percentage of your estate to the Education Foundation, ensuring your charitable intentions adjust with the value of your assets. For example:
“I give to The New Albany Floyd County Education Foundation (Tax ID: 20-2552199) a sum equal to 15% of my estate.” - Giving a Specific Amount: A specific gift to NAFCEF in your will can change countless lives and impact future generations. It can be as simple as:
“I give to the New Albany Floyd County Education Foundation (Tax ID: 20-2552199) a sum of $10,000.” - Residue Gifts: These refer to whatever remains after other bequests have been fulfilled. To leave a residual gift, you might state:
“All of the rest, residue, and remainder of my estate, I give to the New Albany Floyd County Education Foundation (Tax ID: 20-2552199).”
A gift of life insurance is one of the most flexible ways to support the NAFC Education Foundation. If you have a life insurance policy with excess coverage, you can redirect it to benefit the Foundation. To do this, simply contact your insurance plan administrator and request that the New Albany Floyd County Education Foundation (Tax ID: 20-2552199) be named or added as a beneficiary.
- Beneficiary Designation: You can designate all or a portion of the final (death) benefit to the Foundation. While the exact process may vary between insurance companies, it is often straightforward and can typically be completed online through your insurance company’s customer portal.
- Transfer of Ownership: Transferring ownership of a policy to the Foundation can be a meaningful gift. This transfer may provide immediate tax benefits and reduce the size of your estate for estate tax purposes.
By choosing to support the NAFC Education Foundation with a life insurance gift, you ensure that your generosity will make a lasting impact on future generations.
Retirement assets are one of the few assets passed to heirs that trigger taxes for the recipient. Therefore, using retirement assets to fulfill your charitable goals can be a very tax-wise choice. By updating your beneficiary information to include a percentage for the New Albany Floyd County Education Foundation, you can continue to support the innovation and success of NAFC Schools.
Updating your beneficiary information is straightforward and can often be done online through your retirement plan provider’s website. By including the New Albany Floyd County Education Foundation (Tax ID: 20-2552199) as a beneficiary, you ensure that your generosity will have a lasting impact on the educational community.