Discover a Gift That Gives Back

Richard and Sandy Weiss

Dr. Richard Weiss supports Pingry’s future with a tax-smart gift that provides him payments for life.

For Dr. Richard Weiss '55, GP '17, '18, '21, The Pingry School was a transformative experience. Able to parley his experience into an Ivy-League education, successful medical practice, and much, much more, Richard has decided to give back to Pingry through a planned gift.

"You can't go wrong with a charitable gift annuity," Richard says. "It's a win-win."

Unlike estate gifts, a charitable gift annuity, or CGA, can provide immediate benefits for the charitable institution as well as the donor. Using cash or other charitable assets to purchase the gift annuity, the donor makes a contract with the charitable organization to receive an annuity in exchange for the gift, to be paid to the donor or to somebody else the donor designates. This is normally calculated based on the estimated life expectancy of the annuity recipient so that the charitable organization ends up with about half of the initial gift-with older donors reaping greater returns. Additionally, a portion of the annuity payment will be tax-free until the statistical life expectancy is reached-and you can take advantage of the tax benefits of having made a charitable donation immediately.

Considering that pre-tax assets, estates, and required minimum distribution (RMD) withdrawals can all be used to secure a CGA, this form of planned giving can provide a measure of financial stability-particularly after RMD is instituted after the age of 701/2. The RMD capital can be donated, dollar-for-dollar, up to $100,000; instead of paying taxes on this money as ordinary income, it can be donated to an outside charity with no tax implications.

"Really I hope that our gift sustains the current course of Pingry," says Richard, and as an alumnus and current grandfather of Pingry students, "I couldn't be prouder or more happy."

A charitable bequest is one or two sentences in your will or living trust that leave to The Pingry School a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to The Pingry School, a nonprofit corporation currently located at 131 Martinsville Road, Basking Ridge, NJ 07920, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Pingry or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Pingry as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Pingry as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Pingry where you agree to make a gift to Pingry and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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