Planned Giving

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Planned Giving

You believe in the work of Tamassee DAR School and you want to ensure that we will be there for future generations of children in need. You want your gift to make a lasting difference for us, but are concerned about your own future financial needs and those of your family.

If this is you, then the following information can help. Please do not hesitate to contact the Office of Development for any questions or to receive additional information on how you can help your family and your new Tamassee Family.

Tamassee Legacy Society

Bequests

By including Tamassee DAR School in your will/bequest, you are securing a safe and happy future for neglected and abused children today and for those yet to come. Tamassee DAR School encourages you to make a last gift and become a Tamassee DAR School Legacy Society Member. If you have already left a lasting legacy through your will to Tamassee DAR School, but have not informed us, please take the opportunity to contact us and inform us of your wonderful gift. This allows us to know what to expect and announces you as the donor so that we may thank you in the appropriate fashion.

The most common and simplest form of planned giving is a bequest. A bequest is a gift of asset(s) that is made through the donor(s) will.

The typical bequest donor:

○ Wants to complete a gift while keeping assets available during life.

○ Has assets beyond those intended for heirs.

○ Wants to memorialize a family member.

○ Wishes to start a family legacy of giving.

○ Owns assets not suitable as a gift to heirs.

○ Cares about Tamassee DAR School

Gift Features and Benefits for leaving a bequest:

○ Future estate tax reduction

○ Flexible

○ Can be specific amount or a percentage of the estate

○ Leaving a Legacy for the benefit of Tamassee’s Children

○ Can take effect only after children/beneficiary receive assets

Charitable Remainder Trusts

A gift to Tamassee DAR School through a charitable remainder trust is accomplished by the creation of an irrevocable trust, established by a donor with the assistance of his or her attorney. Assets such as cash, appreciated stock, bonds or real estate are contributed to the trust, which is managed by a trustee. The trustee may sell the assets and reinvest the sale proceeds. The trust makes regular payments to beneficiaries named by the donor at the time the trust was established. These payments can be made for the lifetime(s) of the beneficiary(ies) or for a specified term of up to twenty years. After the lifetime of the last surviving beneficiary, or at the end of the specified term, the trust terminates. The trust principal or "remainder" interest is then distributed to Tamassee DAR School for the purposes designated by the donor.

The trust must have a value of $25,000 if Tamassee DAR School establishes and/or oversees the Trust.

Two Types of Trusts

1. Charitable Remainder Unitrust (CRUT)

The charitable remainder unitrust provides a variable annual payment, based on a percentage of the trust assets as revalued annually. Donors who prefer certainty in the annual payment amount might prefer the annuity trust. Those who prefer more flexibility might select the unitrust.

2. Charitable Remainder Annuity Trust (CRAT)

The charitable remainder annuity trust provides a fixed annual payment stated as an amount, or as a percentage of the value of the initial trust assets. The annual payment amount will not change over the term of the trust.

Real Estate

Tamassee DAR School considers all types of real estate as potential gift property, such as:

· undeveloped land

· resort properties

· residences

· farms

· industrial

· commercial buildings

· condominiums

· gifts of retained life estate

If you are considering a gift of real estate to Tamassee, please contact us at the Office of Development at (864) 944-1390. We would like the opportunity to discuss this wonderful option with you.

Real Estate Assessment & Acceptance:

In order for Tamassee DAR School to consider a gift of real estate, a thorough evaluation is needed that should contain the following: Market Value and Marketability, Potential Environmental Risks, Limitations and Encumbrances, Carrying Costs and Title Information.

Gifts of Real Estate are completed by the transfer and delivery of a deed or gift or other appropriate conveyance. Tamassee DAR School is not permitted to appraise or assign a value to the gift of property. You as the donor will need to establish a value and provide at the donor’s expense, a qualified appraiser required by the IRS.

Life Insurance

Life insurance is a valuable gift option that is often overlooked. Life insurance is frequently purchased as part of an overall financial or estate plan. As circumstances in life change, the need for insurance may diminish. A gift of a paid-up policy can provide tremendous benefits to Tamassee DAR School.

The typical donor:

○ Needs assets available during life.

○ Has paid into the policy for several years.

○ Wants to insure completion of a significant gift.

○ Uses the gift of insurance as part of an overall financial plan.

Gifts features and benefits:

○ Immediate income tax deduction available to 50 percent of adjusted gross income

○ Flexibility in completing various giving plans

How Do I Make a Gift of a Life Insurance Policy with Cash Value?

To transfer ownership of an existing policy to Tamassee DAR School, you must obtain a “change of ownership and beneficiary” form from your agent or insurance company. You should complete those portions of the form pertaining to “change of ownership” and “beneficiary designation.” The correct name of Tamassee DAR School must be used. The appropriate form and a copy of the policy should then be transferred to Tamassee DAR School. Tamassee DAR School must sign the “change of ownership” form as the new owner. If the policy is not “paid up,” future premiums are treated as cash gifts to Tamassee DAR School.

Life Insurance Assessment & Acceptance:

Tamassee DAR School accepts gifts of life insurance policies, including whole life, variable and universal life policies, which meet the following criteria:

○ The policy is paid up or, if not paid up as of the date of the gift:

Has a minimum face value of $10,000.

○ Has a payment schedule not to exceed twelve years and which assumes and interest rate not to exceed 1 percent below the prevailing prime interest rate as reported in the Wall Street Journal (for existing policies and “in force” illustration will be required); and

○ Requires a written pledge of a charitable contribution from the donor in a total

amount which equals or exceeds the total premiums due, and with pledge payments scheduled so as to equal or exceed each policy premium payment that becomes due. This written pledge also will acknowledge the absolute ownership by Tamassee DAR School.

The gift will be completed upon the transfer and delivery of the life insurance policy or an assignment of the policy in the event that Tamassee DAR School is not the original owner of the policy.

Tamassee Legacy Society ...Preparing the way for tomorrow's children

The Tamassee DAR School Legacy Society honors our very special friends that have remembered Tamassee DAR School in their will or other planned giving vehicle. Through their gift, Tamasse's legacy will continue.

If you would like to know how you can leave a lasting legacy through your will or would like to be the newest member of the Legacy Society by informing us that you have placed Tamassee DAR School in your will, then please contact us.

“I know that…through our future gift in our Will that this [Tamassee] will continue long after we are gone. What a joy to know what material gifts God has given to us will continue to bless these children at Tamassee,

one life at a time.”

–Loy and Linda Jones, Tamassee Legacy Society Members

For more information about giving opportunities, call or write us at:

Tamassee DAR School

Office of Development

P.O. Box 8

Tamassee, S.C. 29686

Tel.: (864) 944-1390

Fax: (864) 944-0097