Planned giving allows donors to support Norwood School through
estate and tax planning, which can provide for the School in ways that maximize
the gift and/or minimize its impact on a donor’s estate.
Norwood established the Oak Tree Society in 1994 to recognize the generosity of parents, grandparents, past parents, alumni, and friends who have made provisions for Norwood in their estate plans. A bequest or trust of any size qualifies an individual for membership in the Society, and helps secure Norwood’s future for generations of students.
The School may accept a gift of a remainder, whether transferred by lifetime gift or bequest, and without regard to the age of the income beneficiary, provided that the School has no management responsibility for the period prior to taking possession of the remainder. If the gift is made in lifetime, the donor may be eligible for an income tax deduction equal to the actuarial value of the reminder. If the gift is made by will, the donor will receive an estate tax charitable deduction equal to the actuarial value of the remainder.
Norwood may accept a gift of an income interest provided that the School has no management responsibility for the period of the income interest. The donor may be able to exclude the income payable to the School, from year to year, from income and thus receive the equivalent of a deduction. Donors may be eligible for a gift tax deduction for the present value of the payments to Norwood, thereby creating the possibility of transferring property to heirs with greatly reduced, or possibly eliminated, gift taxes.
Retirement Plan Benefits
The School may accept a post-mortem lump-sum gift of any balance remaining in a qualified plan (401(k) plan, pension or profit-sharing plan), IRA of Tax Sheltered Annuity. The donor may be eligible for an estate tax deduction.
Please consult your attorney or tax advisor for application of the principles summarized above to your personal situation and intended type of gift.