Legacy Giving

List of 8 frequently asked questions.

• The Tower Society

  The Tower Society was established to honor all those who have taken the special step of including Kiski in their long-term plans through a bequest provision in their will or trust, a life-income gift, or other estate-related giving arrangements. These important legacy commitments build Kiski’s permanent endowment and are foundational to the school’s future. For a list of current Tower Society members, click here.

   

  How to Join

  The following types of commitments qualify you for membership:

  • A bequest provision in your will or revocable trust (remote contingencies do not qualify);
  • A Life-Income gift that names Kiski as a beneficiary, such as a gift annuity or charitable remainder trust;
  • A gift or beneficiary designation of qualified retirement plan assets, such as an IRA, 401(k) or 403(b);
  • A gift or beneficiary designation of a life insurance policy;
  • A charitable lead trust that provides income to Kiski for a donor's lifetime or a term of years;

  Gifts of a future interest in special assets, such as real estate or business interests.

  If you have already included Kiski in your plans, but have not notified us, please let us know. It helps us with our internal planning. The type and amount of your commitment will always be kept confidential. And, your willingness to be listed as a member of The Tower Society encourages others to follow your example. We acknowledge and respect those who wish to remain anonymous, but we urge you to let us know of your plans on a confidential basis in any case. Of course, if you have not yet included Kiski in your plans and you would like to explore the best options for you and your family, do not hesitate to contact us. Our gift planning team would be glad to assist you on a confidential basis and without any obligation.

   

  Recording your commitment

  To record your commitment and qualify for membership, simply fill out and return our confidential Confidential Membership Form or contact us.

• Gifts That Cost You Nothing Now

  You can have your attorney insert a clause in your will or revocable trust that leaves a charitable bequest to Kiski. You can leave a specific dollar amount, a percentage of your gross estate or your net estate after taxes and distributions to heirs, or even a specific asset, such as real estate or valuable artwork.  Contact us for a confidential discussion.

   

  SAMPLE BEQUEST LANGUAGE* 

  Unrestricted

  “I give and devise to The Kiski School, located in Saltsburg, PA, the sum of $___________ (or __ % of the rest and residue of my estate) for its general unrestricted purposes.”

   

  General Endowment

  “I give and devise to The Kiski School, located in Saltsburg, PA, the sum of $________ (or ___% of the rest and residue of my estate) to be added to its general endowment.”

   

  Specific Endowment

  “I give and devise to The Kiski School, located in Saltsburg, PA, the sum of $________ (or ___% of the rest and residue of my estate) to be added to its tuition aid endowment (or specify another purpose).

   

  HINT: Younger donors should consider leaving a percentage of your gross or residual estate (5%-10% is common) rather than a specific dollar amount. Then you don’t have to worry about changing the amount over time.

   

  *Click here to download more samples of bequest language. 

   

  Beneficiary Designations

  You can name Kiski as a primary beneficiary of a qualified retirement plan, such as an IRA or 401K, or a life insurance policy by simply filling out a Change of Beneficiary Form available from your plan or policy provider. It just takes a few minutes and you can almost always do it online. Any remaining assets in your plan will go to Kiski tax-free upon your death.  You can also name the School as a percentage beneficiary along with your spouse (a spousal waiver of benefits may be required). Contact us for more details.

   

  HINT: IRAs and other retirement plans are the most tax-burdened assets you can leave to your heirs. This makes them a great asset to leave to Kiski. Current tax law requires that qualified plan assets be distributed to individuals within 10 years, leaving your heirs to pay income tax on the distributions at their current bracket. Qualified plan assets are also subject to federal estate tax.

• Gifts That Provide Income

  Kiski offers a variety of gift structures that provide you with income for life or a term of years as well as substantial tax benefits. At the end of the specified term, the remaining principal reverts to the School’s endowment or to a purpose you specify. These are called “Life-Income” gifts.

   

  Charitable Gift Annuity

  In exchange for your gift of cash or stock, Kiski contractually agrees to make fixed (annuity) payments to you, and up to one other person you name, for life. You can take a deduction for your gift and part of each annuity payment will be treated as tax-free income. When the last annuitant dies, the balance remaining in your fund is added to Kiski’s endowment or used for the purpose you specify. The older the beneficiary, the higher the annuity rate paid. Annuitants who are 65 or older can begin payments immediately. Younger annuitants must defer payments until age 65 or older. Flexible deferred options with a range of possible beginning dates are available. Not available in all states. Minimum gift: $10,000. Contact us today for an illustration of your projected benefits.

   

  HINT: Younger donors can receive guaranteed annuity payments at rates of 10% or more by deferring the start date to age 65 or older--a great supplemental retirement plan. A great way to help Kiski and yourself at the same time!

   

  Charitable Remainder Trust

  One of the most flexible and powerful life-income plans available, a Charitable Remainder Unitrust provides you and/or other beneficiaries you name with income for life or a term of years. When the last beneficiary dies or the term expires, the remaining principal in your trust goes to Kiski for the purpose or purposes you specify. As the donor, you receive a charitable deduction for any gifts you make to the Trust and you pay zero capital gains tax on any appreciated assets you donate. The income from the trust is tax-advantaged. You can fund your trust with almost any kind of asset, including cash, appreciated securities, even real estate, or business interests. You can make additional gifts to the trust whenever you like (Unitrust only), and you can name the trustee you prefer (including yourself, or your registered advisor). Kiski will serve as a trustee without charge if we are at least a 51% remainder beneficiary. Minimum gift: $100,000. Contact us today for a detailed illustration of your projected benefits. Click here to download a white paper on Charitable Remainder Trusts.

   

  HINT #1: If you have multiple charitable interests, you can name two or more charities as percentage beneficiaries of your Trust.

   

  HINT #2: If you don’t need the income from the trust right away, you can defer the start of income payments until later when a special triggering event occurs, such as the sale of an asset such as real estate used to fund the trust or reaching retirement age.

   

  HINT #3: If you are worried about “disinheriting” your children, you can use the first few years of income payments from your trust to purchase a paid-up second-to-die life insurance policy in an Irrevocable Life Insurance Trust for your children to replace your charitable gift.

• Gifts of Non-Cash Assets

  When you are thinking about leaving a legacy to Kiski, consider the benefits of giving non-cash assets:

   

  Life Insurance

  Just like an IRA or other qualified retirement plan, you can name Kiski as the beneficiary of a life insurance policy by filling out a Change of Beneficiary form available from your policy provider. It just takes a few minutes. No immediate tax deduction or gift credit is available for this gift because it is revocable, but you will have the satisfaction of knowing that Kiski will eventually benefit and your estate will receive an estate tax deduction if your policy remains in force. If you no longer need your policy for coverage, you can make Kiski the owner AND beneficiary of your policy and receive a charitable income tax deduction now for the lesser of your cost basis in the policy or its cash surrender value (technically, the “interpolated terminal reserve value”) on the date of transfer. In certain cases, you may arrange to give a partially paid-up policy to Kiski, receive a deduction, and deduct any premiums you continue to pay. Contact us for more information.

   

  HINT: Donate a paid-up policy you no longer need and receive a charitable deduction and gift credit now.

   

  Retirement Assets

  Qualified retirement plan assets are the most tax-burdened assets you can own. Many people do not realize that if they die with no surviving spouse, any balance remaining in their qualified plan could be subject to multiple levels of taxation before distribution—including federal estate tax (if applicable), income tax, state inheritance tax, and even generation-skipping tax--that can claim 70% or more of its value. It is often advantageous, therefore, to donate such assets to charity. This can be done by simply naming Kiski the primary beneficiary of all or a portion of your retirement plan, by gifting any remaining plan assets through your will, or by directing remaining plan assets into a testamentary Charitable Remainder Trust that provides income to your heirs for life or a term of years, after which the principal reverts to Kiski. Contact us to explore the approach that best meets your needs.
  
  

  HINT: Consider naming Kiski a primary beneficiary with your spouse (spousal waiver of benefits may be required) and 100% secondary beneficiary in the event your spouse predeceases you.
  
  

  Real Estate

  There are many creative ways to donate real estate—including homes, commercial buildings, farms, parcels of land, and mineral rights—that can be very beneficial to you and to Kiski.  You may donate your whole property or a percentage of your property (called an “undivided fractional interest”) and take an income tax deduction for the appraised value of your gift. You can donate your property now and take an income tax deduction for your gift based on IRS rules, but retain the right to live in it for the rest of your life (called a “Retained Life Estate”). You can use all or a portion of your property to fund a life-income arrangement (a FLIP Charitable Remainder Unitrust is best for this). In some cases, you can even sell your property to Kiski at a discount and take a charitable deduction for the difference between the sale price and the appraised value of the property (called a “Charitable Bargain Sale”). Of course, estate-related gifts of real estate through your will or revocable trust are always welcome. Contact us for more information.

   

  HINT: Donate a percentage interest (called an “undivided fractional interest”) in your home to Kiski before you put it on the market for sale and receive a charitable deduction for the appraised value of your gift to Kiski. Your charitable deduction will offset any capital gains tax you may owe and Kiski can collect its share of the proceeds when you complete the sale.

   

  Business Interests

  Gifts of business interests--such as stock in a closely held corporation, S-corporation stock, shares in a professional corporation, or partnership interests--can make a charitable gift that benefits both you and Kiski. When you make a gift of business interests, you will receive a charitable deduction and may be able to use the assets to fund certain types of life-income gifts, such as a charitable remainder unitrust. Alternately, you may use your business interests to create a charitable lead trust that provides Kiski with income now and returns any remainder to your heirs. In most cases, a gift of business interests will require a qualified independent appraisal. Your interest must be transferrable, not encumbered by debt, and cannot require Kiski to make future contributions to or for the enterprise. Contact us for more information.
  
  

  Tangible Personal Property

  Gifts of valuable personal property—such as books, works of art, jewelry, and coin collections—can benefit both you and Kiski. Such gifts, if they qualify under IRS related use rules, can result in an income tax deduction for their full appraised value. Contact us for more information.

• Gifts That Pass More On to Your Heirs

  Charitable Lead Annuity Trusts

  If you have a large estate and are worried about federal estate taxes, a charitable lead annuity trust (CLAT) is a powerful way to transfer assets to your heirs at a significantly reduced gift and estate tax cost while supporting Kiski with income payments for a period of years. A CLAT makes fixed (annuity) income payments to one or more charities for a fixed period of years. When the trust terminates, the remaining assets in the trust pass to your heirs. CLATs qualify for a gift and estate tax deduction equal to the income payments made to charity, and when combined with your gift and estate tax exemptions are a great way to reduce the cost of intergenerational wealth transfers. In fact, the size and duration of the annuity payments to charity can be adjusted to completely eliminate the gift and estate tax due on a transfer to your heirs. Because of historically low IRS discount rates and other factors, this is the most advantageous time in decades to establish a lead trust. Contact us for a detailed illustration of your projected benefits. Click here to download a white paper on Charitable Lead Trusts.

   

  HINT: Fund your trust with cash or closely-held assets you expect to grow. In addition to your transfer tax savings, all of the appreciation that occurs in your trust during the term goes tax-free to your heirs!

• Professional Advisors

  The Development Office at The Kiski School is staffed and supported by experienced charitable gift planning professionals. We actively encourage prospective donors to consult with their professional advisors before making decisions based on the information we provide. We welcome the opportunity to assist as you incorporate your clients’ philanthropic objectives into well-crafted estate plans. Please feel free to contact us directly for information or assistance on a confidential basis.
  
  

  Legal Name: The Kiski School
  Tax I.D. Number: 25-0995765
  Founded in: 1888 in Saltsburg, PA
  Incorporated July 12, 1941 in Saltsburg, PA

• Contact Us

  Planning your estate and legacy for future generations takes careful evaluation. Consulting with the appropriate professionals can assist you. Discussing your charitable intentions with us can lead to a much better result than going it alone - and will ensure that your gift is used just as you intend. We can give you valuable information about creative giving techniques, including those mentioned in these planned giving pages. We can also provide you with detailed financial illustrations of the projected benefits of specific gift plans.
  
  Contact us today for a confidential conversation about your goals. No pressure. No hype. Just good old-fashioned information that will help you in your planning.
  
  Steve Szilagyi ’88, P’21
  Associate Head of School For Institutional Advancement
  877-547-8467 (Direct)
  724-875-6678 (Cell)
  steven.szilagyi@kiski.org
  The Kiski School
  1888 Brett Lane
  Saltsburg, PA 15681

• Disclaimer

  The material presented on this Planned Giving website is not offered as legal or tax advice.

   

  Neither The Kiski School nor any of its employees are engaged in legal or tax advisory service. Always seek the advice of legal counsel or another appropriate professional before making a decision regarding an estate-related gift.
  
  

  The purpose of this website is to provide general gift, estate, and financial planning information. Watch for tax revisions. State laws govern wills, trusts, and charitable gifts made in a contractual agreement. Advice from legal counsel should be sought when considering these types of gifts.
  
  

  We do not collect or store any sensitive information through this website. When you send us an email, just remember that like any other email it is not secure, and therefore you should refrain from sending sensitive data such as social security numbers, credit card numbers, bank routing numbers, and the like.