baxter legacy society
Radcliffe Creek School is pleased to announce the launch of the Sylvia and Julian Baxter Legacy Society to recognize donors who have generously included Radcliffe Creek in their estate plans.
The Baxter Legacy Society is designed to encourage donors to consider ways they can help ensure the school will have the resources necessary to sustain it far into the future. Members can include alumni, parents and grandparents, faculty members, past and current, and those wishing to honor the school’s original investors through the Founders’ Fund. By providing gifts through their wills or various charitable gift agreements, members gain the satisfaction of directing their gifts to five important areas: general endowment to ensure the school’s sustainability; financial aid; faculty support; capital improvements, and academic and athletic programming.
The Baxter Legacy Society recognizes the Florida couple who have supported scholarships at the school since its inception and have now added a significant bequest for the Sylvia and Julian Baxter Scholarship at Radcliffe in their estate plans.
“We have watched the remarkable growth of Radcliffe Creek School since its founding 23 years ago under Molly Brogan Judge’s leadership. The school transforms the lives of these extraordinary students who attend, and we are pleased to have made provisions in our estate plan to sustain the scholarships we have supported on an annual basis for many years,” said Sylvia Baxter.
“Financial aid is a critical component of the Radcliffe Creek School annual budget. Without adequate resources devoted to scholarships, students who could otherwise benefit from all that the school offers would be unable to attend,” she continued. “My husband, Dooley, and I are pleased that we are able to help future generations this way.”
Meg Bamford, Head of School, remarked, “We are so grateful to the Baxters for helping us to launch this instrumental legacy fund. The notion that generous supporters of our school continue to give by recognizing us in their estate is so moving. It is clear that the additional gifts to the Baxter Legacy Society will have a huge and lasting impact on our school’s ability to continue to change the trajectory of many students’ lives.”
To learn more, contact the development office at 410-778-8150.
Most Commonly Used Assets for Funding Planned Gifts
By transferring securities such as stocks, bonds, or mutual fund shares you can received significant tax benefits, including avoidance of capital gains tax on the appreciated portion of the gift. Charitable contributions of appreciated securities held for more than a year are deductible at market value.
IRA and qualified retirement plan assets
Retirement plan assets are the optimal assets to direct to a non-profit like Radcliffe Creek School. These assets can be used to support the owner and spouse, before some or all is designated by percentage to the school.
Any real estate property owned can be deeded to Radcliffe Creek School while retaining a life estate (the lifetime right to live in the property) for the donor and spouse. In addition, part or all of real estate assets can be used to fund a charitable remainder trust.
Life insurance can be a cost-effective way to make a significant gift. By irrevocably naming Radcliffe Creek School as the owner and beneficiary of an existing or new life insurance policy, you may be entitled to an immediate charitable deduction for income tax purposes, and when you pay the premiums, each payment is also a tax-deductible charitable donation.
Individuals can redeem or cash savings bonds and then make an outright gift of all or some of the proceeds. Additionally, proceeds may be used by individuals to fund charitable gift annuities, which provide fixed payments for life to one’s self and/or another, in addition to supporting the school.
Planned Giving Options
A bequest is the most common type of planned gift. It requires special language that must be included in a properly executed will or trust. Please contact us for an amendable gift agreement that documents your intent.
Beneficiary designations on IRAs and qualified retirement plans
IRA and retirement plan assets often result in multiple taxes after the death of the plan owner and spouse; therefore, they are best suited for charitable giving. Designating Radcliffe Creek School to receive all or a portion of what remains is easy to accomplish.
Charitable gift annuities
These plans are contractual arrangements and can be funded by cash or other assets. Only non‐profit organizations can offer these plans, which feature a number of tax benefits.
Retained life estates
Personal property may be deeded with the owner retaining the right to continue occupying the premises for life. This gift type results in a current income tax deduction and simplified probate, the sometimes cumbersome, lengthy and expensive legal process of settling the estate of a deceased person, specifically resolving all claims and distributing the decedent's property. Meanwhile, such a donation would not impact your lifestyle.
Charitable remainder trusts
CRT's are irrevocable trusts that actually provide for and maintain two sets of beneficiaries: income beneficiaries (you and, if married, a spouse) and the charities you name. Income beneficiaries receive a set percentage of income for your lifetime from the trust. The second set of beneficiaries receives the principal of the trust after the income beneficiaries pass away. This option offers either fixed (a charitable remainder annuity trust) or variable (a
charitable remainder unitrust) income to a donor, spouse, or others such as siblings, partners, children, or grandchildren.
Donors may name Radcliffe Creek School as the successor beneficiary of all or a portion of their IRA, 401(k), or other retirement accounts. The designation is revocable and does not generate a charitable income tax deduction, but distributions from retirement accounts to surviving family members can be subject to both income and estate tax. Directing the balance of a retirement plan removes the most‐taxed asset from the donor’s estate, freeing up other, more favorably taxed assets to give to family and heirs.
Questions about Planned Giving? Please contact Radcliffe Creek School's Advancement Office at 410-778-8150.