Planned Giving

There are many ways to leave a lasting legacy to The Cove School. For more information, contact Director of Development Stephanie Sanderman at [email protected] or call (847) 562-2100.

Bequest Through Will

We hope you'll consider including a gift to The Cove School in your will or living trust. Called a charitable bequest, this type of gift offers many benefits, including simplicity, flexibility and tax relief. 
You can make a specific gift to Cove of cash, securities, real estate or other property through your will, codicil or trust instrument. You can also designate Cove as the beneficiary of all or part of the remainder of your estate or trust after the payment of estate-related expenses or other bequests, or following the death of a spouse or other primary beneficiaries. Another way to include Cove in your estate plan is to name the school as a beneficiary of your retirement plan or life insurance policy.

A bequest or trust provision benefiting Cove may qualify your estate for an estate tax charitable deduction.

 

Retirement Plan Assets

Do you want to get the most value from your nest egg, protect your heirs from heavy taxes and make your mark at our organization? Consider leaving a portion of your retirement plan assets to The Cove School.

If you die with retirement plan assets in your estate, those assets are subject to income taxes. This can reduce the amount that normally would be passed to heirs by up to 39.6 percent. In contrast, as a nonprofit organization, we are tax-exempt and eligible to receive the full amount and bypass any federal taxes. Income taxes can be eliminated or reduced through a carefully planned charitable gift. Consider these gift options:

  • • Designate The Cove School as the primary beneficiary for a percentage (1 to 100 percent) of your retirement plan assets.
  • • Designate a specific amount to be paid to us before the remainder is divided among family beneficiaries.
  • • Make us the contingent beneficiary to receive the balance only if your loved one, as primary beneficiary, doesn't survive you.

To implement your wishes, simply advise your plan administrator of your decision and sign whatever forms are required.
Leaving retirement plan assets to The Cove School shields your heirs from taxes on the retirement assets and frees you to give them other assets that are not as heavily taxed.

A Second Gift Option
You can also consider creating a charitable remainder trust for heavily taxed retirement plan assets. Such a trust could be set up to receive the proceeds of your retirement plan at your death. The trust would pay income for life to a family member of your choosing, after which the remaining assets pass to The Cove School.

 

Other Planned Giving Opportunities

Besides providing a bequest through your will or retirement plan, you may make planned gifts to The Cove School through certain charitable trust arrangements.  These vehicles can provide important tax and legal advantages to you, and provide certainty regarding the distribution of your estate assets. Your personal financial advisor or estate lawyer can assist in exploring these alternatives.  Please contact Director of Development, Stephanie Pritzker at (847) 562-2100 or email [email protected]