Planned Giving Information
You may provide financial support for Pikes Peak Christian School and benefit personally through your own income and taxes.
Planned giving is typically associated with your estate planning, and is usually carried out with the assistance of a professional financial advisor and/or estate planning attorney. You can contact your financial advisor or Pikes Peak Christian School can refer you to a planned giving representative for more information.
Types Of Planned Gifts
BEQUESTS:
- You can leave a bequest to Pikes Peak Christian School through a will or living trust in the form of cash, financial securities, life insurance or personal property. There may be tax and/or other estate advantages to including Pikes Peak Christian School in your will or trust. (See below for Suggested Bequest language and further Bequest information)
SCHOOL AS BENEFICIARY ON POLICIES:
- You can also make Pikes Peak Christian School the beneficiary of your life insurance policy at the time of your death. Your estate may be entitled to an estate tax deduction based on the value of the proceeds paid to Pikes Peak Christian School.
- You can also declare Pikes Peak Christian School as the beneficiary of all or part of your retirement plan assets at the time of your death. Your estate may be entitled to an estate tax deduction based on the value of the assets paid to Pikes Peak Christian School.
Gifts of APPRECIATED Stock
- With a gift of appreciated stock to Pikes Peak Christian School, federal law allows you to receive a double tax benefit. Donating the stock itself, rather than selling the stock and donating cash, lets you avoid capital gains tax, and you still receive an immediate tax deduction for the fair market value of the stock on the date the gift is made.
- Giving stock you have owned more than one year and a day and that has increased in value is a great alternative way to make a charitable donation to Pikes Peak Christian School while conserving your cash for other uses. It’s also a way to dramatically increase the amount of your gift.
You can contact your financial advisor, attorney or call to speak with the Pikes Peak Christian School planned giving officer to set up a bequest, a gift of life insurance, retirement plan assets, or appreciated stock.
Detailed Bequest Information
A charitable bequest is one of the easiest ways you can leave a lasting impact on Pikes Peak Christian School. A bequest may be made in your will or trust directing a gift to Pikes Peak Christian School.
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
Pikes Peak Christian School’s Bequest Language
An excellent way for you to support Pikes Peak Christian School’s mission is to leave us a bequest in your will, living trust or with a codicil. One significant benefit of making a gift by bequest is that it allows you to continue to use the property you will leave to charity during your life. Another benefit is that you are able to leave a lasting legacy.
Types of Bequests
There are a number of ways you can make a bequest to Pikes Peak Christian School.
- Specific Bequest
A specific bequest involves making a gift of a specific asset such as a car, other property or a gift for a specific dollar amount. For example, you may wish to leave $10,000 to Pikes Peak Christian School. If you are considering making an outright bequest to Pikes Peak Christian School, we recommend the following language:
- Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Pikes Peak Christian School, a 501(c)(3) nonprofit organization currently located at 5905 Flintridge Drive, Colorado Springs, CO 80918, Federal Tax ID #____________, for Pikes Peak Christian School’s general use and purpose.
- Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to Pikes Peak Christian School, a 501(c)(3) nonprofit organization currently located at 5905 Flintridge Drive, Colorado Springs, CO 80918, Federal Tax ID #_______________, for Pikes Peak Christian School’s general use and purpose.
- Percentage Bequest
Another kind of specific bequest involves leaving a specific percentage of your overall estate to charity. For example, you may wish to leave 10% of your estate to Pikes Peak Christian School. If you are considering making a bequest of a percentage of your estate to Pikes Peak Christian School, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to Pikes Peak Christian School, a 501(c)(3) nonprofit organization currently located at 5905 Flintridge Drive, Colorado Springs, CO 80918, Federal Tax ID #______________________, for Pikes Peak Christian School’s general use and purpose.
- Residual Bequest
A residual bequest is made from the balance of an estate after the will or trust has given away each of the specific bequests. A common residual bequest involves leaving a percentage of the residue of the estate to charity. For example, you may wish to leave 30% of the residue of your estate to Pikes Peak Christian School. If you are considering making a bequest of the residuary of your estate to Pikes Peak Christian School, we recommend the following language:
I hereby give, devise and bequeath to Pikes Peak Christian School, a 501(c)(3) nonprofit organization currently located at 5905 Flintridge Drive, Colorado Springs, CO 80918, Federal Tax ID # _________, [ALL] OR [____ %] of the rest, residue and remainder of my estate to be used for Pikes Peak Christian School’s general use and purpose.
- Contingent Bequest
A contingent bequest is made to charity only if the purpose of the primary bequest cannot be met. For example, you could leave specific property to a relative, but the bequest language could provide that if the relative is not alive at the time of your death, the specific property will go to Pikes Peak Christian School. If you are considering making a bequest of the residuary of your estate to Pikes Peak Christian School, we recommend the following language:
If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Pikes Peak Christian School, a 501(c)(3) nonprofit organization currently located at 5905 Flintridge Drive, Colorado Springs, CO 80918, Federal Tax ID # _________, [Amount, OR Percent OR Description of Property] to be used for Pikes Peak Christian School’s general use and purpose.
- Restricted Use Bequest
If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose (e.g., sports programs, technology improvement programs, etc.), please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you are making a restricted bequest, we recommend that your attorney include the following provision to give Pikes Peak Christian School flexibility should it no longer be possible for our Pikes Peak Christian School to use your gift as you originally intended:
“If, in the judgment of the Board of Directors of Pikes Peak Christian School, it shall become impossible for Pikes Peak Christian School to use this bequest to accomplish the specific purposes of this bequest, Pikes Peak Christian School may use the income and principal of this gift for such purpose or purposes as the Board determines is most closely related to the restricted purpose of my bequest.”