Leave a Legacy to Public Education!

Forward-thinking donors can ensure that our schools continue to provide a quality education for all of our students, not just today but for generations to come. You can help sustain our important educational mission for the future by including a simple provision in your estate plans that names Santa Barbara Education Foundation as a beneficiary of your:

Bequest in a Will or Living Trust

The simplest way to provide for public education in your estate plans is through a simple bequest in your will or living trust, designating the Santa Barbara Education Foundation as the beneficiary of a specific dollar amount, a percentage of your estate, the residue of your estate, or some item of real or personal property.

Recommended language can be found at this link to Bequest Language.

Retirement Assets

A very tax-effective way to leave a legacy gift to SBEF is to name the Santa Barbara Education Foundation as the beneficiary of your IRA, retirement pension or annuity. All of these assets will be subject to significant taxation (both income and estate taxes) if you leave them to your heirs. In contrast, the full value of the asset can be transferred tax-free to a qualifying charity like SBEF. It is easy to name SBEF as a full or partial beneficiary on the forms provided to you by the custodian of your assets.

Insurance Policy

You may also name SBEF as the beneficiary of an existing insurance policy you no longer need or buy a new policy that names SBEF as beneficiary.

IRA Rollover Gifts

If you are 70 1/2 years of age and older, you can make a rollover contribution from your Individual Retirement Account (IRA), up to a maximum of $100,000 each year, to a qualified charity like the Santa Barbara Education Foundation. With a rollover, the transfer from your IRA does not count as taxable income to you. Simply call your IRA custodian to request that a distribution be made directly to the Santa Barbara Education Foundation. You will be helping to endow public educational opportunities for future generations of students.

Charitable Remainder Trusts

These types of gifts can provide lifetime income to you and your spouse, at rates significantly higher than CD’s, and are more secure than the volatile stock market. Such irrevocable gifts also provide you with an income-tax deduction now. We can put you in touch with a planned giving expert who will answer your questions and provide complimentary projections detailing the benefits to you of a life-income gift.

Gifts of Real Estate

Outright gifts of real estate can be made to Santa Barbara Education Foundation,  avoiding capital gains tax on the sale of appreciated property.   There is also a gift called a Life Estate (or Retained Life Estate) that enables the donor to give the title in their home to a charity like SBEF while continuing to live in the house, with a signed agreement to continue to pay all of the taxes and maintenance costs during your lifetime.  This affords a charitable income tax deduction that can be taken at the time title is transferred to charity.  And recognition is accorded now for a gift in an amount equal to the appraised value of your home.

 

To learn more, please call (805) 284-9125 or email [email protected].