One of the most powerful and philanthropic tools available to Charlotte Country Day’s supporters is planned giving. The benefits of planned giving include tax savings, increased income, and providing for heirs, but it also benefits Country Day at the same time.
What is planned giving?
Planned giving includes a variety of philanthropic strategies that help you provide for Charlotte Country Day School while also advancing your own financial and personal objectives. Making a planned gift is a special way to support the school because it allows you to donate assets, yet defer the time we actually receive them. The best gift plans improve the donor’s financial and tax situation, often right away. Several planned giving options are available—the simplest one is a bequest in your will. We strongly recommend you consult with your attorney or tax advisor as you research the most appropriate way to remember Country Day in your will or estate plans.
The Oak Society
In 1982, Country Day established The Oak Society to recognize those who include the school in their wills or estate plans. Their gift is an important way to help ensure the future strength of our school and enable them to have an impact on Country Day beyond their lifetimes. We appreciate their foresight and extraordinary generosity.
Membership in The Oak Society is granted in one or more of the following ways:
- Bequest Intention in Your Will
- Life Insurance
- IRA or Other Qualified Plan
- Charitable Remainder Trust (CRT) or Charitable Gift Annuity (CGA)
- Charitable Lead Trust
- Real Estate
- Personal Property
Donor would like to make a substantial gift to Charlotte Country Day, but doesn’t have sufficient assets to provide a large gift during their lifetime because of concerns regarding health costs or other potential unknown costs. A bequest allows the donor to make a substantial gift, often many times their capacity during their lifetime. Please be sure to provide appropriately for spouse and children first.
A great item to own during one’s life, but not ideal to try and pass to family members. Until the Charitable Rollover provision—which has been introduced in Congress every year for over a decade— passes and becomes law, the best asset in an estate to pass to Country Day is an IRA. It passes to the school tax-free. Any attempt to pass to family member causes substantial tax losses.
Donor owns appreciated assets. The assets are low growth, low dividend, or both. Donor does not wish to pay capital gains tax, but would like to create more current income from assets. A gift to a CRT or CGA avoids capital gains taxes and estate taxes, provides income to designated beneficiaries, and the remainder to Charlotte Country Day.
Donor owns substantial assets, and would like to pass them to the next generation at low tax cost. A charitable lead trust pays income to Country Day for a period of years, then the remainder to family members. By paying to a charity, a much lower imputed value is passed to the family members, avoiding tax on the marginal difference in value. Not for the faint of heart, since the assets pass from control of both the donor and the other family members for the period of payment to the charities.
Real estate can be a difficult item to resolve within an estate or by family members after it leaves the estate. A gift to Country Day avoids estate, gift, and capital gains taxes, and provides an income tax deduction. If some cash is needed, then a bargain sale can be used to provide cash in part, and a gift in part.
Country Day has been such an important part of my life. Including Country Day in my estate plans through a gift of life insurance was a logical and prudent way for me to give back to a place that has impacted my family and me in so many positive ways.
Richard Worrell '91
If you would like more information about planned giving at Country Day, please contact:
Lauren Batten, Director of Advancement
(704) 943-4539 | E-mail