Planned Gifts

List of 6 items.

• Bequests or Gifts by Will

  To include Berwick Academy in your Will, the following language is appropriate:

  
  I give, devise, and bequeath to The Trustees of Berwick Academy, a nonprofit, tax exempt organization located at 31 Academy Street, South Berwick, ME, or its lawful successor, the sum of $_________ (or you may describe the gift or the percent of your remaining assets at death) to be used to promote the goals of the Academy as determined by the Board of Trustees.

• Charitable Remainder Trust

  An irrevocable gift to establish a Trust that in turn provides the donor income for life or a period of years. Upon the death of the donor and/or the secondary beneficiary, the assets in the Trust become a gift to Berwick Academy.

• Charitable Lead Trust

  An irrevocable gift to establish a Trust that in turn provides income to Berwick Academy for a defined period and then the Trust allows the assets to be transferred to family beneficiaries at a low transfer cost.

• Retained Life Estate

  Allows you the donor to use the property during your life and then upon your death the property is transferred to Berwick Academy. You the donor receive a charitable deduction during your lifetime.

• Gifts Annuities

  The Charitable Gift Annuity is a simple contract between the donor and Berwick Academy Trustees. In exchange for the irrevocable gift of cash or securities, the Academy agrees to pay up to two annuitants a fixed sum each year for life. Gift Annuity payments are based on the American Council on Gift Annuities. The payments are guaranteed by the Academy.
  

  • Minimum amount is $25,000
  • Payout is quarterly - March, June, October, and December
  • Donors must be at least 70 years of age
  • Gifts of cash or appreciated securities are accepted
  • Administration of the Fund will be by HM Payson, Portland, ME
  • Management fees will be net of the investment income
  • If corpus is to a newly named fund, amount must be equal to $50,000 upon death of the donor
  • Only gifts in support of the Unrestricted Endowment Fund are accepted unless otherwise approved by the Board of Trustees.

• Retirement and Life Insurance Plans

  Consider naming Berwick Academy as a beneficiary of your plan.