Planned Giving

The easiest and most common way of making a Planned Gift is through your will. A bequest in a will can take the form of a set amount of money, a percentage of an estate, a specific asset such as your home, a trust or the naming of Sultana Education Foundation as a contingent beneficiary.

Suggested Bequest Language: “I give, devise and bequeath [ % of estate, fixed amount, real property, remainder of estate, etc.] to the Sultana Education Foundation (www.sultanaeducation.org) to further the mission of the Foundation as may be determined by the Foundation’s Board of Directors.”

Money from an individual retirement account can be donated to the Sultana Education Foundation. What’s more, if you’ve reached the age where you need to take required minimum distributions (RMDs) from your traditional IRA, you can avoid paying taxes on them by donating that money to Sultana. It’s important to follow the rules regarding IRA’s carefully so we recommend you consult with your tax and financial advisors.

With a Charitable Gift Annuity, gifts from multiple donors are pooled in a professionally managed portfolio by the Mid-Shore Community Foundation on behalf of Sultana Education Foundation (SEF).  The minimum gift is $5,000.  The annuity guarantees a fixed amount of income for life for you and, if you wish, a secondary beneficiary.  A portion of the original gift is tax-deductible, as is a portion of the regular income. Upon the deaths of the beneficiaries, the remaining principal is transferred to the SEF’s Permanent Endowment at the Mid-Shore Community Foundation.

Click here to visit the Mid-Shore Community Foundation’s Charitable Gift Annuity Webpage

The state tax credit called “Endow Maryland” rewards donors who help build permanent charitable funds for local communities across Maryland. The Sultana Education Foundation has an existing endowment fund at the Mid-Shore Community Foundation, contributions to which can qualify for this credit. 

Endow Maryland tax credits are awarded for donations, $500 to $200,000, to new and existing permanently endowed funds at accredited community foundations. The tax credits, which are 25% of the value of the contributed cash or securities, are awarded annually on a first-come, first-served basis. The sum of all Endow Maryland tax credits, including any carryover credits, may not exceed $50,000 and/or the total amount of tax otherwise payable by the taxpayer for the tax year. Excess credits may be carried over for five (5) years. The credit may be taken against corporate income tax, personal income tax, insurance premiums tax or public service company franchise tax. However, the same credit may not be applied to more than one tax type.

Click here to visit the Mid Shore Community Foundation’s Endow Maryland Webpage

Real estate, tangible personal property, or securities can be the source of your gift to Sultana Education Foundation. Using a Charitable Life Estate Contract, you can deed your home, vacation home, farm or condominium to the Foundation, and retain the right to live on the property and/or receive income from the property for as long as you live. You receive an income tax deduction when the property is deeded to the Foundation and often for several years in the future, and normally avoid any capital gains tax when making the transfer. Your inheritance and death taxes may be reduced at the time of your death.

Gifts of appreciated real estate and securities allow you to avoid capital gains taxes. It is important to transfer the stock or real estate to the Foundation prior to selling it. However, if the securities or real estate have declined in value from their purchase basis, you should sell the asset before making the gift, thus establishing a capital loss and a potential tax deduction.

Gifts of tangible personal property, such as jewelry, coins, art, boats and automobiles, may also be given to the Foundation. You are responsible for setting an appraised value on the gift, and any gift over $5,000 must be individually appraised.

A Charitable Remainder Trust is available to donors using assets of $100,000 or more, and can be funded with various types of assets, including real estate. It provides income for life, an income tax deduction, potential relief from capital gains taxes, and a possible reduction in estate taxes.

The Charitable Lead Trust enables you to transfer assets to a trust that pays its income to Sultana Education Foundation for a set period of time. At the end of that term (usually 10 to 20 years), the remainder of the Trust reverts to the donor or, in most cases, the heirs. As the donor, you receive favorable tax treatment and may pass the trust assets to heirs at significantly reduced federal estate or gift tax.

A gift of life insurance is easy and a popular way to conveniently make a Planned Gift to the Sultana Education Foundation. You can make Sultana the owner of any paid up whole life policy no longer needed, and the Foundation will add its cash surrender value to its endowment. You can also buy a new insurance policy, or take an existing policy, and make Sultana Education Foundation the beneficiary and owner. The current value of the policy is tax deductible, as are future premium payments. Finally, you can make the Foundation a contingent beneficiary of an existing policy, or name the Foundation to receive the proceeds of the policy if the designated beneficiaries predecease the insured.

Name SEF as the beneficiary of a retirement account such as a 401k or IRA. All, or a portion, of your retirement assets can pass to SEF upon your death with no federal income or estate tax.

If you have an existing Charitable Remainder Trust (CRT) there may be a variety of benefits for early termination of the Trust. These can include tax benefits and/or the advance funding of a specific charitable activity. Check with your financial advisor(s) to see if this strategy may be appropriate for your situation.

At the discretion of the donor, Planned Gifts for the benefit of the Sultana Education Foundation (SEF) may be directed to one of three distinct endowment funds:

• Sultana Permanent Endowment
  A formal endowment fund owned and managed by SEF, the principal of which may not be invaded, and from which a percentage is withdrawn annually (currently 5%) to support SEF’s ongoing operations.
  Suggested Bequest Language: “I give, devise and bequeath [state amount, asset, or percentage of the estate] to the Sultana Education Foundation to be placed in the Foundation’s Permanent Endowment.”
• Sultana Board Designated Reserve
  Owned and managed by the Sultana Education Foundation, this is an unrestricted fund that acts as a traditional endowment (drawing 5% per year). The principal of SEF’s Board Designated Endowment may be used at the discretion of SEF’s board to further the mission of the organization, including capital investments, program development, special projects, etc.
  Suggested Bequest Language: “I give, devise and bequeath [state amount, asset, or percentage of the estate] to the Sultana Education Foundation to be placed in the Foundation’s Board Designated Endowment.”

Sultana’s Legacy Circle recognizes those who have made a planned gift to the Foundation or who have made a directed gift to Sultana’s endowment. By joining Sultana’s Legacy Circle you help ensure the Foundation’s long-term success while inspiring others to follow your example.   If you have included Sultana in your financial plans and wish to be listed as a member of the Sultana Legacy Circle, please contact Madison Beres at mberes@sultanaeducation.org.

We invite you to join these friends of the Sultana who have made provisions/gifts that will help provide for the future of the Foundation.

Annonymous

Taylor Buckley, Jr.

William+ & Virginia Catherwood

John & Peggy Christie

Wendy & Larry Culp

Virginia G. Decker+

Mickey & Margie Elsberg

Dorothy & Lyle Feisel

Terence T. Finn+ & Joyce M. Purcell

Marnie Flook+

Susan Gilmer & Matt Grinnell

Brooke & Trish Harwood

Christian Havemeyer

Rosalind Havemeyer+

Patti & David Hegland

Donald & Darby Hewes

Robert & Janet Hewes+

Allan+ & Darlene Housley

Joyce Huber

Robert & Gayle Ingersoll

Chips & Liz Moore

Michael Lawrence+

William & Amanda Madar

L.F. McArthur

Drew McMullen & Claire Gervais

John Ben Snow Memorial Trust / Allen Malcolm+

Andrew & Leslie Price

Wallace Reynolds & Mary Anne Shea

Joseph B. Stevens, Jr.+

William Susen+

Bradford K. Talley Memorial

Joanne & Matthew Tobriner

Peter & Judy Van Dyke

Meg+ & Craig Vossburg

Philip & Irmy Webster

The Sultana Education Foundation’s Legacy Circle recognizes those who have made the choice to include Sultana in their long-term financial plans or who have made a directed gift to the Foundation’s endowment.  There is no minimum level for recognition of planned gifts. Endowment gifts are recognized at the $5,000 level and above.

If you would like to inform the Sultana Education Foundation of an existing planned gift, please do so by using this Declaration Form.