Planned Giving

When people think about making a gift to the Academy, they usually plan to make an outright donation: they write a check; donate appreciated securities or real estate; or a bequest is made to Wayland in their will. These are wonderful ways to help benefit the Academy. Planned giving, however, through annuities, trusts, or insurance, offers you other possibilities.

Many people are finding that the IRS may take a large portion of their estates. Today, IRA's, 401(k)'s, and other retirement plans are especially vulnerable because income taxes are still due on them. In addition to benefiting the endowment of Wayland Academy, a planned gift may allow you to avoid substantial portions of capital gains taxes, income taxes, and estate taxes, while providing a stream of income for yourself or loved ones.

A planned gift puts your support for Wayland Academy into immediate practice, making it unnecessary for the assets to clear probate. Unless you specify otherwise, all trusts and annuities become a part of Wayland's endowment upon expiration. A gift to Wayland's endowment helps ensure a strong future for the Academy; and you will have the satisfaction of knowing that your gift will support quality education at Wayland for many generations to come.

We hope the information below is helpful, but if you would like assistance or have any questions, please contact Judy Hill H`08, Director of Advancement at jhill@wayland.org or (920) 356-2120 x.222 

Join the Heritage Society

Alumni and friends of Wayland Academy become members of the Heritage Society by including Wayland in their estate plans or by making the Academy a beneficiary in their charitable trusts, annuities, wills, and life insurance policies. You can join the Heritage Society today by letting Wayland Academy know of your intention to leave a legacy to the school by mailing us this short non-binding letter of intent:

Planned Giving Letter of Intent (PDF)

What are my Planned Giving Options?

There are many different planned giving vehicles to consider. Most people discover that a number of simple trusts and gift annuities fit their goals quite well. Most trusts and annuities are easy to establish. First, assets are transferred from a donor to the Academy or another Trustee. Then, part or all of the income produced by these assets is used to provide income for the donor or other beneficiaries during their lifetime. When the beneficiaries are deceased, the remaining funds become part of Wayland's endowment.

The most widely used planned giving vehicles are:

Charitable Gift Annuity

A gift annuity is a contract between you and Wayland. This is how it works. You transfer assets (usually cash or securities) to Wayland and in return the Academy sends you fixed, guaranteed payments for your lifetime or the lifetimes of other beneficiaries whom you name. Payments may begin immediately or you may defer payments a number of years.

The main benefits of a gift annuity are:

  • You and/or loved ones are provided with income for life, or a chosen period of time.
  • It may provide a significantly higher income than your assets currently provide.
  • Wayland guarantees payments.
  • You receive an immediate income tax deduction, based on the age of the beneficiary(s).
  • A portion of each regular payment will be tax-free, based on the age of the beneficiary(s).
  • You may reduce capital gains taxes, if you fund the annuity with appreciated assets.
  • You may reduce estate taxes, by reducing the size of your taxable estate.
  • A gift annuity is easy to set up and maintain.

Charitable Remainder Trusts

A remainder trust is an arrangement in which a donor transfers assets to a trust; the trust then pays an income to the donor or beneficiary(s) named by the donor. There are two primary types of remainder trusts. The first provides a fixed income payment to the beneficiary and this is an annuity trust. A trust that provides a variable income stream to the beneficiary(s) is called a unitrust.

The main difference between the two is that the income payment from a unitrust will vary based upon the results of the investment strategy of the trustee who manages the trust's assets. A trust can be established to run for the life of the beneficiary(s), or for a specified number of years. When the trust expires, the remaining assets become part of the endowment of Wayland.

The main benefits of a charitable remainder trust are: 

  • You and/or loved ones are provided with income for life.
  • It may provide a significantly higher income than your assets currently provide.
  • Payments are guaranteed by the Academy in an annuity trust.
  • Your gift and your income payments has the possibility of growth in a unitrust.
  • You receive an immediate income tax deduction for the present value of the gift.
  • You bypass all capital gains taxes, if you fund the trust with appreciated assets.
  • You may reduce estate taxes by reducing the size of your taxable estate.
  • Income received from the trust may be taxed favor ably at lower capital gains rate.
  • You may make additional contributions to a unitrust at any time.

Life Estate Agreement

A life estate agreement allows you to transfer title of a residence or farm that you own (you do not need to live in it) to Wayland Academy, while you retain the right to use the residence for your lifetime, or the lifetime of someone you name. You keep any income that the property generates, and you are responsible for its upkeep. Upon death, Wayland receives the property.

The main benefits of the life estate agreement are:

  • You receive an immediate income tax deduction at the time the agreement is established.
  • You may bypass capital gains taxes, if the residence has appreciated in value.
  • You receive an estate tax deduction.
  • You retain a life interest in the property.
  • By increasing Wayland's endowment, you provide lasting support for its mission. 

Bequests

Many alumni and friends of Wayland Academy, as a vote of confidence in the Academy's mission and belief in the importance of Wayland's continued educational excellence, have pledged all or part of their personal estate to Wayland. These dedicated individuals, thanks to their financial support and bequests to increase the Academy's endowment, are helping to provide in perpetuity for future generations of Academy students.

To help you include Wayland in a bequest, we have provided sample language below to place in your will, codicil, or trust. Your personal attorney can adjust these statements to fit your unique estate situation:

Unrestricted Bequest

"I give and bequeath ____ % (or a specific dollar amount or describe specific personal property being given) to Wayland Academy, Beaver Dam, Wisconsin. I request that the total bequest be used in such a manner as the Academy's Board of Trustees shall, in its sole discretion, determine."

Restricted Bequest

"I bequeath ____ % (or a specific dollar amount or describe specific personal property being given) to Wayland Academy, Beaver Dam, Wisconsin, for the purpose of establishing (state the restricted purpose of how the bequest should be used & i.e. scholarship endowment, building endowment, faculty chair endowment, etc.)."

Residuary Estate

"I devise and bequeath the entire residue of the property owned by me at my death, real and personal, whatever situate, to Wayland Academy, Beaver Dam, Wisconsin, for its general purposes."

Wayland Academy thanks you for your consideration of including the Academy in your estate plans. We hope these samples are helpful to you and your advisors. If you are considering a restricted bequest, Wayland strongly encourages you to discuss the details of your intentions with a senior member of the Academy's administration to assure the maximum effectiveness of your bequest. In conclusion, make sure you discuss any questions or concerns you may have with your attorney, accountant, or financial planner.