For those who care deeply about Hebron, their story — their legacy — includes planning for the Academy’s future. Everyone who makes a planned gift believes that the future of Hebron matters and tells an everlasting story of who they are and what they value.
How can a planned gift — for a purpose of your choice — tell your story?
You have many ways to plan a gift, each with benefits such as immediate income tax deductions, transfer tax savings, lifetime income — and some with all three. Hebron can work with you and your trusted advisors to help you plan a gift that accomplishes your personal, financial, and philanthropic goals.
To learn more about your planned giving options, please consult your philanthropic and financial advisors. To let us know that you have already included Hebron Academy in your estate plans, please send us a Memorandum of Understanding or contact Mary Warner, Director of Development, at 207-536-5266 or email@example.com.
The following are some examples of the type of commitments the members of the Franklin Society have made to the Academy:
1) IRA Charitable Contributions
If you are 70 ½ years or older, you can make an annual tax-free distribution of up to $100,000 directly from your IRA to Hebron. It counts against your Required Minimum Distribution (RMD) but not as taxable income. The gift must be completed by December 31 each year.
2) Gifts by Will or Trust
You may make a commitment through your estate plan by designating a specific amount or a percentage of your estate
Sample estate plan language: “I give to Hebron Academy, an educational corporation established by law at Hebron, Maine, (here follows the amount in dollars, the percentage of the residuary estate or trust, or an accurate description of the securities, real estate, or other property given), to be used for the general tax-exempt purposes of the Academy.”
3) Beneficiary Designations including Retirement Accounts
You may name Hebron the recipient of all or a portion of any account requiring you to complete a beneficiary designation form — often easing estate administration issues. As the beneficiary or contingent beneficiary of your retirement plan assets, Hebron will receive 100% of the gift amount. If left to non-spousal heirs, the account could be reduced significantly by estate and income taxes.
Suggested beneficiary designation form language for a 401(k), IRA, or other bank or investment account: “Hebron Academy to be used for the general tax-exempt purposes of the Academy.”
By law, Hebron must follow your beneficiary designation form, so please include your actual gift purpose on the form (e.g. Hebron Academy Annual Fund or Hebron Academy Unrestricted Endowment).