PLanned Giving

The Mary Packer Cummings Society honors individuals who have provided for Episcopal through deferred gifts such as bequests, life insurance, annuities and trust agreements. The society is named in honor of Mary Packer Cummings Cummings, who once owned a summer estate on Episcopal’s property and left it to St. John's Episcopal Cathedral after her death in 1912. Following her example, donors of planned gifts provide for the school’s future by providing unrestricted income or specific designated purposes such as endowment, capital improvements or program areas.

We welcome the opportunity to have a confidential conversation with you at no obligation. If you should be a member of the Mary Packer Cummings Society, or would like information, please contact Missy Ketchum, Director of Advancement, at [email protected].

Types of gifts you may want to consider when making a planned gift:

  • Cash
  • Securities
  • Real estate
  • Investment accounts
  • Life insurance
  • Retirement plans

There are several gift vehicles to explore with your estate planner or financial advisor:

Bequests

One of the easiest ways to make a planned gift is to provide for Episcopal in your will or living trust. A bequest offers the following benefits:

  • Flexibility. Your assets remain in your control, and you can change things if your situation changes. You can use a wide range of assets to make your gift.
  • Big impact. Your gift can go to a specific purpose or as general support. Whatever you decide, your gift will be a legacy which offers an Episcopal education to others.
  • Lower estate tax. Depending on the value of your estate, a bequest may reduce your estate tax. A charitable gift funded by certain retirement vehicles may help your heirs avoid estate taxes while helping you to leave an important legacy.

How do I set up a bequest?

  • The easiest way is to name Episcopal School of Jacksonville as a beneficiary in your estate documents. You can direct your gift to any area of the school, whether to be used at Episcopal’s discretion for its area of greatest need or to establish an endowed fund which will offer an ongoing annual distribution to Episcopal for generations to come.
  • Create a codicil to your existing will or amendment to your revocable trust.
  • You can specify a specific amount or a percentage of your estate.
  • You can also give specific assets, such as cash, securities, personal property, real estate, or closely held stock.
  • Name Episcopal as one of the beneficiaries of your retirement plan or life insurange policy. Contact the plan’s administrator to complete the necessary forms, or if your plan is online, simply make the designations in your plan’s online portal.

Sample bequest language

"I, [name], of [city, state ZIP], give, devise and bequeath to Episcopal School of Jacksonville [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

Charitable Gift Annuity

A charitable gift annuity a contract between you and Episcopal, in which you make a gift to the school and the school makes regular fixed payments to you (or your designee) for your lifetime. When you make the gift, you take an immediate income tax deduction for the estimated amount that Episcopal should eventually receive after all of the annuity payments are complete. A portion of the payments you receive from the annuity will also be tax free.  There is a minimum amount and minimum age for this type of planned gift.  

A deferred charitable gift annuity gives you the option of delaying payments to a future date that you select. This makes the payment rate higher, allows you to reach your philanthropic goals and adds to your financial portfolio with a regular income stream.

Like a bequest, a charitable gift annuity can be established with many types of assets. Check with your financial advisor or estate planner for more details.

Charitable Remainder Trust

A Charitable Remainder Trust provides regular quarterly income to the beneficiaries you name. You made a gift to the school (through your will or living trust or cash, securities or property) and you can make additional contributions to it over the life of the trust. The trust may last for the life of the beneficiaries or for a term of up to 20 years. Upon the termination of the trust, the remainder goes to Episcopal for the purpose you designate.

There are significant tax benefits to a Charitable Remainder Trust. Check with your financial advisor or estate planner for more details.

Charitable Lead Trust

Charitable lead trusts ("CLTs") are designed to provide income payments to at least one qualified charitable organization for a period measured by a fixed term of years, the lives of one or more individuals, or a combination of the two; after which, trust assets are paid to either the grantor or to one or more noncharitable beneficiaries named in the trust instrument.1 Also referred to as a "charitable income trust," the term "charitable lead trust" is used more commonly because the payment of the income interest to charity leads or precedes the payment of the remainder interest.

Life Insurance

Naming Episcopal as a beneficiary of a life insurance policy is an easy way to make a planned gift to Episcopal. Work with your life insurance agent to assign the school’s percentage or a certain amount of your policy.

Retirement Accounts

Your beneficiary designations on your retirement accounts are another way to make a planned gift to Episcopal. Your plan’s administrator can answer questions on how to do this.  

Real Estate

You can realize significant tax benefits by donating appreciated property. Talk with Missy Ketchum at Episcopal about the property and its appraised value. As long as you have owned the property for longer then one year, you can avoid capital gains on the property’s value by donating it to the school directly rather than selling it first.

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The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.

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