Planned Giving

At Elmwood Franklin School, we believe in the value of a lifelong love of learning. It is for this reason that we have created a unique environment for children that emphasizes academic achievement, good study skills, and positive character development. Our goal is to teach them to become adults who continually grow throughout their lives, for the joy of living is always to reach for rewarding challenges.

As you consider your investments for the future, we hope you will include investing in the future of Elmwood Franklin School and its students. The Elmwood Franklin School Key Society recognizes individuals who have provided for Elmwood Franklin School through planned giving.

The opportunities listed below will provide tax savings and, in many instances, provide you with a more consistent source of income.

Please contact the Development Office at Elmwood Franklin School to discuss the planned giving opportunities described in this brochure. As with any important financial or estate planning matter, you should also involve your attorney or other financial advisors.

Elmwood Franklin School
104 New Amsterdam Avenue
Buffalo, NY 14216
(716) 877-5035

Will Bequests

One of the easiest and most frequently used methods of planned giving is a charitable bequest. You can name Elmwood Franklin as a beneficiary in your will and, if your estate is subject to federal estate tax, there can be a significant tax savings. If you already have a will, your bequest can be added as a codicil.

Designation of Portion of Retirement Plan Assets

Assets can usually grow in retirement plans without taxation; however, upon removal of assets from a plan, those assets become subject to income tax and estate tax (upon death of the plan participant when the assets do not go to a spouse). Both of these taxes are avoided on any assets for which you choose Elmwood Franklin School as your beneficiary.

Gifts of Securities or Real Estate

Gifts of securities or real estate provide generous support to the school while providing a deduction not to exceed 30% of your adjusted gross income.

Charitable Gift Annuities

A charitable gift annuity allows you to make a gift to Elmwood Franklin and receive fixed payments for life. In addition, you may receive an immediate income tax deduction, you may avoid capital gains tax if you fund your annuity with appreciated securities and a portion of the payments that you receive may be exempt from income tax. The amount of the fixed payments that you receive depends upon the ages of the annuitants and, in the case of a deferred payment charitable gift annuity, the length of the deferral period.

Charitable Remainder Unitrust

A charitable remainder unitrust allows you to make a substantial gift to the school and yet continue to receive lifetime income. A trustee administers your gift, paying you and/or other beneficiaries income for life. The payments are a fixed percentage of the fair market value of the trust's assets and will vary from year to year. After these payments are complete, Elmwood Franklin receives the remainder of the assets in the trust.

Upon creation of a unitrust, you receive substantial federal and state income tax charitable deductions. There is also no capital gain on the transfer of appreciated assets to fund the trust.

Charitable Remainder Annuity Trusts

Annuity trusts are very similar to unitrusts except that the annual payments to you and/or other beneficiaries are a fixed dollar amount. If you prefer a fixed annual income, unaffected by changes in the stock market, interest rates, etc., this trust may be appropriate for you.

Like the charitable remainder unitrust, there are substantial federal income tax savings for the charitable contribution and there is generally no capital gain on the transfer of appreciated assets to fund the trust.

Charitable Lead Trusts

With a charitable lead trust, you transfer significant assets to a trustee who then makes annual payments to Elmwood Franklin for a specific number of years. After this time, the assets remaining in the trust go to your beneficiaries. This type of trust enables you to transfer significant assets to younger generations, with little or no transfer tax, while benefiting EFS at the same time.

Life Insurance

A donor may contribute to Elmwood Franklin School a life insurance policy that is no longer needed for its original purpose. Simply ask the life insurance company for a "designation of beneficiary" form. To make an irrevocable transfer that will receive gift credit, the donor must name Elmwood Franklin School both beneficiary and owner. The donor will receive gift credit for the cash surrender value of the policy and may claim that value as an income-tax deduction in the year of the transfer. In general, EFS will redeem the policy for its cash value and use the proceeds for the purpose designated by the donor.

© Elmwood Franklin School • 104 New Amsterdam Avenue, Buffalo, NY 14216 • Phone (716) 877-5035 • Fax (716) 877-9680