Planned Giving

Through planned future giving, you can leave your own legacy of excellence in the Lakewood Schools that will provide a world class education for future generations. Support our schools for years to come by making a planned gift that speaks to your heart and your interests and makes a lasting impact on Lakewood education. Consult with your personal legal and/or financial advisors before making a planned gift and contact LREF Executive Director at 216-529-4033 or terri.richards@lakewoodcityschools.org to learn more. LREF’s tax identification number is 34-1432628. Below are a variety of planned giving options that are popular with donors.

BEQUESTS BY WILL OR TRUST

Making a bequest through your will or trust is one of the simplest ways to make an impactful and lasting gift to LREF. Your gift can be made through a percentage bequest, specific bequest, general bequest or residual bequest.

CHARITABLE GIFT ANNUITIES

A charitable gift annuity is an irrevocable gift that returns an income stream to the donor or another beneficiary over their lifetime. The donor qualifies for an income tax charitable deduction for part of the gift, whicl ethe payments to the beneficiary may receive favorable tax treatment based on the asset used to fund the gift. At the end of the gift term, the remainder of the annuity would support LREF to help substantially meet the future needs of Lakewood students.

TRUSTS

• Charitable Remainder Trust. Charitable Remainder Trusts allow donors to create an income stream for themselves or other beneficiaries for a term of years, with the remainder of the trust corpus creating a gift to LREF. Charitable Remainder Trusts are flexible enough to permit use of a variety of assets, including cash, securities and at times, even real property.

• Charitable Lead Trust. As the opposite of a Charitable Remainder Trust, a Charitable Lead Trust provides payments to LREF and remaining assets would be transferred to other individuals or even back to the donor at a future date.

GIFTS OF STOCK AND SECURITIES

When you gift stocks and other securities to LREF, you make an impact without taking money directly out of your bank account. Consider donating long-term appreciated securities, including stocks, bonds and mutual funds directly to LREF. Plus, neither you nor LREF will be taxed on the gains for the appreciated assets you donate.

Learn More Here.

DONOR ADVISED FUNDS

As a 501(c)3 organization, LREF may receive grants from your donor advised fund. Contact your investment advisor or donor advised fund sponsor for specifics about intiating your gift.

LIFE INSURANCE

By gifting your life insurance policy, you can make an impact for years to come. They ways you can gift a life insurance policy include:

Choose to name LREF as the beneficiary of a life insurance policy you already own.

Irrevocably name LREF as the owner and beneficiary of an existing policy.

Talk to LREF about establishing a new policy to meet your charitable goalsRESTIREMENT DISTRIBUTION

RETIREMENT DISTRIBUTIONS

Retirement plans are among the most heavily taxed assets. Naming LREF the beneficiary of your retirement plan, such as 401(K), 403(b), IRA and Keogh, is an opportunity to avoid income and estate tax penalties. It may be more effective for you to transfer these assets to LREF as a tax exempt organization than to leave assets subject hefty income tax assessments to your heirs.

IRA CHARITABLE ROLLOVER OR QUALIFIED CHARITABLE DISTRIBUTION (QCD)

For those 72 and older, you are eligible to give up to a maximum of $100,000 per person, per year, from your IRA, directly to a qualified charity such as LREF without having to pay taxes on the funds. A rollover or QCD is beneficial in that your gift will be put to use today, which allows you to see the impact you are making. Moreover, beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimun distribution (RMD). The transfer to LREF generates neither taxable income nor an income charitable deduction, so you benefit even if you don’t itemize deductions on your taxes. Lastly, since the gift does not counta s income, it can reduce your annual income level, which may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax. Learn More Here.