ENDOW YOUR GIFT
Bequest: A bequest is a gift of property or an asset to a beneficiary as defined in a will. It can be a:
- Specific Bequest - A specific amount or percentage is designated.
- Residual Bequest - Your estate will pay all debts and, after taxes and expenses, the remaining amount will be transferred to The Norwich Free Academy and/or Slater Memorial Museum.
- Contingent Bequest - NFA and/or the Slater Museum can be a contingent beneficiary of your estate if you stipulate that the Academy and/or Museum will receive all or a portion of your estate if your named beneficiaries do not survive you.
To include The Norwich Free Academy and/or the Slater Memorial Museum in your will, the attorney should follow the example below:
"I hereby give, devise and bequeath to The Norwich Free Academy Foundation, Inc., Norwich, CT, USA the sum of ${XXXX}, or {XXXX}% of my estate (or the property described herein) for its general purposes for the {Academy and/or Slater Memorial Museum}."
PLAN YOUR GIFT
Charitable Lead Trust: During the term or life of the charitable lead trust, an annuity or unitrust income interest is distributed each year to the designated charitable beneficiary and the assets are eventually transferred to the trustor's or grantor's designated non-charitable beneficiary(ies). A lead trust is almost the opposite of a charitable remainder trust.
Charitable Remainder Trust: The donor makes a gift of assets, establishing a trust while retaining the income generated by the cash of property given. Such gifts can take many forms, including annuity trusts or unitrusts. At the time the gift is made, the donor may designate the future use of the income for the benefit of the Academy and/or Museum.
Gifts of Real Estate (Residential & Commercial): The NFA Foundation (on behalf of The Norwich Free Academy and Slater Memorial Museum) is willing to consider a gift of real estate or a retained life estate on a case-by-case basis.
Gifts-in-Kind: The NFA Foundation (on behalf of The Norwich Free Academy and Slater Memorial Museum) accepts gifts of artwork, books, antiques, and other tangible personal property. Each gift will be considered on a case-by-case basis.
Life Insurance: On a case-by-case basis, the NFA Foundation (on behalf of The Norwich Free Academy and Slater Memorial Museum) may be the primary, secondary, or residual beneficiary of an irrevocable life insurance policy.
For further information regarding Planned Giving at The Norwich Free Academy and Slater Memorial Museum, e-mail Deborah Lee, Director of Development.
