Planned Giving

List of 5 frequently asked questions.

• A Gift from your Will

  General Bequest

  Making a planned gift to Portledge may provide a tax deduction for your estate, allow you to manage your assets, and meet your financial needs during your lifetime. A gift from your estate will go directly to the Portledge endowment, making a lasting impact on future generations of students.
  
  

  There are many ways to include Portledge in your estate plan and qualify your estate for a tax deduction:

  • Make a bequest of cash, securities, or other property
  • Designate a specific dollar amount, a particular asset, or a fixed percentage of your estate for Portledge
  • Leave all or a portion of your residuary estate to Portledge after providing for other beneficiaries
  • Name Portledge as a contingent beneficiary of your estate in the event your other beneficiaries do not survive you

  A bequest may be for a percentage of your estate or a specific amount. By designating a percentage, you ensure that all beneficiaries, including Portledge, receive the proportion you intend if your estate changes in value.

  Sample Bequest Language

  Here is a sample bequest language to review with your attorney:

  "I hereby give, devise, and bequeath (_______ dollars) or (a specific asset, such as securities, real estate, or other property) or (___ percent of the rest, residue, and remainder of my estate) to Portledge School, a nonprofit organization located at 355 Duck Pond Road, Locust Valley, NY, 11560, Federal Tax ID # [insert tax ID], for Portledge School’s general use and purpose."

  Using a Codicil to Make a Bequest

  You may also use a codicil to add a bequest or modify your will without preparing a new one. It must be executed with the same formalities required for a will in your state, such as witnesses and notarization.

• A Gift from your Retirement Plan

  You can make a lasting impact on Portledge School by designating the school as a beneficiary of your unused retirement assets, such as an IRA, 401(k), 403(b), pension, or other tax-deferred plan. This type of gift allows you to support Portledge while maximizing tax benefits for your estate and heirs.

  Why Consider a Beneficiary Gift?

  • Reduce estate taxes—retirement assets left to individuals may be subject to both estate and income taxes, but gifts to Portledge are tax-free.
  • Maximize your impact—Portledge receives the full value of your gift, ensuring a stronger future for the school.
  • Provide tax advantages—your heirs may avoid income taxes on pre-tax retirement funds, potentially increasing their inheritance from other assets.

  How to Designate Portledge as a Beneficiary

  1. Contact your retirement plan administrator to request a Change of Beneficiary form.
  2. List Portledge School as a beneficiary using the following details:
     Portledge School
     355 Duck Pond Road
     Locust Valley, NY 11560
     EIN: 11-6044973
  3. Notify the Portledge Development Office so we can properly acknowledge your generosity.

  We encourage you to consult your financial advisor to ensure this strategy aligns with your estate planning goals. If you have any questions, please contact the Portledge Development Office for assistance.

• A Gift through an IRA Charitable Rollover

  If you're 70 ½ or older, you can make a meaningful impact at Portledge School while also reducing your tax burden. Federal law allows you to contribute up to $100,000 annually from your IRA to a qualified charity like Portledge—completely free from federal income tax. This type of gift, called a Qualified Charitable Distribution (QCD), helps support the school’s future while offering key financial benefits.

  Why Consider an IRA Charitable Rollover?

  • Lower your taxable income, which may reduce Social Security taxes, Medicare premiums, and your overall tax rate.
  • Meet your Required Minimum Distribution (RMD)—if you’re 73 or older, a QCD can help satisfy your RMD for the year.
  • Maximize tax benefits—QCDs don’t count toward AGI-based deduction limits, making them a tax-efficient way to give.
  • Double the impact for couples—if both spouses have IRAs, each can donate up to $100,000 annually.
  • Enjoy tax savings even if you take the standard deduction—a QCD is one of the few ways to receive a tax benefit without itemizing.

  How to Make Your Gift

  1. Contact your IRA custodian to request a Qualified Charitable Distribution.
  2. Specify that your QCD should be made payable to Portledge School.
  3. Ask your custodian to send the check directly to:
     Portledge School
     Office of Advancement
     355 Duck Pond Road
     Locust Valley, New York 11560
  4. Ensure your name and address are included with the gift for tax purposes.

  Since QCDs are made from pre-tax assets, they are not eligible for a charitable deduction. We recommend consulting your financial advisor to ensure this strategy aligns with your tax and estate planning goals.
  
  

  For more information, please contact Tara Askeland. 

• A Gift through a Donor Advised Fund (DAF)

  A Donor-Advised Fund (DAF) is a powerful way to support Portledge School while maximizing your tax benefits. Think of it as a charitable investment account dedicated to philanthropy.
  
  You can contribute cash, stocks, or other assets, receive an immediate tax deduction, and then recommend grants to Portledge over time.

  Why Give Through a DAF?

  • Immediate tax deduction – Contribute now and decide later which charities to support.
  • Strategic estate planning – Name Portledge as a beneficiary to ensure future support.
  • Tax efficiency – Offset high-earning years, year-end bonuses, or stock option exercises.
  • Tax-free growth – Invested assets grow tax-free, increasing your potential impact.
  • Maximize giving – Donating directly to a DAF can be more tax-efficient than selling assets first.

  How It Works

  1. Set up a DAF through a financial institution or foundation.
  2. Contribute assets such as cash, stocks, or mutual funds.
  3. Recommend grants to Portledge School at your convenience.
  4. Ensure your legacy by naming Portledge as a beneficiary.

  We encourage you to consult your financial advisor to determine the best approach for your giving. Thank you for your generosity in supporting Portledge School!

• A Gift of Life Insurance

  A gift of a life insurance policy that you no longer need can be an easy and impactful way to support Portledge School.

  Is a Gift of Life Insurance Right for You?

  A gift of life insurance could be a great option if:
  
  

  • Your policy is paid up or has substantial cash value.
  • You have already provided for your loved ones through other means.
  • You want to make a significant gift to Portledge School without affecting your cash flow.

  How It Works

  Option 1: Transfer Ownership to Portledge School

  By making Portledge School the owner and irrevocable beneficiary of your policy:

  • Portledge School can either cash in the policy immediately or maintain it to receive the full death benefit in the future.
  • You receive an income tax charitable deduction for the value of the policy (or total premiums paid, whichever is less).
  • If you continue to pay premiums, you receive additional tax deductions for those payments.

  This process is simple—you just need to complete a form from your insurance company assigning ownership and beneficiary rights to:

  Portledge School
  Federal Tax Identification Number: 11-6044973

  Option 2: Name Portledge School as a Beneficiary

  Instead of transferring ownership, you can simply name Portledge School as a beneficiary of some or all of your policy’s death benefit. This option allows you to:

  • Make a revocable gift, meaning you can change your beneficiary designation at any time.
  • Retain ownership of your policy while ensuring your legacy supports Portledge School.
  • Provide estate tax benefits to your heirs, as your estate may receive a deduction for the amount given to Portledge.

  To designate Portledge School as a beneficiary, contact your insurance agent and update your policy’s beneficiary designation with:

  Portledge School
  Federal Tax Identification Number: 11-6044973

  A gift of life insurance is a simple yet powerful way to leave a lasting impact at Portledge School. For more information, consult your financial advisor.