The Cosmey-Parmelee Legacy Society
for Planned Giving to Calhoun
In 2016-17, Calhoun launched The Cosmey-Parmelee Legacy Society, named in honor of Co-Heads of School Beatrice Cosmey and Elizabeth Parmelee (1945-1969), to recognize donors making planned gifts to Calhoun. These two headmistresses remained deeply engaged in the school’s development following their tenure, and we are grateful to those honoring their legacy and supporting the school with a planned gift to The Calhoun Endowment.
There are many reasons to support The Calhoun School in the form of a planned gift, including tax benefits, financial flexibility, and the lasting legacy they can help a donor leave behind. No matter your goal, there is a type of planned gift that will allow you to make a significant impact on Calhoun through your estate plan.
Bequests: Donors may name Calhoun as a beneficiary in a will or in a codicil to a will. Most planned gifts are bequests. They allow a donor to make a larger contribution after death than is generally possible during their lifetime. The donor receives an estate tax charitable deduction for this gift.
Charitable Lead Trust: A trust created by the donor provides an income stream to Calhoun for a specified term of years. When the trust terminates, the principal goes to beneficiaries chosen by the donor. The donor does not incur income tax on the income stream paid to the School. The gift tax, on the principal passing the beneficiaries, is reduced or eliminated.
Life Income Gifts (Charitable Remainder Trust or Charitable Gift Annuity): A trust or annuity created by the donor provides an income to the donor's beneficiaries for a specified term of years. When the trust or annuity terminates, the principal is paid to Calhoun. The donor receives an immediate income tax deduction for the value of the deferred gift of the principal to the School.
Life Insurance Plans: Donors can make a transfer of ownership of a life insurance policy to The Calhoun School. The donor continues to pay any premiums after the gift is made, for which they receive an income tax deduction. The total investment in the life insurance policy is also tax-deductible.
Retirement Assets: Donors may choose to name Calhoun as a beneficiary of any balance remaining in an IRA, 401(k), or other retirement plan at the time of death. The amount that is gifted to Calhoun is not subject to income tax or estate tax (as it would be if left to an individual).
Remainder in Real Estate: A gift of real estate (such as a home or a vacation home) allows a donor to reserve the right to live in and use the property for the rest of his or her life. The donor receives an income tax deduction for the value of the deferred gift. Calhoun receives the property upon the donor's death.
The material presented here is intended as general educational information on the topics discussed herein and should not be interpreted as legal, financial or tax advice. Please seek the specific advice of your tax advisor, attorney and/or financial planner to discuss the application of these topics to your individual situation.