One of the simplest ways to make a legacy gift to St. Mark’s School is with a “beneficiary designation” for your financial accounts or certain other assets. It’s usually as simple as filling out a form – no need to re-write your will or other estate planning documents. You can name St. Mark’s School as the sole beneficiary or as one of several, perhaps designating some to St. Mark’s School and the rest to your family or others.

A beneficiary designation contribution offers significant benefits for you:

  • Flexible: you can change your beneficiary designation at any time
  • Easy to arrange: no need to change your will
  • Tax advantageous: your contribution is not subject to income or estate taxes

Accounts and assets you may consider designating for St. Mark’s School include:

Bank account: You can instruct your bank to pay all or a portion of what remains in your checking or savings account to St. Mark’s School. Your bank can provide you with the appropriate forms.

Investment account: You can instruct your investment company to transfer to St. Mark’s School some or all of the investments held in your account at end of your lifetime. There may be an online form, or your broker or agent can help you with the process.

Retirement accounts: A beneficiary designation contribution from your IRA, 401(k), 403(b), or most other qualified retirement plans can save taxes for your heirs. If you leave your retirement accounts to others, the distributions will be subject to income tax. However, when these accounts pass to St. Mark’s School there is no income tax. Leaving your retirement account to St. Mark’s School and reserving other assets for your heirs saves taxes. Your retirement plan administrator can show you how to designate St. Mark’s School as beneficiary of a percentage of your account or a specific dollar amount.

Life insurance policies: Simply complete and return to your insurance company a form designating that St. Mark’s School receive all or a portion of your policy’s death benefit.

As always, your own advisors can help you determine what is most appropriate for you. We are ready to work with you and your advisors as you consider charitable gift options. Remember that some gifts can take longer to accomplish, so please consider timing to be sure you meet the year-end deadline.