Legacy Giving

Remembering Broadwater in Your Planning

Please use the form below to let us know that you already have included Broadwater Academy in your estate plan. If you would like a gift planning consultation, please contact Tom Marshall, Director of Development, at tmarshall@broadwateracademy.org or 757-442-9041.

Legal name: Broadwater Academy
Tax identification number (TIN): 54-0799130

Bequest Language to Consider (Please consult your attorney and/or financial advisor)

  • Unrestricted Bequest
    I give, devise and bequeath (describe dollar amount, property to be given, or proportion of residuary estate) to the Broadwater Academy, located in Exmore, Virginia, for its general educational and charitable purposes.
  • Bequest to Endowment – To Create a Named Fund ($100,000 Minimum)
    I give, devise and bequeath (describe dollar amount, property to be given, or proportion of residuary estate) to Broadwater Academy, located in Exmore, Virginia, to establish the (name of fund) Fund, to be held as a permanent fund constituting part of Broadwater’s general endowment funds. The principal of said fund may be invested in common with other funds of like character, provided that the identity of said fund shall be preserved at all times. Net income from said fund, as determined under applicable Academy policy, shall be used for general educational and charitable purposes (or for support of need and/or merit-based scholarships, academic excellence, athletics, capital priorities, etc.).
  • Restricted Bequest for Student Financial Aid – To create a named fund ($100,000 Minimum)
    I give, devise and bequeath (describe dollar amount, property to be given, or proportion of residuary estate) to Broadwater Academy, located in Exmore, Virginia to establish the (name of fund) Scholarship Fund, the net income from which, determined under applicable Academy policy, shall be used to provide financial aid to deserving students.

Please contact Broadwater to work with you and your legal advisors regarding the wording of your specific bequest.  You may reach Tom Marshall, Director of Development at 757-442-9041 or by email at tmarshall@broadwateracademy.org

Charitable Remainder Trust

A charitable remainder trust is an individually managed life income arrangement that offers additional flexibility to donors in terms of the funding assets used to establish the trust and the management of the trust assets. One or two income beneficiaries may receive payments over their lifetimes or over a predetermined term of up to 20 years. In addition to cash or marketable securities, charitable remainder trusts can accept a variety of funding assets including real estate, privately held stock, art, antiques, or other collectible items. Donors may choose between a fixed annuity (charitable remainder annuity trust) or a variable trust managed for growth of income (charitable remainder unitrust).

Charitable Remainder Trust: How it works

  1. You transfer cash, securities, or other property to a trust.
  2. You receive an income tax deduction and pay no capital gains tax.
  3. During its term, the trust pays a percentage of its value each year to you, or to anyone you name.
  4. When the trust ends, its remaining principal passes to Broadwater Academy.

Charitable Lead Trust

A lead trust allows you to provide a stream of income to Broadwater for a term of years, following which trust assets, including any appreciation, are returned to you or passed to your heirs. In the latter case, you can significantly reduce the transfer tax on the gift to your heirs.

Note: The current low government interest rate environment makes some lead trusts particularly tax efficient given the high charitable gift tax deductions they generate.

Please contact your attorney if you are interested in creating a charitable trust.

The Charitable IRA Rollover is PERMANENT

What does this mean?
A gift from your IRA directly to Broadwater Academy will qualify toward your annual IRA required minimum distribution, allowing you to donate up to $100,000 of the distribution while avoiding taxation on the distribution.

Criteria to know:

  • A donor must be at least 70 1/2 years of age when the gift is made.
  • Transfer must be made directly from the IRA administrator to Broadwater Academy; individuals with check-writing ability for their IRAs may use this feature to complete their gift.
  • The maximum giving with this vehicle is $100,000 per person ($200,000 for a couple) per year, not $100,000 per charity.
  • This opportunity applies only to IRAs, not other types of retirement plans.
  • The charitable IRA distribution can be used to pay a pledge.
  • Contributions for life income gifts—such as gift annuities or charitable remainder trusts—do not qualify.
  • No charitable deduction will be realized, since the tax savings are reserved on the avoidance of income tax for the distribution.

Steps to take to make a Charitable IRA Rollover gift to Broadwater Academy:

  • Contact your IRA plan administrator for its specific transmittal form or use our form to request a gift transfer from your IRA to Broadwater Academy.
  • Inform us of your plan to make the designation of your gift. The easiest way to do this is by:
    • sending an e-mail to either of the addresses below with your name, contact information, IRA administrator name, gift amount, and designation information

Questions, letters, and e-mails to Tom Marshall, Director of Development

Broadwater Academy
3500 Broadwater Road
Exmore, VA  23350
757-442-9041 x125