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Cadet with his parents smiling at the viewer in front of the chapel after graduation.

Planned Giving

Planned gifts to the Academy are investments in the future. Through your bequests, charitable trusts and gift annuities, Hargrave is able to ensure that tomorrow’s Cadets have the resources needed to continue the Academy’s over-one-hundred-year tradition of character, academics, faith and leadership.

Donors who provide for the future of Hargrave Military Academy through their planned giving are welcomed into the Heritage Society and extended the benefits of Sabre Club membership.

A few of the many planned giving options are described below. For more information please contact the Advancement Office.

Retirement Accounts

The balance remaining in your retirement account after your death is subject to double taxation if it passes to your heirs: it’s taxed both as income and as an estate asset. Result? Over 75% of the account value may go to taxes. It’s a better plan to designate the remainder of your account to Hargrave, and then use other assets for gifts to your family. New regulations simplify the procedure to name a charity as beneficiary and we would be happy to assist you with this process.

Life Insurance

Life insurance is a powerful tool for making a significant charitable gift to Hargrave without depleting your current assets. By designating Hargrave as the beneficiary of your policy, you ensure that the proceeds are paid directly to the Academy upon your death. This gift provides meaningful support to the academy and can be a cost-effective way of making a sizable contribution.

Income Gift Choices

A charitable gift annuity is the simplest. In return for your gift, we contract to pay you and/or another beneficiary fixed income for life. The income rates and the charitable deduction tend to be higher with a gift annuity than with other life-income gifts. There is also an attractive reduction in the taxation of annuity payments.

Deferred Gift Annuity

A deferred gift annuity delays the inauguration of income payments to the beneficiaries. In return for this delay, the deferred annuity increases both the income rate and the charitable deduction above those of an annuity starting income payments immediately. If you are currently in high-earnings years, looking for tax deductions and new sources of retirement income, a deferred annuity with income set to start when you turn 65 may fit your needs well.

Gift Annuities

Gift annuities are contracts between Hargrave and you, with payments made as an obligation of our organization. One other gift returning fixed income, the charitable remainder annuity trust, is an individually managed trust instead of a contract. The annuity trust offers you more flexibility, although its management costs often produce lower income rates than a gift annuity could pay and requires a larger initial gift.

The annuity trust does have several advantages. It can pay income to multiple beneficiaries, while the gift annuity is limited to two individuals. It can pay income for a term of years (up to 20) while a gift annuity can only pay for life. Under certain circumstances an annuity trust can pay all tax-free income, especially if it was funded with tax-free securities.

Unitrust Special Feature

A special feature of the unitrust is its ability to grow its principal over time, then reinvest for income, with no capital gains cost. This feature allows you to build up a fund for later needs, such as retirement.

Charitable Gift Annuity

This is a contract in which a donor exchanges a gift of cash or marketable securities such as stocks or bonds to Hargrave. In return you or a designate will receive fixed income payments for life.

Charitable Remainder Trust

A trust that allows you to design an arrangement specifically suited to your needs, as well as provide income to your or other beneficiaries for life or a set term of years. The remainder then supports your favorite program at Hargrave.

Charitable Lead Trust

This trust is the opposite of a remainder trust, as it provides Hargrave with income for a set term of years, then the remainder is transferred to you or your heirs.

Gifts of Real Estate

You can deed your home, farm or other real estate to Hargrave and retain use of it during your lifetime. You will receive a charitable tax deduction while enjoying its use. You may also receive capital gains tax savings.