Patrick Henry’s Red Hill represents the actions, beliefs, and vision that shaped our country in its founding years. We are committed to telling full truths and educating current and future generations about the dynamic and challenging years that enabled the birth of a democracy that many of us call home. The newly formed Red Hill Legacy Circle is your opportunity to plan for Red Hill’s future within your own estate planning.
The following are ways that planning for a gift either during life or at your death can benefit you, your family, and Red Hill. Our nation was built on forward thinking. You may be part of preserving that story and its role in using history to shape a brighter future for next generations.
Retirement Accounts
Name Patrick Henry’s Red Hill as the beneficiary of a retirement account (IRA, SEP, 401(k), etc.) at your death. This may be done by completing a beneficiary designation form naming PHRH as partial or full beneficiary. This may even result in substantial income or estate tax savings for you.
Bequests and Property
Bequests of cash, real estate, securities, or tangible property are a clear-cut way to provide for the future of Red Hill. A specific dollar amount or a percentage may be designated. You might also consider a bequest that would pay the remainder left in your estate to Patrick Henry’s Red Hill after all other desired bequests are made.
Life Insurance
Patrick Henry’s Red Hill can be designated as the beneficiary or owner of your existing life insurance policy should you not need it. This is a low-cost way to make a large impact. If you name PHRH as the owner, you will continue to pay the premiums after your gift and receive an income tax charitable deduction when each premium is paid. Also, the proceeds are removed from your taxable estate at death.
Charitable Remainder & Charitable Lead Trusts
Charitable remainder trusts and charitable lead trusts enable you to provide for both family and Patrick Henry’s Red Hill at the same time. For example, a charitable remainder trust provides you (or another beneficiary) with an annual payment and the balance passes to Patrick Henry’s Red Hill at your death. A charitable lead trust provides an annual gift of income to PHRH for a certain number of years, after which the assets in the trust would pass to your heirs. Both types of trust can provide significant income, gift, and estate tax savings.
