You may include a provision in your will directing that a cash, property, or estate gift be paid to Jackson Prep after your death, or the death of one of your heirs. Here are some options:

1. You may give Jackson Prep either a specific dollar amount or item of property—a "specific" bequest—or you may choose to give a percentage of your estate balance after taxes, expenses, and specific bequests have been paid—a "residual" bequest.
2. You may direct Jackson Prep to use your bequest for a particular program or activity at our school—a "restricted" bequest—or allow us to use your bequest at our discretion—an "unrestricted" bequest.
3. You may direct that a bequest be paid to Jackson Prep if one of your heirs does not survive you—a "contingent" bequest.

A charitable lead trust is an individually managed trust that holds gift assets, makes payments to Jackson Prep for a specified period of time, and then returns the balance to you—a grantor trust— or your heirs—a non-grantor trust.

A grantor lead trust can be an attractive strategy you would like to maximize your current tax deduction but don't wish to part permanently with a valuable asset. A non-grantor lead trust is particularly effective if you wish to reduce the tax cost of passing assets within a family.

A retained life estate allows you to make a significant gift to Jackson Prep using what may be your most valuable asset, yet does not disturb your current living arrangements or cash.

An important but frequently overlooked role of life insurance is the one it can play in charitable gift planning. A gift of life insurance may directly fund a gift, permitting you to make a substantial gift to Jackson Prep (face value of policy) for a relatively modest annual outlay (the premium payment). You may contribute either a new policy or allocate a portion of an existing policy, naming Jackson Prep as a primary or contingent beneficiary.

A living trust, which you create, or a testamentary trust, created by your Last Will and Testament, will provide income to you (living) and assets to your heirs (testamentary) for life, with the remainder designated for Jackson Prep.

1. Contact Crisler Boone at 601-939-8611 or cboone@jacksonprep.net to talk about supporting Jackson Preparatory School through a legacy gift.
2. Seek the advice of your financial or legal advisor.
3. If you include Prep in your plans, please use our legal name and Federal Tax ID.

Legal Name: Jackson Preparatory School Foundation
Address: 3100 Lakeland Drive

                Flowood, MS 39232

Federal Tax ID Number: Please contact us for our federal tax ID number.
 

The information on this page is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Additionally, all gifts are subject to review by the Gift Acceptance Committee before being accepted by the School, and are subject to the School's Gift Policies and Guidelines.

In return for a charitable gift, Jackson Prep will make fixed payments to you and a maximum of one beneficiary for life. At the death of the last beneficiary, Jackson Prep will use the remaining balance of the annuity for the purpose specified when the gift was made by contractual arrangement.

Funded with cash, securities, or other assets, CRT’s are individually managed irrevocable trusts that pay you either a fixed percentage of trust income or a fixed dollar amount on an annual basis. They provide for and maintain two sets of beneficiaries—income beneficiaries (you and, if married, a spouse) and Jackson Prep, if selected, would receive the principal of the trust after the income beneficiaries pass away.

An important but frequently overlooked role of life insurance is the one it can play in charitable gift planning. A gift of life insurance may directly fund a gift, permitting you to make a substantial gift to Jackson Prep (face value of policy) for a relatively modest annual outlay (the premium payment). You may contribute either a new policy or allocate a portion of an existing policy, naming Jackson Prep as a primary or contingent beneficiary.

• Make an outright gift of an existing policy. You can name Jackson Prep as owner and beneficiary of an existing policy. You may receive a federal income tax charitable deduction and reduce your future estate tax liability. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift.
• Make an outright gift of a new policy. You can take out a new policy and irrevocably name Jackson Prep as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift.