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Leaving a Legacy Helps our Students and Teachers “Many times I realize how much my own outer and inner life is built upon the labors of my fellow men, both living and dead, and how earnestly I must exert myself in order to give in return as much as I have received.” -Albert Einstein

Imagine for a moment trying to accomplish what you have in life without having the necessary education many of us take for granted. We all try hard to live well, learn much and leave a legacy. Leaving a legacy however is often the most challenging. We have a unique opportunity to help you create an important legacy, one which will help generations of Hillsborough County children have the advantage of an excellent education so they can live well, learn much and leave their own legacy.

“Education has been a very important part of our family’s lives. We firmly believe that the only way for anybody to assure their future success is through a top-notch education. And the Hillsborough Education Foundation is the perfect way to make this happen with their proven track record providing outstanding support for public education. Making the Foundation the beneficiary of my annuity was extremely easy, and gives us the satisfaction to know that we will have an impact after we’re gone.” ~ Hillsborough Education Foundation Donor who has planned to Leave a Legacy

We are blessed with many individuals who leave a legacy by supporting their local teachers or schools through designating the Hillsborough Education Foundation in their estate or financial plans. A legacy gift will allow the Foundation to create an endowment fund in their honor. An endowment is a resource providing perpetual, annual contributions to support the programs and services of the donor’s favorite charitable organization(s) and areas of interest forever. Typically, legacy gifts are made through a bequest in a will and/or naming the Foundation as a beneficiary in a life insurance policy or retirement savings program. However, there are more avenues discussed below.

Why a Planned Gift?

  • Leave a lasting legacy for future generations
  • May increase your current income
  • Plan for the financial needs of a spouse, child or loved one
  • Reduce your income tax and/or avoid capital gains tax
  • Make a larger charitable gift than you thought possible
  • Assurance of accountability for donated assets

Planned Giving Opportunities

Bequests
Remembering the Hillsborough Education Foundation in a will or living trust is one of the simplest ways of leaving a legacy to support future student achievement. To be recognized appropriately, the following language should be used for a will or living trust to be recognized: “I give, devise and bequeath to the Hillsborough Education Foundation the sum of ______dollars (or ______% of the estate, or otherwise describe the gift)”. It's always a good idea to consult legal counsel when leaving a bequest.

Retirement Plans (Annuities, 401k’s, 403b’s)
Retirement plans can make a desired gift possible by naming the Hillsborough Education Foundation as beneficiary of all or a portion of the remainder of the account. Typically the beneficiary can be changed with the holder of the account and there will be no cost associated with it. This is a very easy way to assure that a favorite program or scholarship continues on.

Charitable Annuities Charitable gift annuities enable a donor to benefit public school students or teachers while guaranteeing you a fixed stream of income for life and receiving significant income tax benefits. This is achieved by donating assets to the Foundation in exchange for the Foundation’s written commitment to pay you a fixed annual sum. We would be glad to discuss this with you and would encourage you to include your financial planner and family in this decision.

Charitable Trusts
Charitable Remainder Trust
A Charitable Remainder Trust is a trust designed to provide you and/or another family member (such as a spouse) with payments during lifetime or for a term of years, after which the remaining trust assets pass to charity, such as the Hillsborough Education Foundaton.

Charitable Lead Trust
A Charitable Lead Trust is the reverse of a Charitable Remainder Trust in that is provides payments to the charity, such as the Hillsborough Education Foundation, during one or more lifetimes or for a term of years, after which the remaining trust assets pass to family members.

Endowment Funds
By creating an endowment fund, you enable the Hillsborough Education Foundation to establish a permanent pool of support for programs that will provide an enduring gift and are professionally invested. While the investment remains intact, you may suggest specific grants be awarded from the earnings. While the ultimate decision must remain with the Board, the Foundation listens closely to its donors and honors recommendations that are consistent with its charitable objectives. Some examples of areas to support with endowed funds include classroom or teacher educational projects and scholarships.

Donor Advised Funds
These funds are similar to Endowment Funds, but allow gifts to be made from the original donated funds as well as the earnings. Benefits of donor advised funds and endowment funds include eligibility for an immediate tax deduction for all amounts contributed to the fund and you pay no tax on the earnings generated by the fund.

Life Insurance
You may provide for a future gift by naming the Hillsborough Education Foundation as a primary, co-primary or contingent beneficiary on your life insurance policy. Typically, life insurance gifts are one of the easiest ways to perpetuate your gift. Proceeds can be used to create an endowment fund to benefit one of the many programs of the Foundation.

Memorials
Please consider us if you have the opportunity to celebrate the life or a specific achievement of a friend or loved one. There is no greater honor you can bestow on an individual than helping secure the future of our children’s education. We will, of course, be proud to share your intention with the honoree's family. If you are considering making a gift honoring a friend or loved one benefiting the Hillsborough Education Foundation, the Foundation will acknowledge your gift and also let the honoree that you have given in their name.

For more information, please contact Adrienne Garcia, Vice President of Development, at (813) 574-0270.


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