Estate & Gift Planning

Top Coed Boarding School in the MidwestSince James W. Ellsworth’s bequest of over $4 million in 1926, more than 250 members of the Western Reserve Academy community have made irrevocable gifts totaling $10,000,000 to provide the strategic funding for endowment expansion and capital projects that has been so critical for the growth and prosperity of the Academy. By doing so, those who plan their estates have demonstrated their belief that the Academy has earned the right to be stewards of their legacies. This strong financial underpinning has helped to make WRA one of the preeminent boarding schools in the country.

We are here to help you explore the methods and advantages of planned giving, which can provide you with a lifetime income, help you avoid capital gains tax, or reduce your estate tax as you provide significant support for your alma mater. Planned Gifts have become an increasingly popular method of giving as they offer attractive incentives while allowing you to control the outcome of your estate.

We are excited to share with you WRA's planned giving newsletter, LEGACY. LEGACY is intended to be helpful and informative, while also recognizing our generous alumni and friends in the Reserve Heritage Society who have included WRA in their estate plans. Here is the latest volume of LEGACY.

Read the 2016 spring issue.
Read the 2016 fall issue.
Read the 2015 issue.

For more information, contact Assistant Head of School for Advancement, Mark LaFontaine at 330-650-9704 or lafontainem@wra.net.


RESERVE HERITAGE SOCIETY

Consider establishing your legacy at Western Reserve Academy as a member of the Reserve Heritage Society (RHS), which recognizes those who shape WRA’s future by including the school in their estate plans. We thank all members, including those who prefer to remain anonymous, for their generosity, kindness and support.

RESERVE HERITAGE SOCIETY MEMBERS

1932
Paul L. Weller

1941
James Horner
William D. Peace

1942
James P. Andrews

1943
Robert R. Fornshell
Fred W. McConky
Walter D. Wood

1944
Anthony J. Smith
Robert W. Soulen

1945
John L. Naylor Jr.

1946
Jonathan S. Ayers

1947
W. G. Austen
Richard P. Buchman
C. H. Cleminshaw
Bruce W. Rogers
Fritz F. Smith
Philip G. Tarr

1948
Jacob B. Brown
Richard H. Daily
Marshall P. Ernstene
Gaylord J. James
Alan M. Krause
Charles D. Parke

1949
Walter F. Miner
John W. Rechsteiner
John H. Timmis

1950
Anonymous
Carl R. Apthorp
James D. Bonebrake
Philip K. MacBride
W. Stuver Parry
Philip R. Thornton
Timothy C. Wagner

1951
Charles A. Ferguson
Ronald J. Hess
George C. Limbach
T. Dixon Long
Karl A. A. Reuther
David R. Robinson
William F. Roemer
Richard W. Van Pelt
A. Lee Zuker

1952
William M. Balliette
James W. Gramentine
John M. Krogness
George M. Woloch

1953
Edward S. Benhoff
David B. Jones
J. L. Morris
Martin A. Trishman

1954
John S. Greeno
Samuel M. Jones
Eric G. Koskoff
William A. Miller
Kelly Reynolds

1955
Robert D. Bohan
J.M. Collister
Allen R. Davidson
R.T. Green
Robert Karol
G. R. Paul
Charles D. Pinkerton
David A. Rodgers
Martin L. Silbiger

1956
John G. Kirk
Robert A. Paul
John S. Pyke

1957
Richard M. Adam
John M. Bourne
Harrison T. Bubb
Nicolaus C. Mills

1958
Thomas E. Bletcher
Stephen J. Hasbrouck
John P. Hinckley
James M. Parry

1959
Nicholas L. Hayes
F. W. Kafer
William I. Levy
Andrew B. Lewis
George F. Medill
Friedrich Thiel
Norman Wulff

1960
William G. Faust
James S. Miner
Benjamin W. Perks

1961
Lorenzo T. Carlisle
Daniel W. Christman
Graham C. Laskey
James R. Manchester
John L. Schlacter

1962
Timothy M. Garner
Olin J. Heestand
H. J. Holshuh
David G. Mulock
Robert L. Wilson

1963
J.R. Arthur
Thomas E. Wilson

1964
Clemont R. Austin
Peter W. Howard
Donovan D. & Vacelia Husat
Robert C. Wellman
Richard C. Weston


KEY:
(d) = Deceased
F = Faculty
FR = Friend
G = Grandparent
HA = Honorary Alumni
P = Parent
PF = Past Faculty


updated 7-23-18

1965
Byron I. Barlow
Daniel H. Bayly
Henry E. Haller
Charles M. Hammel
James G. Larimer
Charles R. Moffett
Michael S. Shefler
William W. Simms
George T. Spencer-Green
Guy E. Wells

1966
Anonymous (1)
Stephan W. Cole
Bud Floyd
Christopher D. Ramel
Timothy E. Weidman

1967
John M. Fowler
A. Bruce Harrison

1968
William T. Daugherty
Rocky Ford
Martin & Sherry Franks
Peter S. Hellman
David M. Hunter
John C. Nicolls

1969
Thomas F. Seligson
Timothy R. Warner
Gary J. Winston

1970
Philip R. Berger
Gregory L. Cooper
Bruce A. Featherstone
Richard M. Lipton

1971
Anonymous (1)
David M. Estabrook
George A. Isaac
Gregory Pennington

1972
Peter T. Eshelman
Clifton D. Hood
Jeffrey D. Rubens

1973
Douglas E. Featherstone
William E. Kraus
John S. Owsley
Richard A. Shorr

1974
Linda R. Bacon
James D. Chambers
Harry W. Gaul
R. Mark Hamlin
Frederic M. Zonsius

1975
James K. Fowler
John P. Hewko
Amy S. Tercek
Mark R. Tercek

1976
Wilbur S. Bailey
Frank L. Buttitta
John L. Carpenter
Jeanne M. Fisher
Jude D. Kearney
David E. Sanders

1977
Randy Davis

1978
Johan Fatemi
Dale S. Janik
Cecily Pryce Maguire
Diana Narloch-Mikesell
Richard M. Sands

1979
Gordon C. Bell
Anthony L. Boerio
Tracy A. Bricker
James S. Gaynor
Scott F. Klimo
Andrew R. Midler
Charles L. Tramel
Lee D. Williams

1980
Frazier S. Keck

1981
Anonymous (1)
C. Davies Reed
David M. Shepherd
Frank M. Theis

1982
Nathaniel E. Leonard

1983
Ninette Enrique

1984
Paul M. Bierbusse
Charles W. Bower

1985
Megan Gibson
Amy L. Guiot

1987
Suzanne Day
Jeffrey C. Schaffer

1994
Anthony M. Elmore
James B. McGregor

1995
Jessica A. Bartlett

1999
Ryan D. Wirtz

2003
Christopher and Elizabeth Good

Friends & Family
Anonymous (1)
Mr. Michael J. Berthelot (P ’95, ’97, ’98, ’00, ’01)
Mr. & Mrs. John Breuker (PF, P ’86, ’93)
Mrs. Joan Burnham (P ’73, ’74, ’75, ’78, ’81)
Mr. & Mrs. William K. Cordier (P ’79)
Mr. & Mrs. Richard F. Elmore (P ’94)
Miss Marie K. Fiedler (PF)
Dr. & Mrs. Henry E. Flanagan Jr. (PF, P ’88, ’92)
Mrs. Anna May Gillett (P ’75, ’77, ’79)
Mrs. Sonja Griffith (HA ’50)
Revs. Albert A. & Gay Jennings (P ’98)
Mr. John J. Kelley (P '15, '18)
Mr. & Mrs. Stephen Krutowsky (P ’08)
Mr. & Mrs. Robert W. McKechnie (P ’00, ’04)
Mr. & Mrs. Richard B. Miller (G ’06, ’07, ’11)
Mrs. Janise Parry (HA ’43)
Mr. & Mrs. Frank C. Perrotta Sr. (P ’92, ’99)
Mr. William H. Roberts (FR)
Mr. & Mrs. Carl S. Sorenson (P ’83, ’85)
Mr. & Mrs. Terry L. Squire (P '14)
Mr. & Mrs. Ralph E. Warren (P ’95, ’98)
Mr. & Mrs. Gary W. Weimer (P ’91, ’93)


IRA/RETIREMENT VEHICLES

Retirement assets can be subject to multiple levels of taxation. Because money invested in these plans is not subject to income tax when invested, income tax is due when the money is withdrawn. The combination of federal income and estate taxes can seriously erode the value of retirement savings, in certain cases, up to as much as 80 percent of the value of the plan.

Careful planning for the disposition of retirement plan assets can help you avoid these undesirable tax costs. In certain situations, gifts to the Academy of retirement account balances can improve your overall tax consequences, as you increase the amounts passing to heirs and reduce income and estate taxes. Donating retirement plan assets could be the most cost-effective gift you can make.

Planned giving is an excellent way for donors to make a charitable gift to the Academy while realizing significant tax savings. Often donors are able to structure planned gifts to generate life income from assets that aren't income-producing. Below is information about the many vehicles for planned gifts. Please contact Mark LaFontaine, Assistant Head of School for Advancement at 330-650-9704 or by e-mail at lafontainem@wra.net, if you have questions or would like more information.

BEQUEST INTENTIONS

A bequest is easily accomplished by naming WRA in your will or trust, designating a specific amount, percentage, or a share of the residue of your estate. A bequest is exempt from federal estate taxes. We can provide sample language that can be used in your will or trust. We hope alumni will consider “endowing” their annual gift through a bequest. For instance, a bequest to the WRA endowment will yield about 5 percent in usable income each year, so a $10,000 bequest would provide $500 toward the school’s operating budget on an increasing basis year after year.

GIFT ANNUITIES

Charitable Gift Annuity

A charitable gift annuity is similar to a charitable remainder annuity trust in that it allows you to transfer cash or other property to Western Reserve Academy in exchange for a commitment by the Academy to pay you a specified amount each year. At your death, the remaining assets are distributed to the Academy. The minimum age for a charitable gift annuity is 60.


Deferred Gift Annuity

A deferred charitable gift annuity is similar to an immediate charitable gift annuity, with the exception that annuity payments are deferred to some future date of your own selection. These payments will continue for the rest of your life and/or the life of your spouse or another individual. The minimum age for a deferred gift annuity is age 45, and payments are generally deferred until you reach age 60.

Additional Options

Charitable Remainder Trusts

Charitable remainder trusts provide for the payment of periodic income to a beneficiary for the beneficiary's life or specified term of years. Upon the death of the beneficiary, or the expiration of the specified term of years, the principal of the trust (remainder interest) is distributed to

Western Reserve Academy. There are two types of charitable remainder trusts:

I. Charitable Remainder Annuity Trusts

A charitable remainder annuity trust pays a fixed income to a beneficiary, which must be at least five percent of the fair market value of the assets initially contributed to the trust. This amount does not change, and no additional gifts may be made to the annuity trust after its creation.

II. Charitable Remainder Unitrusts

A charitable remainder unitrust pays a fixed percentage (at least five percent) to the beneficiary of the fair market value of trust assets as valued annually. Because the value of assets can be expected to change from year to year, the unitrust payment will vary in amount each year. Additional contributions may be made to the trust after it is established.

Life Insurance

There are various methods by which a life insurance policy may be contributed to the Academy. You may:

  1. Assign irrevocably a paid-up policy to the Academy as the owner and beneficiary;
  2. Assign to the Academy irrevocably a life insurance policy on which premiums remain to be paid; or
  3. For a fully paid-up policy, name the Academy as owner and primary beneficiary of the policy.

New tax laws will exempt more estates from taxation over time. If you own life insurance policies that have built-up cash value but may no longer be needed for the payment of taxes or for their original purposes, such policies can also make convenient tax-deductible charitable gifts.

Property with Retained Life Estate

You may transfer to the Academy the title to a personal residence or other qualified real estate, while you, or another person, retain use of the property for a term of years or the life of the donor and/or another person. You continue to be responsible for real estate taxes, insurance, utilities and maintenance after transferring title to the property unless the Academy, upon prior approval of the development committee, agrees to assume responsibility for any of these items.

Property without Retained Life Estate

Gifts of real estate may be made in various ways: outright, charitable remainder trust or annuity trust, and bargain sale. These guidelines pertain to gifts of real estate in general:

  1. You secure a qualified appraisal of the property.
  2. The Academy (or trustee in case of a charitable remainder trust) shall determine if the donor has clear title to the property.
  3. All gifts are reviewed and accepted relative to the policies agreed upon by the Academy.