Giving Made Easy: A Tax-Saving Way to Help Cheshire Academy

The Harwood Society for Planned Giving honors alumnus Charles Harwood Jr. ’40, who became one of the Academy’s most vocal proponents and an advocate of building a strong endowment. The Harwood Society recognizes people who made financial provisions in their estate plans or establish charitable gift annuities or trusts to support the Academy’s mission for future generations.

Marcia and Ken Schlechter ’66 have made a provision for Cheshire Academy in their estate plan. They have also found an easy tax-advantaged way to make gifts to the Academy during their lifetimes. Ken tells us why contributing is important to him:

“I received an excellent education at Cheshire Academy, particularly in writing. Serving as co-editor of the Academy Review (the Academy’s newspaper), learning to sail, and being on various committees were very valuable experiences. It has been my privilege to give something back to Cheshire, and making a gift through a charitable remainder IRA rollover is an easy way to support the Academy. Marcia and I reduce our tax exposure while making a positive impact for Cheshire Academy faculty and students. I hope others will join us and do the same.”

Anyone at least 70½ years old can follow Ken and Marcia’s lead, taking advantage of a simple way to benefit Cheshire Academy and receive tax benefits in return. You can give up to $100,000 annually to charity from an IRA, serving as part of all a qualified distribution, and avoid income taxes on the money contributed.

Advantages of an IRA Rollover Charitable Gift:

• Your gift will be use today.
• The amount transferred directly from your IRA is not included in your total income, so you don’t have to itemize the IRA transfer on your tax return. Thus, even non-itemizers can benefit from this gift arrangement. 
• An IRA charitable rollover gift can satisfy all or part of your minimum distribution requirement for the year. 
• Best of all, you will see the impact of your philanthropy during your lifetime.