BENEFICIARY DESIGNATION
Naming Portsmouth Abbey School as the beneficiary of a retirement account, insurance policy, or bank or brokerage account may offer significant tax benefits and is easy to update should your plans change in the future.
Gifts of Retirement Assets
Did you know that 60 to 70% of your retirement assets may be taxed if you leave them to your heirs? Retirement plans and IRAs can be among the most highly taxed assets in your estate. Instead, if you leave other assets to family, and use a retirement account to make a gift to Portsmouth Abbey School, the funds are transferred tax-free and the School realizes the full value of the gift.
Life Insurance
Your life insurance policy is usually an untapped or forgotten part of your financial planning. If you have life insurance that has outlasted its original purpose, you may wish to consider making Portsmouth Abbey your beneficiary both for charitable purposes and tax savings. You may name the School as a beneficiary in your current life insurance policy. Or you can also choose to donate your life insurance policy during your life by naming the School as the irrevocable owner of your paid-up policy.
Designating Portsmouth Abbey School as a Beneficiary
To make a gift using a beneficiary designation, simply contact your account administrator to update your beneficiary form. The following information may be required:
Address: Portsmouth Abbey School, 285 Cory’s Lane, Portsmouth RI 02871
Tax ID (EIN): #05-0258947
Phone Number: 401.643.1269
Contact the Office of Development & Alumni Affairs at 401-643-1269.
The information on this website is not intended as legal, financial, or tax advice. Please consult an attorney, financial advisor, or tax advisor in your planning.