North Cross School is actively planning for the education of tomorrow’s students, and as part of that planning, is pleased to announce the creation of the Heritage Society honoring alumni, parents, and friends who have made arrangements for planned gifts to the school. This distinguished Heritage Society honors all planned giving donors for their support of our mission. We would be gratified and honored to include you in our Heritage Society if you have:
Provided for North Cross School in your will or trust.
Designated us as the beneficiary of a qualified retirement plan, savings bond, bank account, or life insurance policy.
Created a planned gift that returns fixed or flexible income to you or others.
We welcome the opportunity to have a confidential conversation with you at no obligation. If you should be a member of our Heritage Society, or would like information, please reply to firstname.lastname@example.org.
Our sincere appreciation is extended to the following Heritage Society members:
Mr. and Mrs. J. Rand Garrett III Mr. and Mrs. David R. Lake Mr. and Mrs. Bittle W. Porterfield, III Mr. and Mrs. John S. Ross, Jr.
The information on this website 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. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
North Cross School is an independent, coeducational, college-preparatory day school founded in 1944 and governed by a volunteer Board of Trustees.
North Cross School, 4254 Colonial Ave., Roanoke, VA 24018 (540) 989-6641 • (866) 294-6284 • (540) 989-7299 (FAX)
All contact information listed on this website is for official North Cross School business only. North Cross School does not accept unsolicited advertisements sent to school email addresses, phone numbers, or fax numbers listed on this site.
Accreditation North Cross is accredited by the Virginia Association of Independent Schools.
Memberships North Cross is a member of National Association for College Admission Counseling, and Potomac and Chesapeake Association for College Admission Counseling, The Cum Laude Society and the Council for Advancement and Support of Education.
A charitable bequest is one or two sentences in your will or living trust that leave to North Cross School a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan
"I hereby devise and bequeath North Cross School, a non-profit corporation organized under the laws of the Commonwealth of Virginia and located in Roanoke, Virginia, ( dollars or percentage of estate), for the use and benefit of said school in such manner as the Trustees thereof may direct."
able to be changed or cancelled
A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.
cannot be changed or cancelled
tax on gifts generally paid by the person making the gift rather than the recipient
the original value of an asset, such as stock, before its appreciation or depreciation
the growth in value of an asset like stock or real estate since the original purchase
the price a willing buyer and willing seller can agree on
The person receiving the gift annuity payments.
the part of an estate left after debts, taxes and specific bequests have been paid
a written and properly witnessed legal change to a will
the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will
A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the school or other charities. You cannot direct the gifts.
An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.
Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.
Securities, real estate, or any other property having a fair market value greater than its original purchase price.
Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.
A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.
You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.
You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the school as a lump sum.
You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the school as a lump sum.
A beneficiary designation clearly identifies how specific assets will be distributed after your death.
A charitable gift annuity involves a simple contract between you and the school where you agree to make a gift to the school and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.