Support Our Students

A bequest – a gift made through your will or living trust – doesn’t cost you a cent during your lifetime and can be the easiest way to make a meaningful gift to Boston Arts Academy Foundation. It’s “revocable” as well, meaning you can update or alter it if circumstances change. If you already have a will or living trust, you can amend it to include a bequest to BAAF with a simple codicil (without having to pay your attorney to change it). Please contact us for a sample bequest with codicil language!

Bequests can come in any form – cash, securities, or personal property – but most often, a bequest is simply a set amount or percentage of an estate set aside to make a gift. Your charitable bequest is 100% deductible for estate tax purposes.

There are several ways to shape your bequest so your gift benefits both you and the students of BAA:

Outright bequest: a gift by will of a specific sum of money or property

Residuary bequest: a gift of a percentage of or remainder of a donor’s estate after specific bequests, debts, taxes, and estates expenses are paid

Contingent bequest: a gift that benefits Boston Arts Academy only if other named beneficiaries predecease the person making the will

Make a gift of stock, bonds, or securities.

If you make a gift of securities, you can receive valuable tax benefits while supporting Boston Arts Academy Foundation with a charitable donation. You can transfer publicly traded securities that you have owned for more than one year electronically by notifying your broker that you wish to make a gift of securities to BAAF. Your broker may request written authorization from you, including the name of stock and number of shares, before a transfer can be made.

Please notify Boston Arts Academy Foundation to expect a transfer, including the name of stock(s) and number of shares, as your name may not be attached to the securities transfer. Notifying BAAF of impending transfers helps avoid delays in receipt, recording, and recognition of your gift.

Then, you can claim an income tax charitable deduction based on the fair market value of the securities, while avoiding capital gains tax on the securities’ appreciation! This is something to consider if you hold highly appreciated securities for a number of years, or if you don’t plan to sell your stock.

Name BAAF as a beneficiary while avoiding heavily-taxed assets to heirs.

It is possible to name Boston Arts Academy as a beneficiary of all or part of your retirement plan assets – an IRA, 401(k), or other retirement account – and still set aside other assets for children, family, and friends (non-charitable heirs). BAAF is a tax-exempt organization, so the amount designated passes to BAAF income- and estate-tax free, while your estate receives a charitable deduction for the value of the assets given to BAAF. Non-charitable heirs only receive a small fraction of these types of plans’ value because inherited assets of retirement plans are subject to both estate and income taxes.

Deed property to BAAF.

If you no longer wish to maintain certain real estate, if you never seem to visit that vacation home, or if you face significant capital gains tax by passing on property to an heir, consider deeding your property to Boston Arts Academy Foundation. This provides you with an income tax charitable deduction for the value of the contribution, and it acts as an incredibly generous gift to BAAF and the students and communities we serve.

Transfer property to BAAF.

By transferring a painting, antiques, collectibles – any “appreciated” property – to Boston Arts Academy Foundation, you can make a significant gift, and in return, receive an immediate income tax deduction while paying no capital gains on the appreciation. BAAF then has the option to hold the property, display it, or sell it and apply the proceeds to a purpose you designate.

Name BAAF a beneficiary of a life insurance policy.

You can name Boston Arts Academy Foundation as a beneficiary of all or part of a new or existing life insurance policy. Depending on the type of policy gifted, you could receive an immediate income tax deduction and could deduct any future premium payments on the policy.

If you are 70 ½ +, make an IRA gift to BAAF!

Did you recently celebrate your 70th birthday? If so – happy birthday! – and, you are now invited to make a gift to Boston Arts Academy directly through your IRA. IRA Rollover gifts are not taxed and qualify towards your required minimum distribution (RMD), an IRS-mandated amount of money that you must withdraw from traditional IRAs each year.

Making an IRA Rollover gift is easy! Here are the guidelines:

• 70 ½ years or older at the time of the gift

• Traditional IRA or Roth IRA

• Gifts of $100,000 maximum per taxpayer per year, qualifies for tax-free status

• Gifts submitted by December 31, 20XX qualify for that current tax year 20XX

Follow these simple steps:

1. Contact your IRA administrator to request a charitable distribution to Boston Arts Academy.

2. Inform BAAF of your intentions by contacting Grace Baljon, Director of Individual Giving, at [email protected] or (617) 510-0582. Allow us to thank you for your generosity and recognize you for your support!

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