LEGACY GIVING
Creating a legacy gift, also known as a planned gift, through your will or another part of your estate plan enables you to continue to make a difference in the lives of young people throughout the Baltimore and Washington DC regions in perpetuity. Legacy gifts can be made at any age and allow you to demonstrate your commitment to our mission.
“As a grateful parent of an Outward Bound alum and a true believer in the value and power of experiential learning for urban youth, the mission of CBOBS is one I want to support. And even though I may not be able to make a large gift now, the option of a planned gift gives me the opportunity to make a significant contribution to an organization I care deeply about. By naming CBOBS as a beneficiary of my IRA – which I easily did online – I made a substantial future gift that CBOBS will be able to put directly toward its programs, all without any impact to my current financial situation. It’s my hope that this planned gift also will be a legacy for and inspiration to my children.”
– Natalie Sherman
“I’ve seen so many youngsters over the years benefit from completing a sea or land-based course that I want to continue my support through planned giving. This is an opportunity to offer additional funds without affecting my current circumstance. I hope many friends of CBOBS will join the planned giving effort.”
– Jim Smith
MANY WAYS TO GIVE
We invite you to become part of our Kurt Hahn Society, a distinguished group of forward-thinking individuals committed to transformative education for generations to come. Named for the founder of Outward Bound, the Kurt Hahn Society includes those who create legacy gifts that will inspire and empower beyond their own lifetimes.
There are many ways to plan a legacy gift while also taking advantage of potential tax savings and maintaining flexibility if your circumstances change. Below are the most common vehicles you might consider: Bequests, Beneficiary Designations, and Charitable Trusts.
BEQUESTS
Including a Gift in Your Will
Adding a provision to your will or trust is a simple way to make a planned gift. After taking care of loved ones, you can designate a percentage of your estate or a specific sum. A bequest may reduce estate tax. It also gives you flexibility. No other planned gift is as simple to make or as easy to modify, as your life circumstances change.
Sample language for your will
For an unrestricted gift:
“I give to Chesapeake Bay Outward Bound School, Inc. of 1900 Eagle Drive, Baltimore, MD 21207, Tax ID 34-2007841 or to it successor thereto, ______________[specific sum or percentage of the estate or description of property] This gift should be used for _____________ [state general purpose such as capital needs, endowment for education programs, or endowment for infrastructure].”
If you wish to add a gift to Chesapeake Bay Outward Bound in your existing will or trust, contact the attorney who drafted the document and request a simple amendment or addendum.
BENEFICIARY DESIGNATIONS
Naming CBOBS in Your Assets
Not everyone wants to commit to making a gift in their will or estate plan. Some people prefer the increased flexibility that a beneficiary designation provides.
It is very simple to name Chesapeake Bay Outward Bound School as a beneficiary. Start by requesting a change-of-beneficiary form from your policy administrator or download the form from your provider’s website. Make your desired changes and return the form to establish your gift.
Retirement Plan
You can name Chesapeake Bay Outward Bound School as a beneficiary of your IRA, 401(k), or another retirement plan while reserving more favorably taxed assets for your heirs.
Life Insurance
By naming Chesapeake Bay Outward Bound School as a beneficiary, you can turn a life insurance policy into a significant contribution. Estate tax benefits may apply.
Donor Advised Fund
If you have a donor-advised fund, you may be able to name Chesapeake Bay Outward Bound School as a beneficiary to receive a percentage of the remaining fund balance after your lifetime.
You can also name Chesapeake Bay Outward Bound School as a beneficiary of the following assets:
- Commercial Annuities
- Bank Accounts
- Certificates of Deposit
- Brokerage Accounts
CHARITABLE TRUSTS
Other Solutions for Assets and Gifts
If you have built a sizable estate, making a legacy gift through a Charitable Trust may allow you to give more than you thought possible. A Charitable Trust can help you make the most of your existing assets and resources, while also providing tangible financial benefits for you and your family – today and in the future.
Charitable Remainder Trust
You can make a gift of assets to a charitable remainder trust and receive income for yourself and/or loved ones in return. The remaining assets would go to Chesapeake Bay Outward Bound School.
Savings in income and capital gains tax may result. Contact your estate planning advisor.
“
I regard it as the foremost task of education to insure the survival of these qualities: an enterprising curiosity, an undefeatable spirit, tenacity in pursuit, readiness for sensible self-denial, and above all, compassion.
“
—Kurt Hahn, Founder of Outward Bound
NEXT STEPS
1. Talk to us
We would welcome a conversation with you about how you can leave a legacy to Chesapeake Bay Outward Bound School. Please contact Tamara Sciullo at 410-442-6028 or tsciullo@outwardboundchesapeake.org.
2. Seek the advice of your financial or legal advisor
3. Use our legal name
If you include Chesapeake Bay Outward Bound School in your estate plans, please use our legal name and federal tax ID.
Legal Name: Chesapeake Bay Outward Bound School, Inc
Address: 1900 Eagle Drive, Baltimore, MD 21207
Federal Tax ID: 34-2007841
4. Keep us informed
Please contact Tamara Sciullo at 410-442-6028 or tsciullo@outwardboundchesapeake.org
If you have already named Chesapeake Bay Outward Bound School in your will or trust, please let us know so we can ensure that your gift is used according to your wishes. We would also like to welcome you to the Kurt Hahn Society, recognizing legacy gifts. The information you share will be kept confidential and we respect any desire to remain anonymous.
Please note that Chesapeake Bay Outward Bound cannot provide legal, tax, or financial advice. We recommend you contact your attorneys or other professional advisors when considering changes to your estate plan.