Designate and Donate — Jointly Held Accounts
You can still designate and donate to our nonprofit, even if you have a loved one as a joint account owner.
How It Works
- Contact your bank to complete or update your P.O.D. (Pay on Death) form for your checking and savings accounts.
- Designate Philips Academy (Tax ID #20-3125525) to receive the remaining account balance after the joint account owners have passed away.
Benefits
- Receive a charitable deduction that will reduce any estate or inheritance taxes.
- Philips Academy receives the balance of the accounts after the joint account owners have passed away.
Jointly Held Accounts
You may have made a loved one a joint owner of the account. The joint owner may make deposits and withdrawals during your lifetime. The joint owner may also have "rights of survivorship," meaning that he/she will automatically inherit the account when you pass away. Even if you have a joint account, you should complete the P.O.D. form to assure that the bank knows what to do with the remaining assets when both account holders have passed away. This step will also assure that the account may not become part of a time consuming and costly probate process.
Making a legacy gift to Philips Academy doesn’t take great wealth—just a sincere desire to have a positive impact on the lives of children with developmental disabilities. All gifts, large and small, are important to us and are very much appreciated.
By planning a legacy gift through a bequest in your will or a gift in your estate plan, you help ensure that Philips Academy will continue and that future generations of students will have access to a Real Learning for Real Life education.
If you’ve already included Philips Academy in your will or estate plan, let us know! We’d love to officially welcome you to the legacy society. However, should you wish to remain anonymous we are happy to honor that request.