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Karyl and Byron Rice

Making a Commitment to a School They Love

Karyl and Byron RiceFor Karyl and Byron Rice, supporting Breck in an estate plan is, more than anything, a way to make sure that this school will be an option for future generations of students, parents and teachers.

"We genuinely love Breck," Karyl says. "It's been a wonderful place for our children and for us. If we can help in some small way, we're more than happy to do so."

The Rice family is blue and gold through and through. Both Byron (Middle School teacher and coach) and Karyl (Communications department) are longtime staff members. Their children Erik '08 and Maura '10 were both lifer students. Colleagues and parents of their children's friends make up a substantial part of their life outside of school as well.

Byron, who switched from a large public high school in northern California to Marin Academy as a junior, says going to an independent school changed his life. "I honestly don't know what I'd be doing now if it weren't for the opportunities I had at Marin," he reflects. "I went from a giant school where I got completely lost in the shuffle to a small, Episcopal school like Breck where I was exposed to great teaching, learned good work habits, and got to participate in a variety of sports and other activities."

Karyl, whose background is entirely in the public schools (her dad was an elementary school principal in Bloomington), admits that she never expected to send her own children to an independent school. "Our kids had such totally different experiences from my own," she observes. "They were guided and encouraged from their earliest age to find their passions."

"When we look at the things that are significant to both our kids as young adults today, we see the roots at Breck. For Erik, it's writing, acting, Shakespeare and the Supreme Court. For Maura, it's art, an interest her Breck teachers have nurtured every step of the way," both say.

And even though sending their children to Breck required some economic sacrifice, both Karyl and Byron feel strongly about their voluntary support of the school. "There are so many people who need help," they say, "and we can't give to them all. But we know what Breck has meant to our family, and we want to see it thrive for many years to come."

A charitable bequest is one or two sentences in your will or living trust that leave to Breck 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 give [the sum, percentage, or description of property] to Breck School, Golden Valley, Minnesota, to be used ['where it is needed most', or 'for the endowment', or 'for the ____ program endowment', or 'according to my written instructions on file with Breck School']."

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 Breck 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 potential 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 may qualify for a federal income tax charitable deduction when you itemize. 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 Breck School as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. 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 Breck 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 Breck School where you agree to make a gift to Breck 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.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.

eBrochure Request Form

Please provide the following information to view the brochure.