Make A Smart Investment For Your Future Planning Charitable Giving.
Charitable gifts are one of the most important and fulfilling ways you can help shape the world around you.The time you spend deciding how much and where to give is an important process that can bring special rewards.By carefully considering what to give, when to give, and how to give, you assure maximum impact from your gifts.
There are several planned giving vehicles available at Bishop Kearney High School that will not only benefit the students, but can provide you with valuable tax savings.
BEQUEST
A bequest is one of the most common planned gifts.A not for profit institution such as Bishop Kearney is bequeathed a gift in the donor’s will.A will is an important gift-giving vehicle.You can use it to provide for your family and to make a charitable gift with lasting importance. The gift may be designated as:
- a percentage of your estate
- a specific dollar amount or description of property
- the residual of your estate
- contingent upon a certain event happening
Such a decision would include the following statement:
“I hereby give or bequeath to Bishop Kearney High School of Rochester, New York, the sum of $_______ dollars to be used for the general purposes of the school.”
In addition, your estate taxes are reduced by the value of the gift to Bishop Kearney.If you have already included BK in your will, please let us know.
INSURANCE
Life insurance policies are inexpensive ways to leave a significant gift to Bishop Kearney.A new policy may be taken out on the life of a loved one to “create” a major, deferred gift to Kearney with the cost of the premium being a small fraction of the face value of the policy. Your tax deduction is equal to the cash/replacement value or premiums paid, depending on the type of policy.
CHARITABLE REMAINDER TRUST
Charitable Remainder Trusts provide the advantage of turning asset into annual income for you and would ultimately leave a gift to Bishop Kearney.To establish this trust, you would transfer cash, securities or real estate to the trust and select a fixed or variable annual payment that will be made to you or a beneficiary.Upon the death of your last beneficiary, the remainder of the trust would be distributed to Bishop Kearney.This type of trust would give you an income tax deduction in the year the gift is completed, and would eliminate any capital gains tax on the property’s increased value.
CHARITABLE LEAD TRUST
Charitable Lead Trusts enable Kearney to receive income payments from the trust for a given number of years.At the end of the trust term the assets of the trust are returned to the owner or his or her designee.This allows for the transfer of assets to children while greatly reducing gift taxes.
CHARITABLE GIFT ANNUITY
A gift annuity places your gift in trust, but becomes the property of Bishop Kearney immediately.In exchange, Kearney promises to pay a fixed income to you for the rest of your life.A portion of the income is not taxable, but considered the return of the principle.An income tax deduction is allowed for the difference between the gift value and the amount required to the fund annuity (actuarial value).There is a maximum of two income beneficiaries.
Charitable gifts need not compete with your personal and financial goals.In fact, such gifts may actually help you accomplish personal planning objectives in ways that benefit you, your loved ones and your charitable interests.Consult your financial advisor to assist you in deciding which type of gift is most advantageous for you.
There are several additional options for planned gift opportunities.For more information on making a planned gift to Bishop Kearney High School, please contact Kerri Mandelaro, vice president for advancement, at (585) 342-4000, ext. 228,or email her at kmandelaro@bkhs.org.
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