The Saint Mary’s Legacy – Planned Giving

Planned Giving LogoPlanned gifts offer a lasting opportunity to share in the Lasallian Mission at Peralta Park. Through your gift today, you are sharing in the vision for tomorrow’s students.

Bequests

Leave your legacy at Saint Mary’s by including a gift to the school in your will. A bequest is one of the simplest ways to make a significant impact on the future of the Lasallian Mission.

Types of Bequests:

Unrestricted Bequest

This is a gift for the general needs of Saint Mary’s and the students she serves. A gift of this nature enables the school and its administration to make the most appropriate choice for the use the funds.

Restricted Bequest

This type of gift allows you to determine the impact your generosity will have on Saint Mary’s. For example, you may wish to fund a specific program such as the arts, athletics, academics, or tuition assistance. Please contact Saint Mary’s if you wish to make a restricted bequest so that we may have a clear understanding of your intentions.

Endowed Bequest

Most often used to establish scholarship funds, this type of bequest allows your impact to remain in perpetuity. The funds generated by your gift will be invested and distributed according to policies approved by the Board of Trustees.

Memorial or Honorary Bequest

This type of gift can be made in honor of or in memory of a family member, friend, or former teacher. Saint Mary’s will be honored and privileged to recognize your gift in an appropriate manner.

Gifts of Real Estate

A gift of real estate provides considerable tax benefits. You also have the option of retaining the right to occupy the property for life or even receive the income it generates.

Gifts of Life Insurance and Pension Benefits

A gift of life insurance allows you to contribute a previously acquired policy that may no longer be needed for its original purpose, and realize tax benefits. Saint Mary’s may also be named beneficiary of a life insurance policy, company pension plan or a private plan such as an IRA, Keough, or tax-sheltered annuity. Gifting of pension plan benefits helps you avoid both income and estate taxes.

Tax Free Gifts from IRA Accounts

If you’re age 70½ or older, you may be able to take advantage of an important incentive for charitable giving.  Congress has re-authorized the provision that allows donors to make gifts from their IRA accounts to one or more charities, without first incurring income tax on the withdrawal. This means that you can direct that amount to Saint Mary’s College High School, with no federal income tax liability.  This IRA Rollover may provide you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.

Now, there are some details and restrictions:

1.  You must be 70½ or older when you make your gift, and the gift must be made from an IRA – no other retirement plans (such as 401k, 403b or SEP accounts) qualify.

2.  Your gift must come to us outright – it cannot be used to establish a life-income arrangement or support a donor-advised fund.

3.  Although the distribution will be free from income tax, it will not generate an income tax charitable deduction.

There are other details which we’ll be happy to guide you through.  The administrator of your IRA will make the actual distribution to Saint Mary’s.  Below is a sample letter of instruction that you can send to your IRA administrator.

Sample Letter of Instruction from
Donor to Plan Provider for 2013 Gifts

[DATE]

[NAME OF PLAN PROVIDER]

[ADDRESS]

[CITY, STATE, ZIP]

Re:  Request for Direct Charitable Distribution from Individual Retirement Account

Dear Sir or Madam:

Please accept this letter as my request to make a direct charitable contribution from my Individual Retirement Account Number:

[insert account number]

as provided by American Taxpayer Relief Act of 2012 and Sec. 408(d)(8) of the Internal Revenue Code of 1986, as amended.

□ Please issue a check in the amount of $____________ payable to Saint Mary’s  at the following address:

SAINT MARY’S COLLEGE HIGH SCHOOL

1294 ALBINA AVENUE

BERKELEY, CA  94706

In your transmittal to the charity, please state my name and address as the donor of record in connection with this transfer, and copy me on your transmittal.

Thank you for your prompt attention to and assistance with this matter.

 

Other Options

There are other more complex ways to make a planned gift to Saint Mary’s. Among them are: Charitable Remainder Trust, Charitable Lead Trusts, and Retained Life Estates.

Whatever your intentions, it is important that you consult an Estate Planning Professional to maximize the tax benefits available to you while leaving your legacy at Saint Mary’s.

Please let us know if you have included Saint Mary’s in your will or estate plans. We want to acknowledge you properly and, hopefully, others will be inspired by your generous and thoughtful example.

We will recognize your gift by including your name in all Saint Mary’s Legacy listings and designating you as a lifetime member of the Saint LaSalle Society. If you prefer to remain anonymous, please advise so that we may honor your wishes.

We appreciate your interest and support of Saint Mary’s College High School. Please be sure to contact your attorney, accountant or tax advisor for specific information on how planned giving applies to your situation.

If you have questions or desire a professional referral, please contact Peter Boero ’64, Director of Advancement, at 510/559-6224 or email (Click here)