BEQUEST/PLANNED GIVING FORM
The 1865 Society
Sacred Heart Academy deeply appreciates the commitment to our future made by those who have included SHA in their long-term financial or estate plans. The 1865 Society recognizes alumnae, parents, faculty, staff and friends who have pledged to support Sacred Heart Academy through an estate gift, a life-income gift, life insurance policy, retirement plan or the transfer of assets. Including Sacred Heart Academy in a planned gift, 1865 Society members receive special recognition and invitations to school events. Gifts received through the 1865 Society assure the financial stability of Sacred Heart’s future. To those who have included SHA in their estate planning, we say Thank You, and to those considering a planned gift or would like to learn more, please contact the Advancement Office.
Retirement Plan Gift
A gift of part or all of an IRA, 401K, 403B or retirement plan account upon death. Leaving these to a non-profit allows the entire amount designated to transfer without taxes. No lawyer is needed. Change you beneficiary page to include Sacred Heart Academy Bryn Mawr indicating a percentage or a specific dollar amount.
Gift from IRA Funds
Tax provision that allows individuals age 70.5 and older to make a direct rollover of up to $100,000 from Individual Retirement Accounts (IRA) and Roth IRAs to a charity without having to count the distributions as taxable income. The rollover does not count toward the individual's required minimum distribution (RMD).
Gift of Life Insurance
A gift of life insurance also provides a charitable deduction to the donor. You may donate a new policy or a paid-up policy you no longer need. In either case you must designate SHA Bryn Mawr as both the owner and beneficiary of the life insurance policy. Ongoing premium payments qualify as charitable deduction. Check with you insurance agent for more details. You can also make SHA Bryn Mawr a beneficiary of your policy.
Gift of Appreciated Stock
If you own appreciated stock, there are tax advantages to contributing appreciated stock rather than cash. A gift of appreciated stock offers two tax saving advantages. First you avoid paying any capital gains tax on the increase in value of the stock. Second, you receive an income tax deduction for the full fair market value of the stock at the time of the gift. To qualify for these tax advantages you have to have owned the stock for generally more than one year. Gifts of appreciated stock are fully deductible – up to a maximum of 30% of your adjusted gross income. Country Day School of the Sacred Heart’s account is held at RBC Wealth Management and is managed by Thomas R. Byrnes. His phone number is 484-530-2850. The legal name of the account is Country Day School of the Sacred Heart. The tax deduction is based on the average price of the stock on the date of its transfer to Sacred Heart’s account.
A bequest is the transfer of funds or property from your estate to a beneficiary designated by you in your will. Sacred Heart can be named as the beneficiary in your will, this type of gift is not subject to federal, estate, or local inheritance taxes, and the value of the bequest is deductible in determining the taxable estate. Your will does not have to be redrafted; you can add SHA Bryn Mawr through an amendment to your will called a codicil.
Gift of Real Estate
A gift of real estate is like a gift of stock; any type of property may have appreciated in value through the years that its sale would mean a sizeable capital gains tax. By making a gift of this property, you would avoid the capital gains tax, and at the same time, receive a charitable deduction for the full fair market value of the property. It is also possible to make a gift of your residence or vacation home so that you and your spouse can continue to use it for your lifetimes – while you receive a current income tax deduction.
Charitable Remainder Trusts
These gifts enable you to increase your income, receive a charitable contribution deduction and avoid capital gains taxes. If you currently own stock, which is paying you low dividends, maybe 2% or 3%, a "life income" gift may work for you. You could transfer the stock establishing a "Charitable Remainder Trust" that would provide you with a 3% or greater annual return. This income would be paid to you and/or a loved one for life, after which the assets would be distributed outright to SHA Bryn Mawr. Through such an arrangement, you would be increasing your income and making a meaningful, tax-deductible contribution to SHA Bryn Mawr at the same time.
Charitable Lead Trusts
Charitable lead trusts are the reverse of the life income gifts. The income from the trust is first paid to the charity. The assets are transferred to a trustee who makes payment to us for a specified number of years, after which time the assets are transferred to your heirs. By establishing a charitable lead trust you are able to pass assets on to your children and grandchildren either completely free or considerably free of all estate and gift taxes.