Frequently Asked Questions
- How do I leave a gift to Marian Catholic High School in my will?
Naming Marian Catholic High School as a beneficiary in a will is one of the most popular planned gifts to Marian Catholic. For many donors, a bequest offers the opportunity to make a more substantial gift than would be possible during the donor’s lifetime. Other donors view a bequest as an opportunity to give a lasting legacy to Marian Catholic. Bequests are one of the simplest forms of planned giving and have been important in supporting Marian Catholic’s endowment, among other things.
Bequests may include stocks, bonds, real estate, or retirement-plan assets. Other assets may also be willed to Marian Catholic. You can give a specific dollar amount or a percentage of your estate. You even can name Marian Catholic as a residual beneficiary. This means that Marian Catholic will receive the remainder of your estate after all other bequests and taxes have been satisfied.
If you would like to remember Marian Catholic through a bequest, it is very important that this estate gift be correctly worded. Please review our suggested sample bequest language, which provides the language to record your wishes in your will.
- Does Marian Catholic High School need to know my bequest intentions?
We recognize that you might want to keep your bequest intentions confidential. If you are willing to inform us, however, we appreciate the information. Including Marian Catholic in your will makes you eligible to become a member of Marian Catholic’s Veritas Society. Recognizing members of this society is important to Marian Catholic. Not only does it provide us with an opportunity to express our appreciation, but it also may inspire others to support Marian Catholic through their estate plans.
- May I name Marian Catholic as the beneficiary of a life insurance policy?
Yes. An asset that is frequently overlooked is life insurance. If the original need for which a policy was purchased no longer exists (for example, to pay for a child’s education in the event of one’s premature death), a gift of this asset can be very rewarding. To qualify for a tax deduction, you would need to name Marian Catholic as both the beneficiary and the owner of the policy.
You also may consider using life insurance when you make a gift of another asset (highly appreciated real estate, for example) but wish to replace the value of that asset for your family. By using the actual tax savings generated by your gift to purchase a life insurance policy, you can replace the value of the gift in your estate for the benefit of your family.
- May I name Marian Catholic as the beneficiary of a retirement account?
Yes. You may use retirement-plan benefits to make a gift to Marian Catholic. And because of the estate- and income-tax treatment of retirement-plan benefits, the cost of your gift to your estate and heirs is often relatively small. Retirement-plan benefits include assets held in individual retirement accounts (IRAs) and assets held in accounts under 401(k) plans, profit-sharing plans, Keogh plans, and 403(b) plans.
- Can assets other than cash be used to fund a planned gift to Marian Catholic?
Yes. Donating long-term appreciated assets such as securities or real estate may bring even more benefits to a donor. By giving these assets to Marian Catholic to establish a planned gift such as a charitable remainder trust, a donor can reduce capital-gain tax liability and still receive a charitable deduction and other tax and income benefits.
- Does Marian Catholic accept gifts of real estate?
Yes. A personal residence, a farm, a vacation home, and commercial and rental property are often the subject of gifts. Like gifts of long-term, appreciated securities, gifts of real estate can be very attractive because of the double tax benefit: an immediate charitable deduction and the avoidance of capital-gain tax.
However, family considerations may not permit the making of an outright gift of your personal residence or farm. In that case, you may want to consider a gift to us of a retained life estate in such property. Even though you will retain the right to possess and enjoy the property for as long as you (and your spouse) live, you’ll obtain a current income-tax deduction for the present value of our remainder interest.
- Will Marian Catholic work with my financial advisor as I plan a gift to Marian Catholic?
Yes. Marian Catholic encourages donors to talk with their advisors about their plans. We are willing to work with you and your advisors to determine the best course of action to achieve your wishes.
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