Planned Giving

A deferred gift is one that will be received by Saint Mary’s in the future. 

Examples of deferred gifts include bequests through a will or trust and gifts directed through financial asset beneficiary designation.

A bequest is naming a recipient, like Saint Mary’s School, as a full or partial beneficiary in a will or trust. A will or trust ensures that a person’s intentions are clearly expressed and will be followed by an estate administrator. 

A trust provides for the distribution of assets without the usual probate administration requirements.

■  Specific bequests are usually a stated dollar amount. Specific bequests can also be a gift of stocks or bonds, real estate, or tangible personal property. 
■  Residual bequests designate a percentage of the remainder of an estate after specific bequests have been fulfilled. 

Bequests in a will or living trust are revocable, allowing donors to maintain control and use of their assets during their lifetime. 

A bequest may also reduce a donor’s estate tax liability.

Click here to notify us of your bequest.

There are many types of retirement plans and accounts, including an Individual Retirement Account (IRA), 401(k), 403(b), SEP, ESOP, etc. Qualified retirement plan assets often account for a large portion of a person’s overall net worth and estate.

Qualified retirement plan assets inherited by non-spousal beneficiaries are often one of the most heavily taxed assets in an estate, even if the estate is not large enough to trigger federal estate tax. 

As a qualified charity, Saint Mary’s does not pay income tax on gifts received from retirement plan assets. This means the full value of a large portion of your life’s savings will be used as directed by you at Saint Mary’s, increasing the gift’s impact at the School.

Making this revocable future gift is free and easy to do. Your retirement account’s plan administrator or the company that manages the account can help you designate Saint Mary’s as a beneficiary on the plan's beneficiary designation form. 

Click here to notify us that you've named Saint Mary's as a beneficiary of your Retirement Account(s).

Click here for information on how to create beneficiary designations.

Life insurance policies can be used to make a substantial gift to Saint Mary’s. There are several ways to use a life insurance policy to support Saint Mary’s, including listing the School as a beneficiary of a policy.

If Saint Mary’s is named both the sole owner and beneficiary of a paid-up, whole-life insurance policy, donors may receive an immediate charitable deduction for the lesser of the policy’s fair market value or the policy’s cost basis. In most instances, Saint Mary’s will surrender paid-up, whole-life insurance policies so proceeds may be used immediately.

Under certain circumstances, upon being named owner and beneficiary, Saint Mary’s may find it more advantageous to maintain the policy until the death of the insured person. In this situation, additional premiums paid on behalf of Saint Mary’s are tax deductible.

Click here to notify us that Saint Mary's is a beneficiary of your Life Insurance policy.

In addition to retirement accounts and life insurance policies, there are other assets whose inheritance is governed by beneficiary designation from a financial institution. These assets include: 

■ bank accounts and brokerage accounts with a payable on death (POD) provision; and 

■ donor-advised fund assets (depending on the organization that manages the donor-advised fund) remaining at the time of the original donor’s death. 

These revocable future gifts are easy to complete — simply sign or update a beneficiary designation form using our FreeWill Beneficiary Designation Form.

Saint Mary’s can be listed as a beneficiary of a charitable remainder trust (CRT), which pays an annual amount to one or more people for a lifetime or a fixed period of years. A charitable remainder annuity trust (CRAT) offers fixed payments to donors based on initial trust value. A charitable remainder unitrust (CRUT) offers payments to donors that vary based on the performance of the trust’s investment portfolio each year. Saint Mary’s receives the remaining trust assets at the donor’s death or the fixed term ends. 

Click here to notify us that we are a beneficiary of your CRUT, CRAT, or CRT.