Please include us in your estate planning...
There are a number of ways to remember the St Ignatius School Foundation in your estate plan. The Foundation is a 501(c)(3) organization that allows you to enjoy all the benefits afforded by the US Tax Code when making gifts to us, either in life or on your passing.
Perhaps the most common and simple way to include the Foundation in your last wishes is to include a bequest to us in your will or trust. There is an unlimited estate tax deduction for amounts left to charity so including us in your estate plan may substantially decrease the taxes owed by your loved ones at your passing. Bequests can be made of specific property, specific dollar amounts, a percentage of your estate or an asset and even in fractional amounts. Please contact us for sample language for use in your will or trust.
Another simple and effective way to include the St Ignatius School Foundation in your estate plan is to name us the beneficiary of your retirement assets or accounts. Most IRA accounts, as well as many other retirement accounts, are subject to two-levels of taxation after your passing. They are subject to estate tax (at a maximum rate of 45% in 2008) as well as income tax (which is due as payments are actually made to your beneficiaries). Designating the Foundation as your beneficiary can avoid this undesirable result because your estate will receive a deduction for the gift, thereby exempting the assets from estate tax. In addition, since the Foundation is a tax exempt organization it is not subject to income tax on receipt of the payments or assets so you effectively avoid both levels of taxation.
Split-interest trusts that are established in your will or trust to form at your death are a great way to include the St Ignatius School Foundation in your estate plan while also transferring assets or income to your loved ones with discounted estate tax consequences. A Charitable Remainder Trusts allows your chosen beneficiaries to receive an income interest from your assets for a term of years or their lives. Then at the termination of the Trust the remainder passes to support the Foundation. A Charitable Lead Trust allows the Foundation to receive an income stream from your assets for a number of years before the assets ultimately pass to your beneficiaries. Both of these options entitle your estate to an estate tax deduction. This allows you to make a gift to both your loved ones and to the Foundation from the same assets and allows you to pass them to your loved ones with reduced estate tax consequences.
We would love the opportunity to discuss any of these above options with you or your professional advisors. Please contact us for more information to include the St Ignatius School Foundation in your estate plan.
Perhaps the most common and simple way to include the Foundation in your last wishes is to include a bequest to us in your will or trust. There is an unlimited estate tax deduction for amounts left to charity so including us in your estate plan may substantially decrease the taxes owed by your loved ones at your passing. Bequests can be made of specific property, specific dollar amounts, a percentage of your estate or an asset and even in fractional amounts. Please contact us for sample language for use in your will or trust.
Another simple and effective way to include the St Ignatius School Foundation in your estate plan is to name us the beneficiary of your retirement assets or accounts. Most IRA accounts, as well as many other retirement accounts, are subject to two-levels of taxation after your passing. They are subject to estate tax (at a maximum rate of 45% in 2008) as well as income tax (which is due as payments are actually made to your beneficiaries). Designating the Foundation as your beneficiary can avoid this undesirable result because your estate will receive a deduction for the gift, thereby exempting the assets from estate tax. In addition, since the Foundation is a tax exempt organization it is not subject to income tax on receipt of the payments or assets so you effectively avoid both levels of taxation.
Split-interest trusts that are established in your will or trust to form at your death are a great way to include the St Ignatius School Foundation in your estate plan while also transferring assets or income to your loved ones with discounted estate tax consequences. A Charitable Remainder Trusts allows your chosen beneficiaries to receive an income interest from your assets for a term of years or their lives. Then at the termination of the Trust the remainder passes to support the Foundation. A Charitable Lead Trust allows the Foundation to receive an income stream from your assets for a number of years before the assets ultimately pass to your beneficiaries. Both of these options entitle your estate to an estate tax deduction. This allows you to make a gift to both your loved ones and to the Foundation from the same assets and allows you to pass them to your loved ones with reduced estate tax consequences.
We would love the opportunity to discuss any of these above options with you or your professional advisors. Please contact us for more information to include the St Ignatius School Foundation in your estate plan.