You can make a lasting contribution to future generations by designating St. Joseph Regional as a beneficiary of your estate plan through a bequest, retirement plan, life insurance policy, charitable trusts, or IRA rollover. By doing this, you can make a significant gift to SJR to assure its future — while also possibly providing tax benefits for yourself and your family. Unless you designate otherwise, all planned gifts will be added to the SJR Fund.
By making a planned gift, you are invited to join The 1962 Society. This was established to recognize individuals and families who choose to provide for the future of the School by including SJR in their estate plans. The 1962 Society members play an essential role in ensuring SJR’s continued financial health and tradition of academic excellence.
Members of The 1962 Society are:
- Listed with gratitude in the school’s Annual Report
- Invited to a reception with the President each spring
- Presented with a pin representing the SJR knights shield as a symbol of membership
A gift to St. Joseph Regional in your will or revocable trust will allow the School to continue to educate young men for many years to come. A bequest is easy to arrange, will not alter your current lifestyle, and can be easily modified to address your changing needs.
BEQUESTS (GIFTS BY WILL OR LIVING TRUST)
GIFTS FROM YOUR RETIREMENT PLAN
- You can escape both income AND estate tax levied on the residue left in your retirement account by leaving it to SJR.
- Give the most-taxed asset in your estate to SJR and leave more favorably taxed property to your heirs.
- You can continue to take withdrawals during your lifetime.
- You can revoke SJR as a beneficiary if your circumstances change.
- You have the satisfaction of knowing that you will be making a significant gift to SJR at a later date.
GIFTS OF LIFE INSURANCE
Life insurance can be used in several ways to make a lasting gift to SJR.
You can simply designate St. Joseph Regional as the beneficiary (or contingent beneficiary) of an existing life insurance policy – and continue to own the policy as before.
- You part with nothing during your lifetime.
- You continue to own the policy and retain the right to change beneficiaries.
- If insurance proceeds are paid to SJR after your lifetime, your estate may be entitled to tax benefits because of the gift.
- You make a gift using an asset that you and your family no longer need.
- You receive an immediate income tax deduction for the (approximate) cash surrender value of the policy.
- You have the satisfaction of making a significant gift to SJR without affecting your cash flow.
Gifts that pay lifetime income may have many benefits: Dependable income for you and your family, current and future tax savings, and an important way to support SJR. Life income gifts can be an excellent way to balance your personal and philanthropic goals.
CHARITABLE REMAINDER TRUST
A charitable remainder trust is an arrangement that allows you to provide an income to yourself or others for life (or a term of years), after which the trust assets go to St. Joseph Regional to help educate SJR students for years to come.
CHARITABLE LEAD TRUST
A charitable lead trust is an arrangement that allows you to provide an income to St. Joseph Regional for a specified length of time, after which the trust assets pass to your heirs.
To establish a charitable lead trust, you contribute securities or other appreciating assets to a trustee of your choice – who will invest the assets and make “income” payments to SJR. The annual payments to SJR can be either a fixed amount (Charitable Lead Annuity Trust) or a variable amount (Charitable Lead Unitrust), depending upon your wishes, goals, and desires. When the trust ends, the remaining trust principal passes to family members or other beneficiaries you have named. This kind of lead trust is technically called a “Non-Grantor Lead Trust.”
- The present value of the income payments to SJR may reduce your gift/estate tax liability
- All appreciation that takes place in the trust goes tax-free to your heirs when the trust ends
- You have the satisfaction of making a significant gift to SJR now that reduces the taxes due on transfers to your heirs later on
This information about planned giving is provided solely for educational purposes. Please consult your own legal and financial advisors before making a major gift to make sure that any particular gift plan is appropriate for you.
Please contact Scott Donnelly, Director of Development, at 201-391-3300 or [email protected] with any questions, or to request more information. All inquiries are confidential.