Oftentimes, the opportunity for a larger gift may present itself through the transfer of stocks, bonds, securities, or other investments, or by planning to leave a legacy to the school as a final gift by naming LCHS as a beneficiary in a will, IRA, life insurance policy, estate, etc.
What is Planned Giving?
Planned giving is a voluntary gift
- Of any kinds (assets)...
- In any amount...
- Given for any purpose...
- Either current or deferred...
- With the help of others (professional advisor, spouse, children, etc.)...
- To complete the gift.
Assets to consider:
Gifts by Will (Bequest)
This is the most common form of planned giving. A gift is given to the High School by provisions made in the donor's will designating a dollar amount or percentage of the estate. Bequests to Lexington Catholic High School are free from federal estate tax and the estate and inheritance taxes of most states. It is one of the simplest, cleanest, easiest forms of a planned giving instrument. Bequests should be drawn and executed with an attorney's advice.
Lexington Catholic High School may be named as a beneficiary of a policy or part of a policy at any time. Lexington Catholic must be irrevocably named beneficiary and assigned ownership of the policy to qualify the donor for an income tax deduction.
Lexington Catholic can be named as a beneficiary at the time of death.
Even in today's market you can use this asset to make a gift and avoid capital gains if you have a low cost basis.
The following is suggested language to consider when making a bequest in your will to Lexington Catholic:
I, (your full name), of (city, state) bequeath to Lexington Catholic High School, located in Lexington, Kentucky, the sum of $________________ for the following purpose: (general endowment or specific scholarship).
For information on how to make a planned gift, please contact the Office of Advancement at (859) 277-7183, ext. 312.