You may have already taken the initiative to create a will, set aside money for retirement and provide for your family. Consider going one step further by using those tools to further the mission of Notre Dame College Prep. Click here to visit our Planned Giving website and view all of the options we offer.
Consider naming NDCP as beneficiary on one of your accounts. Naming any individual other than your spouse as beneficiary of your retirement account exposes that person to income taxes, potentially consuming a significant portion your gift. Instead, name NDCP as the beneficiary and your estate will receive a charitable tax deduction and reduce your estate from other potential taxes. We accept the balance tax-free, and your assets aren’t paid to the government by way of taxes.
Many people do not know that various types of personal assets can have a beneficiary designation. For instance, a CD, Bond, Checking Account, Savings Account or Annuity. It’s as simple as completing a beneficiary or payable on death form with your financial institution. Please don’t overlook a rainy day fund either. Those funds could provide for many valuable programs at NDCP. Please give us a call. We are here to help you determine the best way to further the causes close to your heart.
Many donors find it both beneficial and rewarding to give from their assets. These types of planned gifts not only have a positive impact on the charity, but they come with many easy to understand benefits to the donor both during their lifetime and as a legacy.
Donors benefit, by benefiting a charity?
It’s true. Fall is here and the time comes again to solidify our charitable donations.
If you own an IRA and are age 70 ½, the IRS mandates you take what is called a Required Minimum Distribution (RMD). If you don’t, there are penalties. If you do, the distributions are treated as taxable income. No win here for a donor, there are taxes either way you do it, and who wants the IRS to tell you what to do anyway?
GOOD NEWS!!
If you don’t need the RMD funds for living expenses, the IRS now allows you to donate your distribution directly to a qualified charity. By donating your RMD, you fulfill your desire of being philanthropic, while being able to lower your income taxes. Win Win!
Factors benefitting the donor:
Satisfy the IRS mandate of taking your RMD
Income Tax savings on the RMD
May avoid additional tax on Social Security Benefits
May reduce Medicare Premiums
Remaining Asset can pass to Heirs or Charity
Remember, you must be age 70 ½ , you own an IRA, and your RMD must be donated from your IRA directly from the IRA to the qualified charity and you cannot exceed an IRA contribution of $100,000 per year.
One more thing…
Donating your RMD couldn’t be easier. Just call your trustee and complete a simple form. Done! Please consider assisting NDCP with your RMDs.
A simple bequest can be an easy and efficient way to help secure the long-term future for the Dons.
If you are making a new will or trust, you can simply include Notre Dame College Prep among the beneficiaries of your estate. If you already have a will, you can make NDCP a beneficiary of your estate through a simple document called a codicil. Notre Dame College Prep is a 501(c)(3) not-for-profit corporation. Your bequest language can be as simple as the following:
General Bequest: I hereby bequeath to Notre Dame College Prep, a tax-exempt organization, located at 7655 West Dempster Street, Niles, IL 60714 the sum of ________ dollars (or, alternatively, ____% of my residuary estate, or include a description of property, assets, etc. that you wish to bequeath) for its general purposes.
Specific Bequest: I hereby bequeath to Notre Dame College Prep, a tax-exempt organization, located at 7655 West Dempster Street, Niles, IL 60714 the sum of ________ dollars (or, alternatively, ____% of my residuary estate, or include a description of property, assets, etc. that you wish to bequeath). It is my wish that this gift be specifically used to support [describe specific intent here - scholarships, athletics, student services, etc.]. If it becomes inappropriate or impossible to accomplish the purpose of the gift as described herein, then the Board of Governors may designate this bequest to be used for the benefit of a substantially similar purpose.
Specifying a percentage of your estate as a bequest is generally preferable to specifying a dollar amount. It means that the beneficiaries of your estate, including tax-exempt not-for-profit organizations like NDCP, will receive the proportion you intend, even though your estate may increase or decrease in value. If you would like to specify the use of your bequest, please communicate with Dick Allegretti '73, so we can help you or your attorney word your wishes in a form that ensures that your intent will be honored.
For more information:
Dick Allegretti '73
847-779-8643
TO PRINT THIS INFORMATION, CLICK HERE
We are very excited to bring you some very beneficial tax advantages. The Protecting Americans from Tax Hikes Act of 2015 has a provision allowing you to donate tax-free up to $100,000 per year from your IRA to Notre Dame College Prep. This provision allows donors to transfer money from their IRAs directly to NDCP, without having to recognize the transfer as taxable income. This is called the IRA Charitable Rollover.
Click Here for More Information on Donating from Your IRA
Charitable Gift Annuities have always received a bad rap. And to be honest, many nonprofits have many risks associated with offering CGAs. NDCP’s new program has the backing of a financial institution with 500+ billion in assets, A+ rated, serves over 50 countries and has been in business 100+ years.
Donors will receive a guaranteed income for life. No longer do you need to worry about outliving your money. Donors still receive the same rates as published by the American Council on Gift Annuities and a charitable tax deduction for helping NDCP at the same time.
Click Here for More Information on Donating Using a Charitable Gift Annuity
A NI-CRUT is ideal for an income or non-income producing real estate asset. The donor can reserve the right to live in their home for life or a specified period of time. Upon the end of the specified time period, the trust terminates, the real estate is sold and the proceeds are distributed to Notre Dame College Prep.
Click Here for More Information on How to Donate Property and Still Use It
Many people are looking for ways to support Notre Dame College Prep, yet they can’t part with assets needed for retirement. Have you considered taking a look at your life insurance? It’s not just your mother’s burial policy anymore.
Circumstances change
Life circumstances change and so does the need for insurance. If a need has changed or no longer exists, please think of recycling and donating your policy to benefit Notre Dame College Prep.
Life insurance is a way to provide a greater donation that you may have thought possible. You can name NDCP as the beneficiary of the policy and we will receive the proceeds at your death. If you want to name us the owner and beneficiary, you can also obtain a charitable deduction. You can obtain additional charitable deductions if you choose to continue to donate the premium as well. It’s as simple as completing and signing a form with your insurance company to make these changes.
Not only does life insurance avoid probate, it passes to the beneficiary free from taxes and transfer costs, and you are recycling an asset to meet your philanthropic goals.
If you own a whole life policy you can donate the dividends while still alive and help us now. You can donate a small paid-up policy that has been sitting in your file drawer for years. You can even make Notre Dame College Prep the beneficiary on your group term through your employer. There are so many giving options to explore!
The Heritage Society is so named because these individuals celebrate all that is rich and meaningful in the long, storied heritage of Holy Cross education, and the tremendous impact that heritage has had on Notre Dame College Prep and the Dons.
If you have ever wished that you could do more to help the Dons, a planned giving vehicle may be the easiest way to accomplish your philanthropic goals.
Perhaps the members of The Heritage Society can answer that best themselves:
"I know that every dollar I give is going to help instill Christian values in Notre Dame grads - our nation's future leaders."
"I believe in the mission of NDCP. I joined the Heritage Society to help future generations have the educational opportunities that I did."
"Sometimes all someone needs to succeed is a little help from a stranger."
Notre Dame College Prep is encouraged that these donors are predominantly Dons themselves. "The mind will not be cultivated at the expense of the heart," said Blessed Basil Moreau. These benefactors illustrate the cultivation of their hearts, as they make the decision to help the next generation of Dons.
Heritage Society members are gratefully remembered in the prayers of the community.
Anonymous (3)
Donald W. Banas, '70
Philip G. Brennan, '67
Frank Corrado, '60
Ken Rusk, '60
Joseph A. Turek, '75
Thomas K. Walton, '59
For more information about how to add your name to this list of prestigious benefactors, contact Dick.