A bequest is a disposition made in your will. If you have a current will, an amendment or codicil naming the school, must be added at your next revision. If you have yet to make your will, an attorney can make sure that your wishes to include Ursuline are properly stated.

By naming Ursuline as a beneficiary of a portion of your assets, you can make the gift of a lifetime and your estate may benefit from reduced estate tax. There are many ways to make a gift in your will. Your bequest may be:

• a specific amount
• a percentage of your estate
• specific property
• all or a part of the remains of your estate – the “residue”

Choosing the right option for you may depend on a number of factors including your assets and your family considerations.

Bequests are by far the most popular and easiest planned giving options for donors to execute as they offer:

• Simplicity: Just a few sentences in your will or trust are all that is needed.
• Flexibility: Bequests are not received until after your lifetime, so you may change your will due to family or financial conditions at anytime.
• Versatility: You may structure your bequest to include a specific gift amount, make the gift contingent on certain events or leave a percentage of your estate to Ursuline.
• Tax Relief: In most cases, your estate is entitled to an estate tax charitable deduction.

Many donors find it satisfying to know that their bequest can establish a permanent fund for assisting qualified young women receive an Ursuline education. A named endowed fund can be established with a gift of $25,000 or more. Named funds provide a lasting memorial to the donor, the donor’s family or those the donor wishes to honor.

Gifts of life insurance may also offer a simple way to support Ursuline, especially if your family no longer needs the policy for financial security after your death. You can make a gift of life insurance by making Ursuline an owner of an existing policy or making the school owner of a new policy. If the policy is paid up, your charitable contribution is generally the replacement value or your cost basis, whichever is less. If the policy is not paid up, your additional premiums may also qualify for charitable deductions.

A charitable gift annuity occurs through a simple contract in which you agree to make a donation of cash, stocks or other agreed upon assets to Ursuline. In return, Ursuline agrees to pay you, or someone else if you choose a fixed amount each year for the rest of your life. In addition to providing a gift to Ursuline and receiving fixed payments for life, you also receive the following benefits:

Charitable Remainder Trusts:

Charitable remainder trusts are gift plans that allow you to provide income to yourself or others for life or a fixed term of years while making a generous gift to Ursuline.

Charitable Remainder Annuity Trusts:

Individuals making gifts through charitable annuity trust transfer cash, securities or other property to a trust. You receive an income tax deduction and pay no capital gains tax. During its term, the trust pays a fixed amount each year to you or to anyone you name. When the trust ends, the remaining principal passes to Ursuline.

Charitable Remainder Unitrusts:

Individuals making gifts through charitable remainder unitrusts transfer cash, securities or other property to a trust. You receive an income tax deduction and pay no capital gains tax. During its term the trust pays a percentage of its value each year to you or anyone you name. When the trust ends, the remaining principal passes to Ursuline.

IRA and Retirement Plans:

Most retirement plans, including 401(k)s and IRAs, are income tax–deferred, meaning that income tax is not paid until the funds are distributed to you in life, or upon your death. This taxation makes retirement assets among the most costly assets to distribute to loved ones.

Because they are subject to income taxes to your beneficiaries, retirement assets make ideal gifts to tax-exempt charitable organizations such as Ursuline. Otherwise, the income taxes on retirement assets you leave to your loved ones can be as high as 35 percent. This means that an IRA worth $100,000 will be worth only $65,000 by the time it reaches your heirs.

On the other hand, the naming of a charity as the beneficiary of retirement assets upon death generates no income taxes. As a 501 (c) 3, Ursuline is tax-exempt and eligible to receive the full amount and can bypass any income taxes. This means that in the above example, Ursuline would receive the full $100,000 benefit.