Whether you include a future gift in your will or trust, or make a current gift of securities or retirement account assets, a planned gift is a wonderful way to create your legacy at Academy of the Sacred Heart while accommodating your philanthropic, financial, and estate planning goals.
Legacy Gifts Through Your Will or Trust or a Beneficiary Designation
By including Academy of the Sacred Heart in your estate plan or naming us as a beneficiary of your life insurance policy or retirement plan, your generosity will support our mission for years to come. Legacy gifts are an important part of our fundraising efforts, providing long-term support that allows Academy of the Sacred Heart to plan ahead, weather fluctuations in charitable giving, and meet future challenges we haven’t thought of yet.
Gifts through your will or trust can take the form of a specific asset, dollar amount, percentage of your estate, or the remainder of your estate. These gifts are easy to establish with the help of an attorney and can be changed at any time.
Retirement plan assets are among the most highly taxed inherited assets. By leaving these assets to ASH instead of your heirs, the gift will avoid federal income tax and any potential federal estate tax. Contact your plan administrator to request a beneficiary designation form.
Gifts of Stock and Securities
Stocks are the most tax-efficient way to give to Academy of the Sacred Heart for many people. By donating appreciated stock instead of selling it, you can avoid paying federal and state capital gains tax and be able to give more. If you donate long-term holdings and itemize deductions, you can take a charitable deduction, in most cases, for the stock’s fair market value on the day you donate it.
Direct gifts to Academy of the Sacred Heart from your IRA can be an easy and convenient way to make a tax-free gift from one of your significant assets. For those 70½ and older, the amount transferred is excluded from your gross income. In addition, the amount you transfer will count towards your mandatory distribution if you have attained the age when required distributions begin. That age, which had been 72, was raised to 73 for those who become 72 between January 1, 2023, and December 31, 2032, and 75 for those who reach 74 after December 31, 2032.
For your gift to qualify:
You must be 70½ or older at the time of your gift.
The transfer must go directly from your IRA to ASH.
Your total annual IRA gift(s) to all charities combined cannot exceed $100,000, to be adjusted for inflation beginning in 2024.
To make a qualifying transfer, contact your IRA administrator and instruct that person to transfer funds to Academy of the Sacred Heart.
Academy of the Sacred Heart is a tax-exempt organization eligible to receive grants from donor-advised funds. You can even use your donor-advised fund to make recurring gifts, allowing you to maintain regular support of Academy of the Sacred Heart now and throughout the year. Contact your sponsoring organization to recommend that donations from your account be made to support Academy of the Sacred Heart.
For more information, please contact the Advancement Office at 248-646-8900. You can also request more information online.
The above is for informational purposes only and is not intended to provide and should not be relied on for tax, legal, or accounting advice. Please consult your tax, legal, and accounting advisors about your particular circumstances.