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ICS Sharing the Future Introduction
> Planned Gifts
Types of Planned Gifts
A planned gift may enable you to satisfy personal financial planning
needs in addition to providing Immaculate Conception with important,
long-term support. Some plans may provide income for life (or a
term of years), an immediate income tax charitable deduction, avoidance
of capital gains tax, and professional asset management (if the
Diocese of Peoria serves as trustee). If a gift is made through
your will, you obtain significant estate tax benefits.
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Bequests
A provision in your will or living trust that directs a portion
of your estate to a named beneficiary (such as Immaculate Conception
School or Immaculate Conception Church) is called a bequest. A charitable
bequest not only furthers your lifetime commitment to a charitable
institution, but also qualifies your estate for a charitable deduction
that can reduce estate tax liability.
There are several ways to make a bequest:
You can arrange to give Immaculate Conception School a specific
monetary amount, a piece of property, or a percentage of your estate.
Residual and contingent bequests provide first for your family,
and then, if circumstances permit, for the School. If
you would like more detailed information about bequests, how bequests
work or specific bequest language, please contact the Development
Office.
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Charitable Remainder Trusts
A charitable remainder trust (CRT) is an arrangement under which
a donor transfers money or property to the Diocese of Peoria, where
it is held in the School's name. The Diocese manages and invests
the assets as a separate fund and makes payments to the donor or
to other beneficiary(ies) for their lives or the period of years
specified in the trust agreement. When these payments terminate,
the assets in the trust pass to Immaculate Conception to be used
as the donor specified.
CRTs are designed to offer various federal
income and estate tax deductions for gifts benefiting charities
or educational institutions. In addition, if appreciated assets
are used to fund a CRT, the donor avoids capital gains tax. If
you would like more detailed information about charitable trusts,
please contact us.
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Real Estate
A gift of real estate is often an effective way to make a major
gift to a charitable organization such as Immaculate Conception,
since the gift entitles the donor to an income tax deduction for
the property's full appraised fair market value.
Almost any marketable real estate is
suitable for a charitable gift, including personal residences, farms,
commercial buildings, land, and shares in a cooperative apartment
corporation. Unencumbered property is preferable and generates the
greatest tax benefit.
If you would like more detailed information about gifts of real
estate, please contact Immaculate Conception.
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Life Insurance
Paid-up life insurance policies are accepted at their cash surrender
value. New or partially paid-up policies with a cash surrender value
of at least $10,000 may be accepted on a case-by-case basis. Immaculate
Conception follows generally accepted accounting principles, which
advise against recording the death benefit of an insurance policy
given during the donor's lifetime. If you would like more detailed
information about gifts of life insurance, please contact the Development
Office.
Retirement Assets
Many ICS alumni in their 70s and older are discovering that they
have accumulated estates and retirement plans far in excess of anything
they ever imagined possible. Tax burdens-sometimes more than 80%-can
eat away at retirement plan assets when they are left outright to
heirs. Making a charitable gift of retirement assets is one way
to lessen the tax burden associated with such assets and to support
the School at the same time. If you would like more detailed information
about gifts of retirement assets, please contact the Development
Office.
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