Help keep the dream of Loyola High School alive for future generations. Planned gifts represent a special dedication to Loyola and future generations of Bulldogs. Planned gifts are sometimes called “stop and think” gifts because they require some planning. Below are some of the most popular ways to create your legacy.
Please consult your financial advisor or contact Bill McGrail at email@example.com or 313-861-2407 ext 103 for additional information regarding Planned giving options available to support Loyola.
PLANNED GIVING – THE MAGIS SOCIETY
The Magis Society was created to recognize those individuals who have chosen to remember Loyola in their estate plans.
Magis is a word that means “more,” in the sense of increased generosity, magnanimity, and selflessless.
If you believe in the value of a Loyola education, you can help ensure our future by making a planned gift. Your planned gift will be instrumental in Loyola’s ability to continue to accept students regardless of their financial means; to retain and attract an outstanding, caring staff; to assure quality and innovative programs; and to maintain facilities for optimal student performance.
A PLANNED OR DEFERRED GIFT
A planned or deferred gift to Loyola High School occurs when a donor transfers ownership of something with monetary value either now or at the time of death. A donor may direct the benefits of a gift to one or more program areas, for example, a student scholarship fund, an academic program area, or facilities maintenance. Some donors prefer that their gifts be added to the school’s unrestricted fund, thereby providing support for the greatest needs within the school.
BENEFITING OTHERS THROUGH YOUR WILL
Your Will can be a creative vehicle through which to make thoughtful gifts. After providing for the needs of loved ones, you may choose one of several ways to benefit Loyola or other causes that are important to you. You can amend your Will to make a gift of a dollar amount, a specific property, a percentage of your estate, or what is left after your loved ones have been taken care of. You may also wish to name Loyola as a recipient in case one or more heirs do not survive you.
GIVING THROUGH REVOCABLE LIVING TRUSTS
If, like many others, you have chosen to rely on a revocable trust to pass your property to loved ones, consider adding Loyola to this plan. You can provide, at the termination of your trust, a portion of the assets will be given to or for the benefit of Loyola. Such a gift may be deductible from estate taxes and can be delayed until all family members have first been provided for.
CHARITABLE GIFT ANNUITY
A Charitable Gift Annuity, the most popular planned giving, is a simple contract providing for our payment to you (and an optional second beneficiary) of a fixed income for life in return for your minimum contribution of $1,000. The gift annuity offers you the assurance of an income for your lifetime that will not fluctuate and payments that are secured by all the assets of the Detroit Province of the Society of Jesus.
A GIFT WITH A STEADY INCOME
A charitable remainder annuity trust allows you to retain income from your property for life or for another period of time you specify. Your funds are held separately in a trust you establish and invested to allow payment of a fixed and regular income to you and/or someone else you name. You determine the exact amount of the payments when the plan is created, and this amount will never change. A tax deduction is allowed at the time you create your trust, and upon the death of the income recipient(s), whatever remains in the trust is distributed to Loyola.
A GIFT WITH A VARIABLE INCOME
Like the annuity trust, a charitable remainder unitrust provides for a gift that returns an income. However, unlike the annuity trust, the income from a unitrust will increase or decrease with the value of the assets placed in the trust. You determine the yearly payout percentage when the gift is made. Additions can be made to this type of trust, and a tax deduction is allowed for a portion of each amount contributed. Loyola will benefit after the death of the income recipient(s).
MAKING A TEMPORARY GIFT
People who wish to make a substantial gift to Loyola over a period of years, while ensuring that their property will ultimately return to themselves or their loved ones, may be interested in a charitable lead trust. The lead trust can be one of the few ways to reduce or eliminate taxes that would otherwise be due on assets left to children or grandchildren. Under the terms of a charitable lead trust, assets are transferred to a trust that pays income to Loyola for the number of years you determine. At the end of that period, the assets are returned to you or other persons you name.
GIVE YOUR HOME – AND CONTINUE TO LIVE THERE
By using a life estate arrangement, you can make a gift of your home or farm now while retaining the security of knowing you may live there as long as you wish. A key advantage of this plan is that the satisfaction of giving, as well as a tax deduction is enjoyed now rather than later. You continue to take care of the property, pay the taxes, and even receive any income it generates. But because you have made a gift of the property by deed, it does not pass through your probate estate at death, possibly saving unnecessary expenses and delays. The property passes to Loyola after your death.
A LARGE GIFT AT LOW COST THROUGH LIFE INSURANCE
Life insurance needs change as life progresses. Children become self-sufficient, and investments may provide unexpected income and security. As a result, not all life insurance coverage may be needed for the reason it was initially purchased. One of the simplest ways to make a significant gift in the future is to name Loyola to receive all or a portion of the proceeds of a policy no longer needed for its original purpose. Another way is to purchase a new policy, naming Loyola as beneficiary or co-beneficiary, to create a gift that may ultimately be much larger than its cost.
CREATIVE GIFTS THROUGH RETIREMENT PLANS
Whether you participate in a company pension plan or a fund you have established yourself such as an Individual Retirement Account (IRA), you may accumulate funds beyond your needs for comfortable support of yourself and loved ones. In such a case, it may be very easy to make a gift from such accounts to support the work you consider vital for the spiritual and material well-being of future generations. It can be satisfying to know that the funds you carefully saved over a lifetime may ultimately be put to good use as part of a prudent estate plan. Because such assets can have high total income and estate tax costs (on the order of 70%) if left to children, many owners of such assets find they can transfer such accounts to Loyola with very little actual cost to their families.
A GIFT OF LASTING SIGNIFICANCE
There may be no better way to pay tribute to a family member or other loved one than through a memorial gift. Loyola can attribute buildings, equipment, endowment funds, and a multitude of services to gifts made in memory of loved ones. The school will be glad to assist you in choosing an appropriate commemoration for your gift in honor of someone special to you. This type of gift can be made with liquid assets or through a deferred gift arrangement.
Loyola Planned Giving Representatives:
Michael Madison, CFA, DeRoy and Devereaux Private Investment Counsel, Inc.
David Sommerfeld, Butzel Long
Our representatives have experience in estate, financial and charitable planning. Their role is to help educate friends of Loyola on the various planned giving options.
Please be sure to consult your attorney. State laws govern all wills, trusts, and charitable gifts made in contractual agreements. An attorney will help you determine the value of your estate, guide you in your planning, and advise you of the best tax advantages for you and those who will inherit your estate.
For additional information, please contact:
Fr. Mark W. Luedtke, S.J., President, 313-861-2407 x102, firstname.lastname@example.org
Bill McGrail, Director of Advancement, 313-861-2407 X103, email@example.com