Legacy Giving
How do I make a Legacy Gift to SJJ?
Bequests
To give a bequest to SJJ, include the following language in your Will or Trust:
“I hereby give to Saints Joseph & John School, a non-profit corporation, an educational institution located at 12580 Pearl Road Strongsville, Ohio 44136, phone number 440-238-4877, the sum of $____________ or the following property:_______________________ or _______________ percent (____%) of the residue of my estate. Saints Joseph & John School may use this gift _______________________________________
(Examples: where the need is greatest, at the Principle’s discretion, to provide scholarships to worthy and needy students, etc.). Any assets, including cash, securities, real estate, and tangible personal property may be transferred to Saints Joseph & John School through your estate.
A bequest is deductible for federal tax purposes. There is no limit on the amount of deduction for the estate tax charitable deduction.
Life Insurance Policies
You may consider naming Saints Joseph & John as the beneficiary of a life insurance policy. To make the designation, simply advise your policy carrier and complete and sign a change of beneficiary form listing Saints Joseph & John School as your beneficiary.
Retirement Plans
Retirement plans, when passed on to heirs, can incur as much as 70 percent in taxes, because this asset faces double taxation. Not only is the amount of the plan reduced by estate taxes, but the recipient must also pay income taxes on the plan.
You may want to consider naming SJJ the beneficiary of your 401(k), pension, or other retirement plan and leaving other assets to your family. Naming SJJ as the primary beneficiary avoids all income and estate taxes on the retirement plan and allows SJJ to benefit from the full amount in the plan.
To make the designation, advise your plan administrator of your decision and complete and sign a change of beneficiary form. The information on this site is not intended as legal, tax, or investment advice. For such advice, please consult an attorney or a tax or investment professional.