Planned Giving

A bequest in your will is one of the most common ways of making an endowed gift to Holy Name. Making a bequest is easy to do, whether you are creating a will or amending an existing one. In fact, if you have an up-to-date will, you may not need to revise it. A gift to Holy Name High School can be added through an amendment to your will. Your attorney can explain how simple it can be.

You can make a charitable bequest by providing a dollar amount, specific property (i.e. real estate, vehicle, boat, etc.), a percentage of your estate, or what is left (remainder).

LEAVING A BEQUEST IS EASY.

If you are considering making an outright bequest to Holy Name High School, we recommend the following language:

I hereby give, devise, and bequeath  ____________ and No/100 dollars ($DOLLARS) to Holy Name High School, a nonprofit organization located at 6000 Queens Highway, Parma Heights, OH 44130, Federal Tax ID #34-1225953, for Holy Name High School's general use and purpose.

Life insurance is another way to make a substantial future gift. Holy Name is named as the owner and beneficiary to receive the proceeds of an existing life or new insurance policy. You receive a tax deduction for approximately the cash surrender value.

An alternative is for you to simply add the charity as a beneficiary to a policy. You retain the incidents of ownership over the policy, including the right to change the beneficiaries. However, the donor receives no income tax deduction.

Naming Holy Name as the beneficiary of retirement assets such as a 401(k) or IRA may also provide significant income and estate tax savings. Retirement account funds (IRAs or company plans) may be transferred to a charity at death by proper beneficiary designation. These gifts are simple to complete, requiring only a change of beneficiary form. Donors should ask their financial advisors for more information.

A charitable gift annuity is a contract you enter into with Holy Name High School. You transfer cash or property to the school in exchange for lifetime access to annual income from the school.

A charitable remainder trust is established by you to provide income to you (or a beneficiary designated by you) during the life of the trust. At the termination of the trust, the remaining cash/property (securities or real estate) is distributed to Holy Name.