Immaculate Heart Academy

Skip to main content
Mobile Menu

1960 Society

1960 Society Planned Giving
Charitable gifts at the end of one's life are excellent ways of making a meaningful gift to IHA. Gifts by will or by beneficiary designation can allow you to make a significant contribution that may not have been possible during your lifetime. With careful planning, you can realize the personal satisfaction that comes from knowing that your gift will help sustain IHA's mission without jeopardizing your family's security.

Created to honor the spirit that has nurtured and sustained IHA for more than 50 years, the 1960 Society recognizes those individuals who have thoughtfully included a gift to IHA in their estate plans through a will, trust, retirement plan, life insurance policy, or life-income gift such as a charitable gift annuity or charitable remainder trust.

 

Planned gifts create extraordinary opportunities to ensure that resources will be available to support IHA far into the future, preserving and advancing its mission to offer young women an unsurpassed, Catholic, college preparatory education.

 

You are cordially invited to become a member of the 1960 Society. By joining the 1960 Society, you become a part of the IHA legacy and will help to inspire others to support IHA with future gifts.

 

What Types of Assets can you use to Make a Gift through your Will?

Many people think that a gift to a charity from their estate at the end of their lives is in cash, but most types of property (stocks,  bonds, retirement accounts, life insurance policies, real property, or business interests) may be given. Some of these assets can be given through the person's will; other assets pass via a beneficiary designation, or "outside" the donor's will.

The nature of the property should be examined to determine family needs and tax consequences. In addition to the personal satisfaction of making a philanthropic bequest and taking care of loved ones, there are certain estate-tax benefits attached to such a gift. A federal estate-tax charitable deduction is allowed for the full market value of the gift.

Four Easy Ways to Make Gifts Outside Your Will

 

Some assets are transferred outside a will. Gifts from these asset categories are simple for an individual to put in place. The individual only needs to complete or update the beneficiary form and name IHA as an additional beneficiary.

 

  • IRAs and Qualified Retirement Plans: A retirement account is an excellent asset to leave to charity. Simply name IHA as a beneficiary or as a percentage beneficiary. Traditional IRAs are funded with pre-tax dollars and grow tax free. However, your children or other heirs designated as IRA beneficiaries will pay income tax on the IRA distribution; charities are exempt from this tax.
  • Donor Advised Funds: For donor advised funds sponsored by financial firms, the account owner can recommend, in advance, that lump-sum grants be made to specified charities upon death from any balance remaining in the account.
  • Living Trusts: Many people now create revocable living trusts. Such a trust establishes a predetermined transfer of assets while full control remains in the hands of the creator of the trust. Asset distribution is governed by the trust instrument—not your will. The biggest mistake is to leave assets out of the trust because they will have to go through probate.
  • Life Insurance: Typically most people name a specific beneficiary of a life insurance policy. With the arrangement, the proceeds will go directly to the designated individual or charitable institution without passing through probate. IHA can receive all or a portion of the death benefit associated with a life insurance policy.