Planned Giving

A bequest in your will is one of the most common ways of making a planned gift to Elyria Catholic High School. 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 Elyria Catholic 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).

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

I hereby give, devise, and bequeath ____________ and No/100 dollars ($DOLLARS) to Elyria Catholic High School, a nonprofit organization located at 725 Gulf Road, Elyria, OH 44035, Federal Tax ID #34-0898044, for Elyria Catholic High School's general use and purpose.

Bequests can also be made contingent on the person making the will not being survived by other individuals. Suggested language to include in your will might be “If (name of primary beneficiary) do(es) not survive me or shall die within 90 days of the date of my death or as a result of a common disaster, then I give to Elyria Catholic High School, 725 Gulf Rd, Elyria, OH 44035, a nonprofit corporation, Federal Tax Identification Number 34-0898044, (insert amount, a specific asset, all or a percentage of the rest, residue and remainder of my estate).

A beneficiary designation is one of the simplest ways to make a gift to Elyria Catholic High School. It is usually as easy as filling out a form. You can specify the individuals and charities you want to support and you can also specify the percentage of the assets you want each beneficiary to receive. Beneficiary designations can be made on retirement assets, life insurance policies, annuity contracts, bank accounts, and investment accounts.

Qualified Charitable Distributions (QCDs)
A gift of retirement assets has the added advantage of being one of the most tax-wise ways to make an estate gift. This is because your retirement assets if left to individuals, will be subject to income tax when they receive distributions. With a gift to a non-profit such as Elyria Catholic High School, 100% of the funds are available for charitable purposes. If you want to remember us in your estate plan, it is often better to leave other types of assets like cash, securities, and real estate to your heirs and give the more heavily taxed retirement asset to Elyria Catholic High School.

Life Insurance
Life Insurance policies can also be used to make a gift to Elyria Catholic High School. Complete and return to the insurance company a form designating that Elyria Catholic High School receives all or a portion of the death benefit associated with your life insurance policy. You can also transfer ownership of the policy to Elyria Catholic High School. Transferring ownership results in an immediate income tax charitable deduction and potential income tax savings in the year of the gift.

Annuity Contracts
A commercial annuity will sometimes have a remaining value at the end of the annuitant’s lifetime. You can name Elyria Catholic High School to receive all or part of this amount by designating it as a beneficiary (sole or partial) on the appropriate form from the insurance company.

Bank Accounts
You can instruct your bank to pay Elyria Catholic High School all or a portion of what remains in a checking or savings account. Your bank can provide you with the appropriate beneficiary designation form.

Investment Accounts
You can instruct your investment company to transfer to Elyria Catholic High School some or all investments held in the account at the time of your passing. Your broker or agent can let you know the process for doing this – it may be as simple as adding “T.O.D. to Elyria Catholic High School after your name on the account.

Naming Elyria Catholic 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.

By establishing a charitable gift annuity, you can receive a fixed income for life while making a significant impact on our mission. With this option, you may also benefit from an immediate income tax deduction, making it an attractive solution for those seeking financial stability and long-term philanthropy.

Beginning in 2023 individuals over the age of 70 ½ will have the opportunity to use up to $50,000 of their qualified charitable distribution (QCD) to form a charitable gift annuity (CGA).

Assets transferred are eventually returned to the donor or, more typically, to the donor’s children. Income is paid to Elyria Catholic annually while the assets are in the trust. Such trusts can be created during your lifetime or at death, with significant savings in gift or estate taxes possible because of the “temporary” nature of the gift.

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 Elyria Catholic.