Loyola Jesuit Center was founded on an act of generosity. In 1927, Welcome Bender purchased the Foote estate in Morristown and donated the house and property to the Jesuits. Loyola continues to rely on the generosity of its donors, benefactors and friends to keep its mission going.
Leaving a Legacy
A misconception is that planned giving is only for the “wealthy”. The truth is, even people of modest means can make a difference through planned giving. Loyola Jesuit Center has benefited greatly from the bequests of friends and retreatants. By giving to Loyola, they said to the world, “This (place) was important to me.”
What is a planned gift?
A planned gift may be an outright gift or a life-benefit gift. An outright gift is just that, a direct contribution. It may be in the form of cash, property, insurance, or other type of financial asset. A life-benefit gift, on the other hand, is a type of giving that allows you to retain some benefit such as income or use of your residence while you are living. Upon your death, Loyola Jesuit Center receives the benefit of your gift.
A planned gift is made during an individual’s lifetime.
Types of Gifts
Most people think of leaving a certain amount of money to Loyola Jesuit Center by including the gift in their will. However, giving cash or other assets is just one way to make a bequest. There are many other types of planned giving opportunities:
- Cash: A simple way to give, with tax-deductible benefits, cash provides immediate assistance to Loyola Jesuit Center.
- Investments and Property: Stocks, mutual funds, and other assets can be donated as a planned gift. The donor receives a charitable income tax deduction for the full market value of the investment on the transfer date, thus avoiding the payment of capital market value of the donated asset if higher.
- Wills and Trusts: A bequest is a gift that is designated to Loyola Jesuit Center through a Will or a Trust. Upon your death, we receive a specific amount of money or property, a percentage of your estate, or the remainder of your estate after expenses.
- Gift Annuities and Deferred Gift Annuities: Some planned gifts enable you to receive income from your charitable donation for the remainder of your life, or the life of your spouse or other loved one. You receive a substantial charitable tax deduction in the year you make the gift, and the gift produces income each year, a portion of which could be tax free. A Deferred Gift Annuity allows you to defer income until a later time. This feature is especially attractive to younger individuals who may not need the immediate income.
- Charitable Remainder Trusts: This type of gift also provides you with a safe, secure source of income during your lifetime. By permanently transferring personal assets to a Charitable Trust you receive a charitable tax deduction now, and income for the rest of your life, while making a substantial gift to Loyola Jesuit Center. Upon your death the remainder of the assets in the Trust plus accrued income is transferred to Loyola Jesuit Center.
- Charitable Lead Trusts: A Charitable Lead Trust is the reverse of a Charitable Remainder Trust. It may be set up during your lifetime or at the time of death. When the trust ends, the remaining property including all appreciation passes to the beneficiaries you choose.
- Life Insurance: You may own a life insurance policy which was purchased for a specific purpose that no longer exists. Donating a paid-up life insurance policy enables you to make a substantial charitable gift upon your death, while entitling you to a charitable tax deduction during your lifetime.
- IRAs/Qualified Retirement Plans/US Savings Bonds: A tax-deferred account like an IRA or 401(k) may be subject to both estate and income taxes at death. Therefore, a tax-deferred account makes an ideal charitable gift, because Loyola Jesuit Center is not subject to these taxes.
- Donor Advised Funds: The distribution of the charitable funds may be spread out over many years. You can provide direction each year as to which charities receive annual distributions from the fund.
- Gift Residence: A life estate is a type of planned gift that enables you to donate a residence to Loyola Jesuit Center. You receive a charitable income tax deduction for the gift, while you and your spouse or loved one may continue to live in the home until death.
For more information about the gift opportunities described above, please contact Mrs. Teresa Elko, Controller at firstname.lastname@example.org
Four Easy Steps to Establish Your Estate Planning, Reduce Your Taxes and Make a Meaningful Gift to Loyola Jesuit Center:
- Make a list of those who you would like to inherit some or all of your estate (your “beneficiaries”) after you pass. This could include your spouse, children, grandchildren, Loyola, etc.
- Make a list of your assets, including retirement plans, investment accounts, annuities and life insurance policies.
- Decide on what percentage of your assets you would like each beneficiary to receive after your death.
- Contact Timothy J Brunnock, Esq. at 973-867-1355 or at Timothy.Brunnock@LPL.com Tim is a member of both the New Jersey and New York State Bars, as well as a 20 year Loyola retreatant. He is also a current member of the Loyola Board of Directors. He has offered to significantly discount the customary fee to prepare wills and trusts for those who would like to leave a bequest for Loyola.
Planned Giving Recognition Levels:
Companion of St. Ignatius Loyola $250,000 and Up
Loyola Gold Companion $50,000 – $249,900
Loyola Silver Companion $10,000 – $49,900
Friend of Loyola $5,000 – $9,999