Gifts That Cost You Nothing Now


Gifts That Cost You Nothing Now

You can leave a legacy gift with nothing more than your signature. And when you decide to leave a gift in your will or trust for Benedictine College, you’re linked with our mission to transform lives in the Benedictine tradition. Once your family and friends are provided for, we hope you’ll consider making Benedictine College part of your legacy.

A gift to Benedictine College places us among your family and friends. We’re honored and humbled to be held in such esteem. And to show our gratitude, we’ll ensure that your gift is used to develop the values of community, faith and scholarship in generation after generation of Benedictine students.

Gifts by Bequest

Here are some easy ways that most people leave a gift in their will or trust to Benedictine College:

General bequest by which the college receives a legacy gift in your will or living trust, typically personal property or assets.

Residual bequest by which the college receives a percentage of the remainder of your estate after other specific legacies have been fulfilled.

Specific bequest by which the college receives a specific dollar amount or stated fraction of your estate or a specified gift in kind (collections, art, books, jewelry, and so on).

Contingent bequest by which the college would receive a stated share of your estate, but only in the event of the prior death of other named beneficiaries.

View Sample Bequest Language

If you have any questions, please email Tim Andrews, Executive Director of Planned Giving, at tandrews@benedictine.edu. Thank you for your support.

Gifts by Beneficiary Designation

When you make a gift to Benedictine College from your retirement plan, insurance plan, or other assets, you ensure that eager students can learn and grow in a worshipping community, and you receive personal benefits. Along with bequests in a will or trust, gifts by beneficiary designation are among the easiest gifts to make. It’s as simple as contacting the firm that holds your assets and asking them for a beneficiary form to fill out.

Retirement Plan Gift:  Retirement funds are important investments, and many people choose to name charitable organizations as final beneficiaries to reduce taxes and to further a cause they believe in.

To name Benedictine College as a beneficiary of your retirement plan, contact your bank or insurance company to determine whether a change of beneficiary form needs to be completed.

Life Insurance Plan Gift:   A gift of life insurance is an affordable way to make a significant gift to the college while also enjoying tax savings during your lifetime. Benefits include:

  • A significant gift from disposable income at a fraction of the value
  • Tax saving can be immediately realized.
  • Your donation could reduce final taxes of your estate.
  • Insurance gifts pass outside a will or trust.

Savings Bonds:   If you have bonds that have stopped earning interest and you plan to redeem them, you will owe income tax on the appreciation. Leaving them to loved ones means they will owe income tax when they cash the bonds, and potentially estate taxes. In the end, your heirs will receive only a fraction of the value of the bonds in which you so carefully invested. Since Benedictine College is tax-exempt, naming us the beneficiary of these bonds will ensure that 100 percent of your gift will go toward helping people in need.

CDs, Bank and Brokerage Accounts:   One of the easiest ways to help the next generation of students is to name Benedictine College as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account.

Donor Advised Fund Residuals:   Final distribution of contributions remaining in a Donor Advised Fund is governed by the contract you completed when you created your fund. We hope you will consider naming Benedictine College as a “successor” of your account. Or, you can name the college as the successor for a portion of the account value, leaving the remaining portion for your heirs.

As with all gift planning, you should consult with your tax advisor and lawyer to determine what planned gift strategy is best for your current tax situation and income requirements. Consulting estate-planning professionals will help ensure that your wishes to make a lasting impact will be fulfilled.

If you have any questions, please email Tim Andrews, Executive Director of Planned Giving, at tandrews@benedictine.edu. Thank you for your support.