PLANNED GIVING

A gift in your Will or trust (bequest) is a simple and easy way to leave a legacy and ensure the future of a Hoban Holy Cross education for generations to come. 

START MY FREE WILL PLAN MY BENEFICIARIES REPORT A GIFT

You don’t have to be a Warren Buffett or a Bill Gates to make a significant difference in the lives of others.

Consider opening a Payable on Death account. Inform your banking institution that you’d like to designate Hoban as the beneficiary of your bank account upon your death. There are no limitations on the amount of money that can be transferred through a POD account. It’s easy to create, expedient and also helps to avoid the costs of probate. 

Owners of traditional IRAs must make required minimum distributions from their account at age 72. The required distribution amount is based on account value and life expectancy tables. The distribution is counted as income and therefore a taxable event for the account holder. 

In 2015, Congress enacted a permanent extension of the IRA charitable rollover. As a result, this law no longer has an expiration date. Consider designating Hoban as the recipient of your IRA distribution. Charitable gifts from an IRA are exempt from taxation and qualify as a charitable deduction. The maximum annual IRA gift is $100,000. As an alternative to an outright IRA gift, you can also name Hoban as the beneficiary of your IRA.

MAKE AN IRA GIFT
 

If your family needs regarding life insurance have diminished, or if your life insurance policy has outlived its purpose, consider transferring ownership of the paid-up policy to Hoban. As the owner of the policy, Hoban can surrender the policy for its current cash value or retain the policy. As the donor, you will receive a charitable tax deduction equal to the replacement value of the policy at your current age. 

Do you have money saved in an employee retirement plan, IRA or tax-sheltered annuity? Fifty to 60 percent of retirement assets may be taxed if they are left to your heirs upon your death. As a tax-exempt charity, Hoban is not taxed upon receiving IRA or other retirement plan assets. If you designate Hoban as the beneficiary, we will benefit from the full value of your gift, and your estate will benefit from an estate tax charitable deduction. 

A unitrust pays a fixed percentage of principal and reinvests excess income. The holder has flexibility in determining who will manage the unitrust, the length of the income payout, the number of income beneficiaries and what assets will be placed into the trust.  

How it Works 

• You transfer cash, securities, or other appreciated property into a trust.

• The trust pays a percentage of the market value of the assets re-valued to you or to beneficiaries you name.
• When the trust ends, the principal passes to Hoban.

Benefits 

• You receive an immediate income tax deduction for a portion of your contribution to the trust
• You pay no capital gains tax on appreciated assets you donate
• You or your designated beneficiaries receive income for life or a term of years
• You will have the satisfaction of making a significant gift that benefits you now and Hoban later and in perpetuity.

Leaving a gift of appreciated securities, including stocks or bonds, has many potential benefits including a charitable income tax deduction and the avoidance of capital gains tax. Shares of stock may be given via wire transfer. Instructions are available by calling the Advancement Office at 330.773.8620. 

If you leave savings bonds to your heirs, they will be taxed on the accumulated interest, leaving them with less than their value. Ask your attorney to add a codicil to your will or an amendment to your living trust that leaves your bonds to Hoban. This simple transaction enables Hoban to receive 100 percent of their value, and your family bypasses any tax burden.

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