Become a member of the Hilltop Society by putting St. Luke's in your will.
Making a bequest to St. Luke's is one way of making a larger gift than you thought was possible. It involves no immediate loss of capital or income, and tax benefits minimize the ultimate cost to one's heirs. Please talk with an estate planning professional about putting St. Luke's in your will and let us know of your thoughtfulness.
A gift by bequest removes assets from the donor's taxable estate, potentially placing that estate in a lower tax bracket. Unlike charitable income tax deductions, there are no percentage limitations on gifts by bequest. A gift by bequest may be incorporated into a will when it is written or added to an existing will as a codicil.
There are several different types of bequests:
- Specific bequest — identifies a dollar amount, a percentage of an estate, or particular assets to pass to St. Luke's.
- Residuary bequest — states that all or a portion of an estate will pass to St. Luke's only after all other beneficiaries under the donor's will have been recognized and costs of settlement of the state have been paid.
- Contingent bequest — in the event the primary beneficiaries do not survive you.
A charitable bequest impacts estate planning very favorably and can actually enhance the value of assets passed to heirs. In many circumstances a bequest of the residual of your retirement plan (IRA, 401K, profit-sharing, etc.) will save multiple taxes and is a very effective way to make a gift to the School. We encourage you to review your will (once every five to seven years) to ensure that your goals for family and friends are met.
For more information on bequest giving or other planned giving opportunities, please contact Ninette Enrique at email@example.com
or at 203-801-4857.