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A charitable bequest is an easy way for you to help Hudson Catholic in its work and mission.
A bequest is one of the easiest gifts you can make to significantly impact our Lasallian mission. You can include a provision in your will that leaves a lasting gift to Hudson Catholic. Your bequest could be a gift of specific assets, dollar amount, or, very commonly, a percentage of your estate. A bequest could also be made from the residue of your estate or what is left after all gifts have been made to your heirs.
Some of the benefits of bequest giving:
- it costs you nothing today to make a bequest
- your bequest can be changed down the road
- You can still benefit your heirs with specific gifts
- A bequest may produce estate tax savings
- You can leave a legacy through a bequest
Traditional IRAs (taxable) are commonly included in bequest planning. Because leaving an IRA to your heirs could leave them with a significant tax burden, talk with your estate planner about the types of assets to leave to your family that can produce little or no tax, then consider bequeathing an IRA, in part or in whole, to Hudson Catholic, which would receive the proceeds tax-free and use the gift to help further our mission.
There is also a living bequest to consider at age 70.5, whereby a Qualified Charitable Donation (QCD) can be made from your IRA up to $100,000, with a tax benefit coming in the form of reduced taxable income. Then at the age of 73, an IRA Required Minimum Distribution (RMD) could be designated to Hudson Catholic, securing you a charitable deduction and benefiting Hudson Catholic in full.
Contact your plan custodian or do it yourself to designate Hudson Catholic as a beneficiary for your IRA. Then contact Chief Advancement Officer Gary Ferrari to convey your plans.
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