Giving as Part of Your Estate Plan

Bequest in Your Will or Trust

The most common, and simplest, way to support Saint Meinrad through a planned gift is by naming Saint Meinrad Archabbey as a beneficiary in your will or other estate planning documents. Bequests can be specified amounts, or part or all of your estate after settlement of any obligations. Bequests to Saint Meinrad generally are deductible for estate and gift tax purposes.

Life Insurance Policies

Sometimes people give Saint Meinrad life insurance policies that are no longer needed for the objective the policy was initially purchased to secure. Giving insurance policies often creates current income tax benefits for the donor and produces a very significant gift to Saint Meinrad. Giving a life insurance policy often is as easy as changing the owner and/or beneficiary designations through your insurance company.

Retirement Plans

Similar to life insurance, retirement plan assets sometimes are not needed for retirement and can be used to make significant, tax-efficient gifts to Saint Meinrad. In fact, with proper planning, retirement plan asset gifts can yield substantial tax savings for you and your heirs. As with insurance policies, giving retirement plan assets is often as easy as making the appropriate beneficiary designation through the plan administrator.

Life Estate Agreement

With this agreement, a donor transfers the title to a residence or farm to Saint Meinrad while retaining the right to live there and use the property for life. The donor may be entitled to a current tax deduction equal to the value of the remainder interest.

Revocable Living Trust Agreement

With a revocable living trust, a donor can provide for gifts of real estate, cash or other property to be made upon death or some other event, knowing that the assets still are available to the donor during the donor's lifetime. It allows a donor to arrange for a charitable gift without risk to his or her financial future.

Giving that Generates Income for You

Gift Annuity Agreement

With a gift annuity, you make a charitable gift of cash or other property. You, and/or others, then receive fixed payments for life, with Saint Meinrad receiving the remaining assets. The frequency and rate of payments are determined at the time the gift annuity is funded.

A gift annuity can offer generous tax benefits, as well as the satisfaction of making a meaningful gift. A deferred gift annuity generates an immediate tax deduction and higher lifetime payments after the deferral period (e.g., a retirement income supplement).

Please note: Due to varying state regulations, Saint Meinrad does not offer charitable gift annuities to residents in certain states, including California, New Jersey and New York.

Charitable Remainder Annuity Trust

This is an irrevocable trust that pays a fixed income, for life or a specified period of time, based on the value of assets at the time the trust is created. The assets remaining in the trust are given to Saint Meinrad. This planned gift has some generous tax advantages, including avoiding or postponing capital gains tax on appreciated property, and possible lower estate taxes.

Charitable Remainder Unitrust

Similar to the annuity trust described above, but the unitrust provides a fluctuating income based on a fixed percentage of the trust's annual value. Tax advantages include avoiding or postponing capital gains tax and possible lower estate taxes.

As with any estate planning decision, consult your legal, financial and tax advisors for advice and information on applicable state and federal laws.

To find out more about annuities, contact Darren Sroufe at dsroufe@saintmeinrad.edu or (800) 682-0988.