Four ways to do it. Each suits a different life.
These are the vehicles Rummel works in. Which one fits depends on your age, your assets, and whether you need income from the gift while you are still here.
The simplest and most common planned gift. Name Archbishop Rummel High School in your will, in a trust, or as a beneficiary of a retirement plan. It costs nothing while you are living, it can be changed if your circumstances change, and it can be directed to fund a scholarship, to address the school’s greatest needs, or to support a purpose that matters most to you.
A charitable gift annuity lets you make a meaningful gift to Rummel while receiving fixed annual income for life, plus a partial income tax deduction in the year you establish it. For someone who wants to give but cannot give up the income the asset produces, this is the answer.
Donating a long term appreciated asset, such as real estate or a privately held business interest, can reduce or eliminate the capital gains tax you would owe on selling it. The same gift can fund a named scholarship, support the school’s greatest needs, or serve a purpose you choose. This is frequently the most efficient gift a person can make and the one most often overlooked.
If you are 70½ or older you can give directly from your IRA to Rummel without paying income tax on the distribution. It can satisfy some or all of your required minimum distribution, and because the money never counts as income it can also lower Medicare premiums and reduce the portion of your Social Security that is taxable.
The annual limit was $105,000 in the year the school last published this. Confirm the current figure before shipping.
Nobody signs anything first. You just talk.
Planned giving begins with a conversation with the Head of School or the Director of Advancement about what you want to accomplish, not about what the school wants to receive.
If you are considering one
Bring your goals rather than a number. What you want your gift to do, who you want it to honor, and what you need the asset to keep doing for you in the meantime. The school will bring the options, and you will take all of it to your own attorney or financial advisor before anything is decided.
If you have already done it
Tell us. Rummel asks anyone who has already included the school in their plans to reach out, so you can be recognized properly during your lifetime rather than discovered afterward. It also lets the school plan honestly, and it costs you nothing to say.
This page is not advice. Yours should come from your advisor.
Everything above describes how these gifts generally work. How any of it applies to your estate, your tax position, and your family is a question for your own attorney or financial advisor, and Rummel will gladly work alongside them.
The school outlives all of us. Your gift can too.
One conversation, no commitment, and nothing to sign.
