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Dominican School of Philosophy and Theology

Planned Giving

Planning your estate is more than just crunching numbers. It’s about having a lasting impact on the people and places you care about.

With a planned gift to DSPT, you can contribute to the formation of leaders for the Church and society for generations to come. And it may be easier than you think!

Often times, all that’s needed to make a gift through your will, trust, retirement, or life insurance policy is to request a change of beneficiary form from your attorney or plan adviser. Use the form to designate the "Dominican School of Philosophy and Theology" as a beneficiary.

Please consider the following options, and consult with your attorney or financial adviser on the options that may be best for you.

Email us and we will contact you to talk about Planned Giving

Give through Wills and Trusts

One of the easiest planned gifts to make is a bequest. Upon your passing, all (or a portion) of your estate or trust can be donated to DSPT. This allows you to:

  • Use and control your assets during your lifetime.
  • Make a gift to charity upon your death.
  • Claim an estate tax charitable deduction, potentially reducing your family’s tax obligations upon your death.

For your convenience, sample bequest language is given below. Always consult your professional financial adviser before making charitable decisions.

Sample Bequest Language

Bequest of Cash
I give to the Dominican School of Philosophy and Theology the sum of $______________ to be used for the greatest need [or for stated purpose.]

Bequest of Property
I give to the Dominican School of Philosophy and Theology [Description of property] to be used for the greatest need [or for stated purpose.]

Bequest of the Complete (or Partial) Residue of Estate
I give to the Dominican School of Philosophy and Theology all [or ________% of the remainder and residue] of my estate to be used for the greatest need [or for stated purpose.]  To the extent that my estate has items of “income in respect of a decedent” available for distribution, those items shall be allocated first to any gifts under this Will qualifying for the federal estate and income tax charitable deductions.

Though not required, it is helpful to have a copy of the page of relevant provisions from your will or trust showing the Dominican School of Philosophy and Theology as a beneficiary.

Gifts through Retirement Plans

Making gifts from your IRA, 401(k), 403(b), ESOP, or other qualified plan, can offer you some unique advantages such as:

  • Avoid income and estate taxes levied on the assets left in your plan.
  • Use the charitable deduction of the gift to offset other taxes.
  • At 70 1/2, use a gift from the plan to meet the minimum withdrawal requirement.
  • Can continue to make withdrawals from the plan during your lifetime.

Ask your plan adviser for a change of beneficiary form, and make the “Dominican School of Philosophy and Theology” a beneficiary. At your death, all (or a portion) of the assets left in your plan pass to DSPT.

Gifts of Life Insurance

You can make a deferred gift to the Dominican School of Philosophy and Theology using life insurance. This may allow you to make a larger contribution than you thought possible. Benefits may include a current income tax deduction for the gift of the policy, continuing income tax deductions for periodic premium payments, removal of the insurance from your taxable estate, and the satisfaction that comes from making a gift to benefit DSPT.

Types of Insurance

  • If required premium payments are made, paid-up Whole Life Insurance can make an excellent gift as there is a cash buildup as well as a death benefit.
  • Term Life Insurance is rarely used to make a charitable gift as the policy doesn’t provide an internal cash buildup or any benefits other than payment of the face value upon death.
  • If you make DSPT the owner of your policy, you may be eligible for an income tax deduction for the gift of the policy. And any annual gifts made to the School to pay future premiums will qualify for an income tax deduction.
  • You can also make a gift of a “paid-up” life insurance policy, which can either be cashed in by DSPT immediately, or held to receive the benefits at a later date.
  • Life Insurance policy gifts can be transformational, used for major projects, advancing important programs, or starting endowments.

Benefits

Making a gift of your life insurance policy can:

  • Allow you to make a low-cost gift to charity, one that doesn’t adversely affect your cash flow.
  • Make a larger gift to charity than you man have thought possible.
  • Enjoy an immediate income tax deduction for the cash value of a surrendered policy.

Ask your plan adviser for a change of beneficiary form, and make DSPT a beneficiary or owner of your life insurance policy.

Gifts of Real Estate

Before making a gift of real estate, please contact the Office of Advancement or call 510-883-2086.

Real estate can be donated even while you continue to use it, and can offer significant savings on your taxable estate. Appraisals are needed, and unfortunately, not all property can be accepted.

Real estate can also be transferred through what’s called a “Bargain Sale”.

How a Bargain Sale Works

You sell DSPT your property for a price less than fair market value.
You receive the cash from the sale and a charitable deduction for the difference between the fair market value and bargain sale price.
While you may owe some tax on the amount you receive from the sale, the charitable deduction from your gift could offset your taxes this year.

Benefits of a Bargain Sale

If you are considering selling your property, a bargain sale will help you meet your goals. Bargains sales can:

  • Avoid capital gains tax on your charitable gift.
  • The deduction from your gift will give you valuable tax savings that may reduce your tax bill this year.
  • With the cash received from the sale, you may then reinvest to create more income for your future.

Related Links

Highlights

Contact Advancement

Office of Advancement
Manuel Nikel-Zueger
Special Assistant to the President
510-883-2086

Tax ID 94 1270354 (St. Albert's College Corporation dba Dominican School of Philosophy and Theology)

Disclaimer: DSPT does not advise on any personal income tax requirements or issues. Use of any information from this site or any other web site referred to is for general information only and does not represent personal tax advice either express or implied. You are encouraged to seek professional tax advice for personal income tax questions and assistance.

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