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Planned Giving


Future Gifts - Estate Planning: Leaving a Legacy

 

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What would you like to preserve for future generations?  
How about helping to maintain a 1,500 year Benedictine tradition of education.

Philanthropy offers valuable estate planning advantages and allows you to create a lasting legacy that will continue for many generations. Including the Priory in your estate plans allows you to strengthen the future of the school today and ensure that our Benedictine tradition will continue well into the future. The Priory accepts a variety of planned gifts left by generous individuals. Any of these gifts would qualify the donor to join our St. Benedict Society, a special group of visionary philanthropists who have provided for the Priory in their trust and estate plans. If you choose, you can direct your gift to aid a specific area that has the most meaning for you. 

Please click on any of the various types of Planned Gifts below to learn more:

Bequests through Wills or Trusts
Beneficiary of Life Insurance Plan
Retirement Plan Donation
Life Income Gifts
St. Benedict Society

If you have already remembered the Priory in your estate plans or would like more information on how to make a planned gift, please contact Suzanne Couch in our Development Office

at (650) 851-6139 or scouch@prioryca.org.


Bequests through Wills or Trusts

Bequests are the most frequent type of Planned Gift and the easiest way to support the Priory through your will or living trust. A bequest is a simple designation in a legal document that transfers the gift at the time of death. When you place any of these first three types of bequests in your will or living trust and notify the Priory, we will invite you to become a member of the St. Benedict Society
If you wish to provide for the Priory in your Will or Trust, the Priory’s official name “Benedictine Fathers of the Priory “. 

To name Priory in your Will or Trust, you can include the following suggested language:

I give ($___ or ____% or all of the residue of my estate) to the Benedictine Fathers of the Priory, a charitable institution in Portola Valley, California, for the benefit of Woodside Priory School.”

There are four types of bequests for you to consider: 

Percentage:  A percentage is the most flexible because it allows your gift to appreciate in your will no matter what asset is used. 


Specific:  A specific bequest provides that the Priory receives a specific dollar amount, piece of property, or specific asset, such as a retirement plan.

Residual:  AResidual bequests are often made after remembering relatives and friends, and usually in combination with a percentage bequest. 

Contingent:   A contingent bequest can make sure that if circumstances make it impossible to carry out your primary provisions (such as when your spouse or other heirs do not survive you), your assets will then pass to the Priory rather than to unintended beneficiaries.

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Beneficiary of Life Insurance Plan

There are a variety of ways to use your life insurance for a substantial gift to Priory. For most, the simplest is to designate Priory as a beneficiary of your Life Insurance Policy.This can be accomplished by completing the Designation of Beneficiary form which you can receive from your Life Insurance Plan manager.

By making Priory the Beneficiary of your Life Insurance Plan, you will be invited to become a member of our St. Benedict's Society

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Retirement Plan Donation

Naming the Priory as a beneficiary of your retirement funds, such as an IRA, 401k or 403b, is a simple and effective way to benefit the Priory while avoiding significant, often unanticipated tax penalties. Most Retirement Accounts are usually funded with tax-deferred income and grow tax-free. However, your retirement plan is tax-deferred only until you remove the funds out of your Retirement Account.  Donating retirement accounts can reduce or eliminate these taxes completely and make a significant impact on the Priory.

If you wish to designate all or part of your Retirement Account to the Priory, you will need to complete the Beneficiary designation form, which can be obtained from the manager of your Retirement Account.  The assets can then pass directly from your Retirement Account to Priory and both the donor and the donor’s estate escape all estate and income taxes on this transfer.   

By making Priory the Beneficiary of your Retirement Plan, you will be invited to become a member of our St. Benedict's Society

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Life Income Gifts

If you have highly appreciated assets, such as real estate or securities, then life income gifts may be an excellent choice for you. A charitable trust allows taxpayers to reduce estate taxes, avoid capital gains taxes, claim a current income tax deduction, and benefit a charity instead of the IRS.  Life Income Gifts generate annual income for you or your loved one now, and support the Priory after your lifetime. 

A Charitable Trust is an irrevocable trust that creates an income stream for you or your beneficiaries for a term of years, while simultaneously allowing you to receive significant tax both now and in the future.  To create a charitable trust, a donor needs to transfer property into a nonrevocable trust in the name of the Priory, and in return, the trust pays an income to the donor and/or another beneficiary for life or for a predetermined number of years. On the death of the income beneficiary or when the term of years expires, the balance of the trust assets are then released to the Priory. 

By making Priory the Beneficiary of your Charitable Trust, you will be invited to become a member of our St. Benedict's Society

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St. Benedict Society
Benedict

Your planned gift to Priory will have meaning and impact for years to come.  We honor those individuals who have made a lasting commitment to our school by including charitable gifts to the Priory in their estate.  Those who remember the Priory through a will, trust, designation or other planned gift are invited to join our St. Benedict Society, which recognizes this special form of lasting philanthropy.  Members are recognized in Priory publications and at events.  In addition, participation in the St. Benedict Society may inspire and encourage others to look toward the future and how they, too, may have an enduring impact on the Priory.  The Development Office will be happy to work with you and your advisors to arrange a gift plan that best suits your charitable and philanthropic goals. 

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