Types of Planned Gifts
Gifts that Build a Future and Leave a Legacy
When you include Manor College in your estate plans, you can impact our students for generations. It may be one of the most important donation decisions you ever make.
We refer to planned gifts as the simplest, most significant way to have an impact on the future of Manor College. Planned gifts are extraordinarily easy to set up and can often be done by naming us as a beneficiary in one of your accounts or by including a short paragraph in your estate plans.
Types of Gifts
Planned giving provides a simple way for you, regardless of your age or income level, to support Manor in a much more significant way than you may have ever realized was possible, while also reducing or eliminating certain taxes for you and your loved ones. It may even be possible to use your planned gift to set up a scholarship in the name of a loved one you would like to honor.
This provides a general overview of popular planned giving options. It is not intended as legal or tax advice. If you have any questions, please contact the Manor College Advancement Office at 215-885-2360 ext. 1216.
Easiest Gifts: Designating Planned Gifts through Your Accounts
These gifts aren’t made in your will. They are made possible by updating the beneficiary on your insurance policy, retirement account or IRA. Simply indicate what percentage of your retirement accounts or insurance policy goes to your loved ones and what percentage goes to Manor College.
Retirement Account: You can designate Manor College on all, or on a portion of, a retirement account, such as a 401(k), 403(b), or an Individual Retirement Account (IRA) by contacting the trustee at the company or bank that administers the funds. When you make a designation to Manor from your retirement account, you retain possession of the total amount of the asset for as long as you need. The remainder is designated to Manor College.Consult your accountant, tax adviser or attorney about the comparative advantages of leaving your retirement account funds to Manor, a nonprofit, versus a loved one. You may find an individual, such as your children or loved one, will be taxed at a higher rate.
IRA Charitable Rollover: Once you turn 70½, you have to start withdrawing money out of your IRA. This is known as your Required Minimum Distribution. Federal law allows you to make a direct charitable transfer from your IRA to a qualified charity like Manor College. The law allows individuals who are 70½ or older to donate gifts from their IRA accounts in any amount up to $100,000 each tax year. Your gift is not considered income, making it tax free. This applies to IRAs only, not 401(k) or 403(b) accounts.
Insurance Policy: You can designate Manor College as a partial or full beneficiary of an insurance policy you no longer need or use. Often, you receive a benefit as well: Manor receives the cash value of the policy, and you are able to claim the gift amount as a charitable gift tax deduction.
Donor Advised Funds: You can designate Manor as a full or partial beneficiary of any remainder in a donor advised fund upon you (and your spouse’s) passing.
Most Popular Gifts: Designating Planned Gifts through Your Written Plans
These gifts allow you to designate Manor College as a “beneficiary” of a gift in your will or trust. This is the most common type of planned gift, and it refers to any donation from your will or trust. You are able to make a planned gift to Manor through your will or trust simply by naming us as a beneficiary just as you would a loved one.
Gifts can be specified as:
- a specific dollar amount of money.
- a specified number of shares of stocks, bonds or mutual funds.
- a percentage of the value of your estate.
- specific items of value, such as a piece of property, a parcel of land, a vehicle, artwork, and more. (If you designate a gift in this way, please let us know before you finalize your plans to make it easier for the executor of your will and for Manor.)
- the “residue” in your estate; that is, Manor College receives what remains after your other named priorities and loved ones have been (taken care of/attended to/accounted for) per your wishes.
- a “contingency beneficiary.” For example, if you designated an amount to a loved one who passes before you do, you can request that the amount goes to Manor College.
Beneficiary designations through your estate or through your accounts are two of the easiest, most popular types of planned gifts. But they aren’t the only types! Some gifts can be set up so that you or a loved one are able to receive income for life. Others offer unique ways for you or your family to receive potential tax benefits. Ask your financial advisor how planned gifts can help protect the assets in your estate. Or call our Institutional Advancement team to learn more about other gifts types, including pooled income funds and charitable lead trusts.
PLEASE NOTE: In some states, laws require that spouses (or even ex-spouses) sign off on the designation of insurance to third parties. Your insurance company, HR office (in the case of employer-based insurance) or an attorney should be able to guide you.
Contact us at firstname.lastname@example.org for more information about planned giving designations or to learn how planned giving can help you leave a legacy while also supporting our mission of personalized, transformative education in the Basilian Catholic tradition.
Please let us know you’ve included Manor College as a beneficiary in your accounts as well; we would like to acknowledge you as a member of our Oak Tree Society. It’s our honor to thank you and recognize your vision and generosity!