Estate Planning and Planned Giving
A Values-Based Approach to Estate Planning
Your estate plan is an interpretation of your values and wishes. Done correctly, this document will help you leave a legacy to the people and organizations that you love while minimizing your tax liabilities, both now and to your estate.
As a gift to you, Bishop Kelly High School and the Bishop Kelly Foundation have contracted with the highly regarded national estate planning consultants at Thompson and Associates to provide you with their unique values-based estate planning services. At no cost to you,they will help you thoughtfully create, or update, an estate plan that maximizes your assets and ensures that your values, priorities, and wishes are clearly communicated.
This completely confidential process will help you:
- Review your current plan
- Quantify your assets
- Create an unbiased, third-party recommendation that maximizes the assets you leave to your heirs while reducing your tax obligations
- Develop strategies for supporting the causes that you hold dear
- Implement your estate plan through your own attorney and financial advisor
Many BK friends and families have taken advantage of this service since it began in April of 2013.
At Bishop Kelly, we feel strongly that understanding estate planning is important. For that reason, we have chosen to offer this service as a gift to our friends. Should you choose to meet with the Thompson and Associates consultant, the information you share will be held in the strictest confidence and will not be disclosed to Bishop Kelly, the BK Foundation, or any other entity. You will not be asked to make a charitable gift to Bishop Kelly or other organization. Additionally, we wish to assure you that Thompson and Associates (more information about them at www.ceplan.com ) does not draft documents, manage money, or sell any products. This allows them to provide unbiased counsel in connecting lifetime values with asset strategies.
It is important for every family to have an estate plan and keep it current. If you, or someone you know and love, would like more information about our estate planning services, contact Rita Franklin at the Bishop Kelly Foundation: 208-323-4789 or firstname.lastname@example.org, or our Development Office at 208-947-1325 or email@example.com. We would be happy to answer any questions you have regarding this or other estate planning questions, or to schedule your introductory appointment.
FOR THOSE INTERESTED IN MAKING A BEQUEST TO BISHOP KELLY:
Planned gifts or bequests are made by generous individuals who want to ensure the financial future of Bishop Kelly High School today and into the future.
- Any type of asset (cash, securities, personal property, or real estate) may be used for a planned gift, which may be modest or very substantial, designated for a particular purpose or unrestricted.
- Any person who has made a planned gift to the Bishop Kelly Foundation will be invited to become a member of the our Legacy Society, group of special friends who have made a bequest by will or another type of planned gift to benefit the school.
Bequests by Will
Everyone should have an up-to-date will drafted by a professional. This is the only way to ensure your final wishes for the distribution of your assets.
Leave a Legacy that Provides a Gift to Bishop Kelly in Perpetuity.
Naming the Bishop Kelly Foundation as a beneficiary for a gift in your will is an easy way to leave a lasting legacy. Gifts to the Foundation increase the size of the endowment, ensuring that it can continue to support BK and its students with revenue from the portfolio now and in the future.Your gift can be for a fixed amount, a percentage of your estate, or the residue after gifts to loved ones.
Options and Benefits
You can also make your gift in honor of, or in tribute to, a special person. Moreover, you have the option of designating the department, program, or service of your choice to benefit from your contribution. A gift to the Foundation can also reduce the amount of your federal estate tax.
Suggested Language for Wills and Trusts
Please think about these options before meeting with your lawyer – The following language shows various alternatives depending upon the nature of the gift (residuary gift, cash bequests, etc.) and whether the gift is unrestricted or designated for a specific purpose.
In a will: “I will give …”
In a trust: “The Trustee shall distribute …”
Choose one or more of the following options:
_____ % of my estate
_____ the residue of my estate
_____ % of the residue of my estate
$____ (fixed-dollar gift)
_______________ (description; for example, real estate, securities, etc.)
“ … to the Bishop Kelly Foundation, to be used at Bishop Kelly High School where the need is greatest, as determined by the Foundation’s Board of Directors.”
“ … to the Bishop Kelly Foundation, to be used to support (description of specific purpose, for example, a department, service or program) at Bishop Kelly High School, Boise, Idaho; provided, however, that if at some future time the Board of Directors of the Bishop Kelly Foundation determines that it has become impossible or impractical to effectively apply the gift made hereunder to the restricted purpose specified (e.g., because a specific department, service or program no longer exists or its operation has been substantially reduced or changed), then the gift made hereunder shall be used where the need is greatest at Bishop Kelly High School, as determined by the Foundation’s Board of Directors.”
Bishop Kelly Foundation
7009 Franklin Road
Boise, ID 83709
Tax ID number: 82-033-2399
Please let us know if you have named the Foundation as a beneficiary in your will so that we may properly thank you. We would be proud to list your name (unless you request anonymity) in our Legacy Society roster (we only list names, not amounts).
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