Did you know there are ways to support Mother Seton School that don't affect your current lifestyle or your family's security?
You can support Mother Seton School with gifts that don't impact the way you live. You can designate Mother Seton School to receive estate assets in the future, or you can make immediate gifts to us of assets that are "out of sight and out of mind." We call these "Gifts Anyone Can Make" because anyone can make them now without impacting cash flow, lifestyle, or family security.
IRA CHARITABLE ROLLOVER
If you are at least 70 ½ years old, IRS regulations mandate that you take a required minimum distribution (RMD) from your tax-deferred IRA each year. These RMD payments count as taxable income, and can have implications on your tax liability and eligibility for certain tax credits and deductions. Making a Qualified Charitable Distribution (QCD) is a great option to lower your income taxes while doing good for others. (In response to the Coronavirus outbreak, Congress has waived the Required Minimum Distribution rules for qualified retirement accounts for 2020.)
- You support the mission of MSS without impacting your current cash flow
- You reduce your taxable income, possibly reducing your taxes regardless of your itemization status
- These gifts count as part of your QCD from your IRA.
HOW IT WORKS
- Request IRA trustee/administrator to make a gift directly to Mother Seton School.
- Inform MSS of intention to make gift.
- IRA trustee/administrator authorizes and sends gift.
- MSS acknowledges receipt of gift to trustee/administrator.
- MSS acknowledges receipt to Donor, warrants that MSS qualifies as a tax exempt organization and is neither a donor-advised fund nor a supporting organization and that no goods or services were or will be received in connection with the gift.
Gifts from Your Will or Trust
Including a gift in your will or trust, known as a charitable bequest, is a meaningful way to support Mother Seton School.
- Your assets remain in your control during your lifetime.
- You can modify your gift to address changing circumstances.
- You can direct your gift to a particular purpose (be sure to check with us to make sure your gift can be used as intended).
- Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.
HOW IT WORKS
- Include a bequest to Mother Seton School in your will or trust.
- Make your bequest unrestricted or direct it to a specific purpose.
- Indicate a specific amount, or a percentage of the balance remaining in your estate or trust.
Retirement Plan or Life Insurance Gifts
Naming Mother Seton School as a beneficiary of your retirement account or life insurance is a simple and tax-advantaged way to support our mission.
- Avoid the potential double taxation your retirement savings would face if you designated them to your heirs.
- Maintain flexibility to change beneficiaries if your family's needs change during your lifetime.
HOW IT WORKS
- Name Mother Seton School as a beneficiary of your IRA, 401(k), or other qualified plan.
- Designate us to receive all or a portion of the balance of your plan through your plan administrator.
- The balance in your plan passes to Mother Seton School after your death
To designate a gift to Mother Seton School, please use the following information when completing a beneficiary designation form:
Name: Mother Seton School
Address: 100 Creamery Road, Emmitsburg, MD 21727
MSS Federal Tax ID number: 52-1089607
As always, it is the responsibility of the donor to reference IRS guidelines and consult with your financial or tax advisor.
For more info, contact the Advancement Director at (301) 447-3165 or firstname.lastname@example.org.
The information above is provided as an informational service and does not constitute legal or tax advice. Consult your own legal or tax advisor before making any decision based on this information.