Make a gift. Leave a legacy.

Planned gifts are often called “legacy gifts” because they are created to make an impact on future generations. Planned giving is a way in which donors can support Villa Angela-St. Joseph High School during their lifetime and/or after their death. Planned giving is easy to do and you do not have to be wealthy to do it. 

Planned gifts can be made through the following options*:
*We encourage you to consult with your financial adviser and/or attorney to discuss the tax implications.

Bequests
The easiest way to give a planned gift to VASJ is through a will or living trust. VASJ can provide language that is suitable. The following is an example of an unrestricted bequest:

“I hereby give, devise and bequeath to Villa Angela-St. Joseph High School the sum of $___ or  ___percent(%) of the rest, residue an remainder of my estate to be used by Villa Angela-St. Joseph High School for its unrestricted purposes.”

Gift of Life Insurance
Do you have life insurance you may no longer need? By naming Villa Angela-St. Joseph High School as a beneficiary, you will provide lasting financial support and may qualify for tax benefits as well. It will not cost anything to change the beneficiary on your policy- and will do much to help strengthen our school for the future and support our students.

When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a meaningful way to support our work. There are three ways to give life insurance to Villa Angela-St. Joseph High School.

Name VASJ as the beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate Villa Angela-St. Joseph High School as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.

Make an outright gift of an existing policy. You can name the Villa Angela-St. Joseph High School as owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. 

Make an outright gift of a new policy. You can take out a new policy and irrevocably name Villa Angela-St. Joseph High School as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for our younger donors. Payments are tax deductible as a charitable gift when you itemize on your taxes.

Beneficiary Designations
Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using: 

• IRAs and retirement plans
• Life insurance policies
• Donor advised funds
• Commercial annuities

It is very simple to name Villa Angela-St. Joseph High School as a beneficiary. Start by requesting a change-of-beneficiary form from your policy administrator or download the form from your provider's website. Decide what percentage (1 to 100) you would like Villa Angela-St. Joseph High School to receive and name us, along with the percentage you chose, on the beneficiary form. Return the completed form.

Contact Barb DiTurno in the Advancement Office at 216-481-8414 ext. 259 or [email protected] to let us know your goals for the gift so we can ensure it is used as you intend.  

If you include Villa Angela-St. Joseph High School in your plans, please share the appropriate information with the plan administrator: Villa Angela-St. Joseph High School, 18491 Lakeshore Blvd. Cleveland, OH 44119 – VASJ Tax ID: 34-0714509

Tax-Advantaged Outright Gifts
You can give outright lifetime gifts of cash and/or appreciated assets such as real estate or stocks to VASJ. Donors are entitled to a tax deduction for the dollar amount of cash gifts they itemize on their deductions. In terms of appreciated assets such as stocks, capital gains and losses are not recognized by VASJ or the donor on the difference between the stock’s cost basis and fair market value. Donors are entitled to a tax deduction generally equal to the fair market value of the asset at the time the gift is made.

Charitable Gift Annuities
Charitable gift annuities provide donors with a fixed income for life. It is a contract between the donor and VASJ whereby the issuing agency agrees, in exchange for the donor’s gift, to pay a fixed lifetime annuity to the donor and other beneficiaries. Annuity contracts also guarantee a constant, periodic payment to VASJ for life. The income received is based on the amount of the gift and the donor’s age. 

Charitable gift annuities could provide the following benefits:

• Can increase a donor’s cash flow
• Donor pays no capital gains tax
• Provides an immediate tax deduction of the donor itemized deductions
• Gift is removed from the donor’s taxable estate for estate tax purposes
• Donor can count on fixed payments that are not affected by the market
• Donor can assure continuing payments to a surviving spouse without worrying about probate proceedings
• Donor can provide financial assistance to an elderly relative or friend in a tax-advantaged manner                                                                                                                 
  Gifts of retirement plan assets and other charitable trusts such as a Charitable Remainder trust are additional methods of planned giving to VASJ.                             

YOU CAN CREATE YOUR OWN LEGACY at VASJ

If you have named Villa Angela-St. Joseph High School in a bequest or would like more information about planned giving options, please contact the Barb DiTurno, Director of Advancement at 216-481-8414 ext. 259 or [email protected].