Planned Giving

It has been said that giving is not just about making a donation–it is about making a difference. We appreciate the difference generous donors are making in the lives of hard-working Bosco Tech students through their generosity. For many, the best way to make a significant contribution is through their estate. With planning and foresight, a legacy gift can assure that Bosco Tech’s mission is carried long into the future. There are also significant tax benefits involved in carefully planned giving and gifts can work in tandem with other beneficiaries and personal priorities.

When considering a gift, please remember that there are many ways to make a lasting difference at Bosco Tech:

  • Charitable Remainder Trusts: a charitable remainder trust can benefit you now by providing a lifetime income that is tax advantaged, save you income taxes now, reduce your estate tax later and benefit Bosco Tech.
  • Contingent Beneficiaries: Naming Bosco Tech as a contingent beneficiary can benefit the Tech when the unexpected happens, but without loss if the normal course of events takes place. Contingent beneficiaries can be used in wills, life insurance and annuity contracts, pension accounts, IRAs, and 401(k)s.
  • Stock Gifts: If you give an asset with a long-term capital gain, you never have to pay the capital gains taxes, but get the same amount of tax deduction as if you gave a cash donation. This can be a huge tax saving for you, and still provide the Tech with all the intended benefit. Please note that the asset must qualify for long-term capital gains treatment and have a ‘gain’ to benefit.
  • Gift Matching Programs: A long-time strategy for helping the Tech is to use an employer matching gift plan for your donation. In these plans, your employer will make a donation alongside your contribution to the Tech, which can double your gift. Furthermore, your spouse may be eligible for a matching plan on the same gift, turning it into a triple benefit.
  • Life Insurance: Some people use life insurance as a way of multiplying their gift. For a small amount (the insurance premium), they can leave a large amount (the death benefit) to the Tech. If you don’t have dependents, don’t forget the insurance provided by your employer; consider naming Bosco Tech as your beneficiary.
  • Pensions, IRAs, 401(k)s and annuities: When paid out at death, these accounts may be taxed in excess of 75%, after you add up federal and state income taxes, state death taxes and federal estate taxes. If you name the Tech as your beneficiary, you sidestep all these taxes. If you’re married, you probably want to name your spouse as the primary beneficiary, but consider naming Bosco Tech as your contingent beneficiary.
  • Stock Options: If exercised after your death, stock options will generate income taxes and may generate state taxes. However, if you name the Tech as beneficiary of your employer-provided stock options, both taxes will be eliminated.
  • Qualified Charitable Distributions: Generally, a qualified charitable distribution (QCD) allows individuals who are 70½ years old or older to directly transfer up to $100,000 total to one or more qualified charities directly from a taxable IRA, instead of taking their required minimum distributions. As a result, QCDs exclude the amount donated from taxable income, allowing donors to possibly avoid being pushed into higher income tax brackets and prevent phase outs of other tax deductions, though there are some limitations. A tax advisor can help you determine if both your IRA and charity qualify for QCDs.

 

More information can be found on websites like www.schwab.com

A tax advisor can help you determine your best options. If you are interested in making a gift of this nature to Bosco Tech, please contact Memo Gutierrez, Vice President of Administration & Development, at mgutierrez@boscotech.edu or (626) 940-2026. All communication is confidential.

Bosco Tech’s tax ID number is 95-1860996

We appreciate your generosity!