The Legacy Society honors benefactors who wish to leave a legacy for future generations of La Salle students through provisions for La Salle in their estate plans – either by will, trust or other planned giving arrangements. By becoming a member of the Legacy Society, your generosity will live on through our mission to provide a Catholic, Lasallian education to all who desire it. The Legacy Society includes more than 40 families, with documented deferred gifts.
We are committed to helping you discover the best gift planning solution that achieves all of your financial and charitable giving goals. There are many types of planned gifts available to La Salle supporters, which are summarized below.
La Salle Educational Foundation Tax ID # 93-1228825
Contact Andrea Burns ’97 or call (503) 353-1424 for more information about how to become a Legacy Society Member.
A simple, flexible and versatile way to ensure we can continue our work for years to come is a gift in your will or living trust, known as a charitable bequest. A charitable bequest is a wonderful way to realize one’s philanthropic dreams. Simply stated, a charitable bequest provides for a distribution of cash or property to charity upon a donor’s passing. The charitable bequest provision is usually contained in or can be easily added to a benefactor’s will or revocable living trust.
The three common types of bequests are as follows:
A bequest of specific dollar amount, e.g. $10,000
A bequest of a specific asset, e.g. a painting
A bequest of a percentage of the estate, e.g. 10% of my residue estate
An excellent way to make a planned gift is to name La Salle Prep as a beneficiary of certain types of “beneficiary designation” assets. For example, a benefactor may name La Salle Prep as a 20% beneficiary of her life insurance policy or IRA. By doing so, a benefactor quickly and easily creates a planned gift that will avoid probate, fulfill philanthropic goals and potentially save significant income or estate tax.
Many people own life insurance policies and qualified retirement plans, such as 401(k) or 403(b) plans and IRAs. In fact, these assets in most cases represent a significant portion of a person’s estate. Accordingly, prudent estate planning requires giving careful thought to the eventual distribution of these valuable assets.
To name La Salle Prep as a beneficiary to receive assets such as retirement plans and life insurance policies after a donor’s passing, a specific beneficiary designation form which controls the ultimate distribution of these types of assets must be filled out.
Not only is this an easy way to give, but it's also flexible—you aren't locked into the choices you make today. You can review and adjust beneficiary designations anytime you want.
If you have built up a sizeable estate and are also looking for ways to receive reliable payments, you may want to check out the advantages of setting up a charitable remainder trust. A charitable remainder trust is a planned gift where a donor irrevocably transfers cash or property into a special type of tax-exempt trust – a CRT. Because a charitable remainder trust is exempt from income taxes, it can actually sell property tax-free.
A charitable remainder trust is an excellent solution for charitably inclined benefactors who desire to sell an appreciated asset but do not want to pay capital gains tax. In addition to the tax-free sale, benefactors will receive either fixed or variable income for life and a substantial income tax deduction. Thus, a charitable remainder trust works wonderfully for donors who desire additional retirement income and for donors who have a significant tax liability in the current tax year.
Benefits of a charitable remainder trust include:
A partial charitable income tax deduction
Potential for increased income
Up-front capital gains tax avoidance
A charitable lead trust is a planned gift where a benefactor irrevocably transfers cash or property into a special type of trust – a CLT. The charitable lead trust is an incredible gift and estate tax-saving vehicle.
The operation of a charitable lead trust is rather straightforward. After the transfer of cash or property to the trust, the charitable lead trust will make periodic charitable distributions to La Salle Prep for purposes designated by the benefactor. Once the trust fulfills its charitable distributions, the benefactor’s family and friends may receive all of the trust assets, plus any growth in the trust assets.
When you give us appreciated property you have held longer than one year, you get a federal income tax charitable deduction. You avoid paying capital gains tax. And you no longer have to deal with that property's maintenance costs, property taxes or insurance.
Another benefit: You don't have to hassle with selling the real estate. You can deed the property directly to La Salle Prep or ask your attorney to add a few sentences in your will or trust agreement.
If you have a loved one who has been impacted by La Salle Prep, establishing a memorial or tribute gift is a meaningful way to honor your loved one or celebrate a special occasion such as a birthday while supporting the work of our mission. Your memorial or tribute gift will be a lasting tribute to your loved one and make a difference in the lives of those we serve.
A donor advised fund, which is like a charitable savings account, may be the right choice for you. You transfer cash or other assets to a tax-exempt sponsoring organization such as a public foundation. You can then recommend—but not direct—how much and how often money is granted to La Salle Prep or other charities—sometimes as easily as using a Web portal. And you avoid the cost and complexities of managing a private foundation.
The benefit to the donor is an immediate federal income tax charitable deduction at the time you contribute to the account, and the power to make recommendations on which charities to support whenever you want. You centralize your giving and record-keeping in one location. And maybe best of all, you can start a legacy of giving by letting your children help decide which grants to recommend.