With your support, Beaumont School is able to prepare young women for life, leadership and service in the Ursuline traditions. By remembering Beaumont School in your estate plans, you will help keep a Beaumont education affordable to as many families as possible. By considering a gift through your overall estate and financial plans, you will help support our students of today as well as future generations of Beaumont women. Our advancement staff welcomes the opportunity to work with you and your advisors in planning your gift. Over the years, many wonderfully generous individuals have included Beaumont School in their estate planning. Some have done so in appreciation for what the school has done for them or their children. Some have been motivated to remember the school in their estate planning to honor a special teacher or Ursuline Sister; or a person who helped direct them at a formative point in their life. Beaumont is grateful to those choose to keep the school and its students in their estate plans or seek to do so today.
Members of the Legacy Leaders have notified Beaumont School of a planned gift from their estate in the form of a bequest, charitable trust, gift annuity or insurance policy. These Legacy Leaders have shown their commitment to Beaumont’s mission and vision by pledging their financial support so that Beaumont School will have continual monetary assistance far into the future. To view a current list of Beaumont Legacy Leaders, click here.
These are gifts to Beaumont School that occur after your lifetime.
- Bequests: After you have provided for your family and loved ones, a bequest in your will would enable you to make a gift to support Beaumont School. A general bequest designates that Beaumont would receive a specified dollar amount. For example: “I bequeath to Beaumont School, Cleveland Heights, Ohio, the sum of $100,000 to be used for its exempt purposes.”
- Life insurance: You can make a gift to Beaumont School of your paid-up life insurance policy, or you could buy a new policy and name Beaumont School as the owner and beneficiary.
With a gift of paid-up life insurance policy, you can deduct the cash value of the policy at the time of the gift. With the purchase of a new policy, you would establish the policy and then transfer ownership to Beaumont School.
If there are premium payments that remain, you could make annual gifts to Beaumont School to help cover the cost of the premium, which also would be tax-deductible to you.
Deferred or Life Income Gifts
Deferred gifts happen at a date in the future, selected by you. Life income gifts are invested by Beaumont School to pay you and/or a spouse or family member an income for life. Upon the death of the last surviving beneficiary, Beaumont School may use the assets either as needed or for a specific purpose which you have designated.
- Gift Annuity: In exchange for your gift to charity, you or 1-2 other annuitants receive a fixed sum each year for life.
- Deferred Gift Annuity: In exchange for your gift to charity, you or 1-2 other annuitants receive a fixed sum each year for life starting at the date of first payout.
- Charitable Gift Annuity: A charitable gift annuity is a simple agreement in which we promise to pay you, and/or your spouse of family member a lifetime income in exchange for a gift of an asset. The payment is fixed at the time you establish the gift and can be paid to you in monthly, quarterly, semi-annual or annual payments.
- Charitable Remainder Trust: A charitable remainder trust is generally used when there are multiple beneficiaries. This can provide income to you, you and your spouse, or you, your spouse and your children for life or for a term of years, in exchange for a gift. The payment can be fixed (annuity trust) or variable, based on the year-end market value of the trust (unitrust).
- Charitable Remainder Unitrust: Your unitrust pays a fixed percentage of its value, determined each year, to you or others you name for life or a term of years. The remaining assets then go to charity.
- Charitable Lead Trust: A charitable lead trust may appeal to individuals who wish to make a gift but retain the property in their family. You can establish a lead trust that provides income to Beaumont School over a set period. At the end of the trust term, the assets either are returned to you or distributed among family. The principal advantage of this type of gift is that it can significantly reduce or even eliminate gift or estate taxes.
- Charitable Lead Unitrust: Your unitrust pays a fixed percentage of its value, determined each year, to charity for a term of years or one or more lifetimes. The accumulated assets then go back to you or others you name.
- Retained Life Estate: You deed your home to charity, but retain the right to live in it for the rest of your life, a term of years, or a combination of the two.
- Personal Property: Gifts of valuable art works, furniture, jewelry, antiques, rare books and manuscripts can increase the Academy’s educational resources in many ways.
- Real Estate: You can offer real estate as an immediate gift or to fund a trust. You may even arrange for lifetime occupancy after you make your gift, thereby gaining a tax deduction and eliminating local taxes while still enjoying the comforts of home.
If you're interested in discussing a planned gift with Beaumont, please contact Gerard Grim, Director of Advancement, at (216) 325-7327 or [email protected].