Cistercian Planned Giving Program

What is the Memorare Society and how do I become a member?

• The Memorare Society is a group of parents, alumni, alumni parents, grandparents, and friends who have remembered Cistercian in their estate plans. It is a special way to create a living legacy at the Abbey or at the School. The name of the society is taken from the first word and title of St. Bernard’s prayer to the Virgin Mary “Memorare,” and it aptly means “remember.” It is easy to become a Memorare Society member – simply include Cistercian in your estate plans and inform the Cistercian Development Office of your intentions.
  

How do I make a planned gift?

• There are many ways to make a planned gift remembering Cistercian. Wills and Bequests are perhaps the simplest and most familiar planned gifts. By remembering Cistercian in your will, you ensure that those administering your estate will carry out your charitable intentions. A gift of life insurance can be made to Cistercian in a number of ways, providing various immediate tax deductions. Another approach to planned giving is through a Charitable Gift Annuity. Such annuities guarantee you a fixed amount of money for life, no matter how long you live, in exchange for a gift to Cistercian. Charitable Trusts are another way to remember Cistercian in your planned giving. These trusts are flexible and varied in type, all of which can benefit both you and Cistercian.
• For further details on ways to give, please call your attorney, accountant or financial planner, or contact the Cistercian Development Office, 469-499-5406, (jrotter@cistercian.org)
  

Why should I investigate planned giving options?

• Planned giving often allows you to keep more of what you have earned through the years for yourself and your family. At the same time, it often allows you to give far more than you ever thought possible. Other financial benefits include special tax deductions or even tax-exemption in some cases, fixed income payments, and a greater potential yield for your investment. In addition, you can choose how your gifts will benefit the School and/or the Abbey with specific gifts in areas such as scholarships, faculty chairs, facility improvements or professional development for faculty and priests.
  
  

Should I use my own lawyer, CPA or financial planner?

• Many donors prefer to use their own lawyer, CPA, or financial planner to discuss significant financial plans and to prepare appropriate tax documents. The Development Office at Cistercian cannot provide legal advice, but works with legal, accounting and financial planning professionals to help meet the charitable needs of the Cistercian community.
  
  

Some Planned Giving Options:

Wills and Bequests

• The advantage of a will or bequest planned gift is the ability to make a substantial charitable gift to Cistercian without changing your current spending patterns or lifestyle. A charitable bequest is also the simplest means of obtaining an estate tax deduction. It is important to review your will at regular time intervals since much can change through the years. Consider the charitable gifts you want to make. A little time spent now will make your wishes clear to your family, save your estate taxes, and may eliminate unnecessary expenses later.
  

Life Insurance

• There are several ways in which to give a gift of life insurance to Cistercian. You can earn an estate tax deduction by making Cistercian the beneficiary of an existing policy. You can take advantage of an immediate tax deduction by making Cistercian the owner and beneficiary of an existing policy. Or you can take out a new policy with Cistercian as owner and beneficiary which allows you to take advantage of tax deductions on premiums payments.
  

Charitable Gift Annuities

• A charitable gift annuity is an agreement between you and Cistercian. The annuity agrees to pay you a fixed income for life, no matter how long you live. Payment rates are set by the American Council on Gift Annuities and are based on your age. Any remainder in the annuity at the end of your life goes to Cistercian. Because the annuity is structured to go to Cistercian, you will receive an income tax deduction in the year it is established. Depending on your age, an annuity may outperform other investment rates. Some advantages of a charitable gift annuity are:
  
  • Partial tax deductions.
    
  • Fixed income payments for life.
    
  • A greater effective yield than similar taxable investments.
    
  • A generous benefit to Cistercian.
    

Charitable Trusts

• A charitable trust is a flexible planned giving option that benefits you and Cistercian. There are several different types of charitable trusts, making them an attractive planned giving option for a wide variety of donors. A brief description of a charitable remainder trust and charitable lead trust are listed below.
  
  
• A charitable remainder trust provides you (or the person you designate) an income based on a fixed percentage of the gift for life or for a specific period of years. At the end of this period, Cistercian receives the assets in the trust.
  
• Some advantages of a charitable remainder trust are:
  
  • The trust is tax-exempt.
    
  • The ability to give a larger gift than you believed possible.
    
  • An increased income stream, present or future.
    
  • An tax deduction for the gift remainder.
    
  • No capital gains taxes on appreciated assets held longer than one year.
    
    
• For practical purposes, a charitable lead trust is the opposite of a charitable remainder trust. In a lead trust, you put assets into the trust, and Cistercian receives the income based on a fixed percentage of the gift for a number of years, for life of the donor, or for a combination of a life plus a number of years. At the end of this period, the asset is returned to the donor or another beneficiary.
  
• Some advantages of a charitable lead trust are:
  
  • You can make an ongoing gift to Cistercian while retaining a future interest in the asset.
    
  • You can receive a current-year tax deduction for the present value of the income to be received by Cistercian.
    
  • Assets can be passed on to heirs at a substantially discounted value.
    
  • You are taxed on the income during the term of the trust.
    

These are just a few ways that you can leave a legacy at Cistercian. The many types of gifts allow you to create a specific planned giving program to meet your personal, individual charitable wishes for giving to Cistercian.