Ensuring SPX Values Live On
The decision to make an estate gift is often the result of months or years of considerable planning, involving financial forecasting and long-term goals. It nearly always comes with the desire to ensure the future of an institution or a cause to which the donor has been devoted to during his lifetime. That being said, there are also donors who, when asked for a planned gift, simply say, "I can do that!"
Jim Black took to the St. Pius X High School community like a duck to water—an apt metaphor since Jim is the president and CEO of Moran Shipping Agencies, the largest privately held ship agent in North America. Jim and his wife, Beth, immersed themselves in campus life when their sons Andrew '05 and Adam '07 enrolled at SPX.
Beth could be found working the many Parent Association events and lending support to the gala, while Jim was a fixture beneath the press box at Parsley Field on Friday nights and in the school board room at Monday meetings. Even after their sons graduated, Jim has remained an active member of the community as a Booster Club Golf Classic sponsor and chair of the St. Pius X High School Foundation Board.
As the foundation explored different avenues to grow the school's endowment, a spotlight was directed to planned giving. When Jim saw that those qualities he loved about SPX—community, camaraderie, a sense of family—could be ensured for future generations, he quickly included St. Pius X in his estate planning by naming the foundation as a beneficiary to an insurance policy.
Jim shared his thoughts on the decision: "As a product of Catholic education, I cherish the experience. We are challenged to sustain such privileged opportunities. Planned giving is a modest instrument by which many of us can empower a very meaningful gift."
You can help ensure the values and qualities of St. Pius X High School live on with a planned gift through your estate. To learn more, contact Monica E. Clem at 713.579.7500 or firstname.lastname@example.org.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
A charitable bequest is one or two sentences in your will or living trust that leave to St. Pius X High School a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan
"I, [name], of [city, state ZIP], give, devise and bequeath to the St. Pius X High School Foundation [written amount or percentage of the estate or description of property] for [stated purpose]."
able to be changed or cancelled
A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.
cannot be changed or cancelled
tax on gifts generally paid by the person making the gift rather than the recipient
the original value of an asset, such as stock, before its appreciation or depreciation
the growth in value of an asset like stock or real estate since the original purchase
the price a willing buyer and willing seller can agree on
The person receiving the gift annuity payments.
the part of an estate left after debts, taxes and specific bequests have been paid
a written and properly witnessed legal change to a will
the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will
A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to SPX or other charities. You cannot direct the gifts.
An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.
Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.
Securities, real estate or any other property having a fair market value greater than its original purchase price.
Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.
A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.
You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.
You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to SPX as a lump sum.
You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to SPX as a lump sum.
A beneficiary designation clearly identifies how specific assets will be distributed after your death.
A charitable gift annuity involves a simple contract between you and SPX where you agree to make a gift to SPX and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.