The CCHS Foundation Legacy Society

List of 10 frequently asked questions.

• • Can my gift be used as my required minimum distribution under the law?

  • • Yes, absolutely. If you have not yet taken your required minimum distribution this year, the IRA charitable rollover gift can satisfy all or part of that requirement.  It’s always smart to consult your tax professional if you are thinking about a charitable contribution under this law. Contact your IRA custodian to arrange the gift.

• • I have several retirement accounts - some pension and some IRA’s.  Does it matter which retirement account I use?

  • Yes, direct rollovers to a qualified charity can be made only from an IRA.  Under certain circumstances you may be able to roll assets from a pension, profit sharing, 401(K) OR 403(B) Plan into an IRA and then make the transfer from the IRA directly to the Central Catholic High School Foundation. To find out if a rollover to an IRA is an option for your plan, talk with your plan administrator.

• • I’m turning 70 ½ in a few months.  Can I make this gift now?

  • No. Legislation requires you to reach age 70 ½ by the date you make the gift.

• • How do I qualify for the Central Catholic High School Legacy Society?

  • Membership in the CCHS Foundation Legacy Society is extended on a confidential basis to Central Catholic High School alumni and friends who have arranged a deferred gift—for example, through a bequest or trust, or who are planning to do so for CCHS (regardless of the size of the gift). There is no other requirement or obligation.

• • I’ve already named Central Catholic as the/a beneficiary of my IRA.  What are the benefits if I make a gift now?

  • By making the gift now you get to see your philanthropic dollars at work.  You’ll get a head-start on the legacy you would like to leave and give yourself the pleasure of seeing your legacy take shape.  You can also fulfill any outstanding pledge you may have made by transferring that amount from your IRA.

• • Do I need to give my entire IRA to be eligible for the tax benefits?

  • No. You can give any amount under this law, as long as it is $100,000 or less within the year you donate. If your IRA is more than $100,000, you can transfer just a portion of it to fund charitable gifts.

• • Can my gift plans remain anonymous?

  • CCHS’s Foundation is dedicated to preserving the confidentiality of our donors' gift plans. Your name will only be used in honor rolls as a member of the CCHS Foundation Legacy Society with your permission.

• • What is the connection between the CCHS Foundation Legacy Society and other CCHS Foundation giving societies?

  • The CCHS Foundation Legacy Society recognizes the method of giving, not the size of gift. It is possible to be a member of the CCHS Foundation Legacy Society and also arrange an outright or deferred gift in an amount appropriate to qualify for other giving recognition levels

• • What if I change my plans?

  • CCHS Foundation acknowledges that any revocable gift plan may change in the future. The CCHS Foundation Legacy Society provides recognition for your current intention to support the mission of CCHS.

• • Do I need to share my estate planning documents with the CCHS Foundation?

  • It's not necessary to do so, but it can be helpful. For example, all estate planning documents should use Central Catholic High School Foundation full, legal title to ensure that your eventual gift will come through the CCHS Foundation preferred channel for private support and will be used according to your wishes. 
    
    
  • Because wills, trusts, and other documents are legally binding, the purpose must be clearly stated, or the document could create a gift that does not follow your intentions or support the school’s mission. Sharing your plans with CCHS’s Foundation will enable us to use your gift in a manner that is most aligned with your interests and values.
    
    
  • You may wish to share a copy of only a portion of your estate planning document, or you may describe your gift on the CCHS Foundation Legacy Society enrollment form. CCHS’s Foundation staff is available to consult with you and your professional advisor. Our goal is to ensure that your estate document uses the correct legal title of Central Catholic High School Foundation and that we understand and will be able to carry out your wishes.