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Cougar Legacy Society

The Cougar Legacy Society allows individuals who align themselves with the mission of Lake Catholic the ability to make a difference for the next generation of Cougars. A “planned gift” is one given from assets, rather than income. Gifts of this nature are deferred until a future time, as designated by the donor. These gifts can be made now, without impacting cash flow, lifestyle, or financial security. 
Making a commitment to a planned gift to Lake Catholic immediately grants you a lifetime membership in the Lake Catholic Legacy Society. Legacy members are recognized throughout the year. 

Popular planned gifts include: 

Retirements plan assets, such as 401Ks or IRAs are an easy way to give to Lake Catholic High School. This gift can be as simple as making Lake Catholic High School the named beneficiary of your retirement plan.  
Simply contact your IRA or retirement plan administrator to include Lake Catholic High School as a beneficiary to receive a stated percentage of the retirement funds. Click here to review a sample letter you may edit and send to your plan administrator. You could also designate Lake Catholic High School to be a contingent beneficiary, which would allow Lake Catholic to receive funds if your spouse does not survive you.

Qualified Charitable Distribution of Retirement Plan Assets – An Opportunity for those 70 ½ and older

You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Lake Catholic High School without having to pay income taxes on the amount. This is a great way to see your gift benefit the students and community at Lake Catholic now. As always, seek the advice of financial and legal counsel. 
 

When the original purpose for a life insurance policy no longer applies because you have taken other measures to make sure those around you are financially taken care after your passing, you may consider the gift of a life insurance policy to Lake Catholic. 
You may elect to name Lake Catholic High School as the beneficiary of your policy. This gift may be given by updating your beneficiary designation form with the policy holder. You can designate Lake Catholic as the primary beneficiary for a percentage or specific amount. Upon your death, the death benefit will be paid to the school. Or, you can elect to make Lake Catholic the contingent beneficiary in the event that the primary beneficiary does not survive you. 

Catholic Community Foundation and Lake Catholic High School have partnered with FreeWill. FreeWill makes the complicated process of estate planning easy, intuitive – and completely free. Nearly 70% of American adults do not have a legal will. By utilizing FreeWill you will be able to make sure that you protect your loved ones by communicated financial and healthcare wishes, while also identifying your charitable giving priorities. 
Keep in mind that a will is a good plan at any point in your life and we hope that you are able to take advantage of this resource.

If you do elect to create a will using FreeWill, you do have an option to include a gift to Lake Catholic High School in your estate plan. If you do consider Lake Catholic in your estate planning, please reference tax ID 34-1054185 and our address: Lake Catholic High School, 6733 Reynolds Road, Mentor, Ohio 44060.

As a reminder, this resource is completely free to you regardless of whether you choose to include a gift in your plans.

Bequest

If you already have established a will, you may consider including a bequest to your will by simply adding an amendment to your will. A bequest in your will is one of the most common ways of making a gift to Lake Catholic. The bequest may donate a specific dollar amount, a percentage of your estate, or a particular asset. Within your bequest, you must specify how you would like the funds to be used. Example language may include: 


“I, (Name), of (City, State, Zip), give, devise and bequeath Lake Catholic High School (34-1054185) $____________ or ___________ % of my estate for its unrestricted use and purpose.”
You may also consider adding a Contingency Bequest if and only if those who you have remembered in your will are no longer living when you pass away. Example language in this instance may include: 
“If (name or names) do/does not survive me, I (Name), of (City, State, Zip), give, devise and bequeath Lake Catholic High School (34-1054185) $____________ or ___________ % of my estate for its unrestricted use and purpose.”


Suggested language above is only a suggestion and it is best to seek the counsel of legal counsel to write and adapt language to your personal situation. 
 

A common asset donated to a charity is stock that has appreciated in value and been held by the donor for more than one year. Stock gifts allow the donor to avoid paying capital gains tax on the increase in value and you may also receive a tax deduction based on the value of the stock at the time of the donation. 
Click here to review the process for donating stock to Lake Catholic High School. 

You may consider to designate Lake Catholic High School as the beneficiary of your financial accounts at the time of your passing. These accounts, such as your savings, checking, money market, etc. do not have to be arranged with an attorney. You simply complete the beneficiary form given to you by the financial institution with the details about Lake Catholic High School (Ex: Lake Catholic High School, 6733 Reynolds Road, Mentor, Ohio 44060. Tax Identification Number: 34-1054185.) You retain complete control over the funds or assets in the account while you are living.

When considering a planned gift, it is best to speak with financial or legal counsel to ensure this gift aligns with your personal financial and charitable giving priorities.
If you have already designated Lake Catholic High School in your estate plans, please email Carla Ronnebaum or call at 440-578-1020 *234 so we can acknowledge you and express our gratitude. If you would like to include Lake Catholic in your estate planning, please review some of the options below and consider completing this Gift Intention Form

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