BEQUESTS

The easiest way to plan a legacy is through a bequest in your Will.  These bequests can be made for a specific amount, a percentage of the total estate, or a portion of what remains after taxes, debts and other gifts have been made.  Bequests can also be made naming the school as a contingent beneficiary, payable only if a primary beneficiary does not survive you.

Making or changing a Will should always done with the assistance of an attorney.  The following language would be used:

General Bequest: "I give to St. Elizabeth School, 612 West 187th Street, New York, NY  10033, $____ or _____% of my estate (or stock), to be used for its general purposes."

Contingency Bequest: "If any of the above named beneficiaries should predecease me, I hereby give his/her share of my estate to St. Elizabeth School, 612 West 187th Street, New York, NY  10033, $____ or _____% of my estate (or stock), to be used for its general purposes."

Residuary Bequest: "I give all (or ____%) of the residue of my estate to St. Elizabeth School, 612 West 187th Street, New York, NY  10033, $____ or _____% of my estate (or stock), to be used for its general purposes."

Benefits of a Bequest

• Leaves a legacy for the school, aiding it in continuing its mission.
• Allows you, and not the states in which you reside, to determine where your money and property goes.
• May provide income and estate tax savings.*
• Does not deprive you of income you may need.

For more information on planned gifts, please click this link and submit form.  

* According to recent tax laws, the estate tax will be phased out gradually until 2009, be totally eliminated in 2010, and then return its 2001 levels in 2011, under a "sunset provision."  Thus, currently the estate of a Will executed after 2010 might be subject to taxes, which could be reduced by charitable bequests.

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