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Palma’s Legacy Society

The Legacy Society is a way to recognize our alumni, parents, grandparents and friends who have included Palma School in their estate plans. Legacy Society members acknowledge the importance of providing future support for the programs of Palma School.

Planned Giving Opportunities

A bequest is a simple yet deeply meaningful way to make a gift to Palma School. Made as a part of your will, you can make it for a specific amount or as a percentage of your estate. The advantage of making a gift through a bequest is that gift and estate taxes are reduced or avoided.

Life Insurance
The contribution of a life insurance policy can provide a significant gift in a manner that can be especially attractive to younger donors. By designating the school as both the owner and beneficiary of a life insurance policy, the premiums or the value of the policy at the time of donation may be tax-deductible to the donor.

Charitable Gift Annuities
Charitable Gift Annuities (CGA) are a simple way to give money to the school, receive a guaranteed income for life and take an immediate tax deduction. A CGA is a type of life income gift that pays a fixed amount for life in exchange for an irrevocable gift to Palma School. The amount of income to the donor (the annuity rate) is determined by the donor’s age and/or the age of another income beneficiary. The rate is typically governed by the American Council on Gift Annuities. These rates change occasionally. A gift annuity qualifies for immediate tax benefits. A portion of the gift is deductible as a charitable contribution, and a portion of the income received each year is tax-free. Also, if the gift annuity is funded with long-term appreciated securities, the donor may also receive additional tax advantages. For example, any reportable capital gain on the gifted asset is spread over the term of the gift annuity rather than all in the same year.

Deferred Charitable Gift Annuity
A Deferred Charitable Gift Annuity is similar to a CGA but allows the donor to defer the income until a later date, such as retirement, while benefiting from an immediate income tax deduction. The donor may determine the deferral period (which must be at least one year from the date of the gift). The annuity rate and corresponding income is typically higher than with a CGA, once the payments begin.
Charitable Trusts
Like gift annuities, an easily established charitable trust can provide a current charitable deduction for you in addition to income for you and/or Palma during your lifetime. Trusts can be especially appealing because they have the potential to increase in value over time for both the donor and the charitable beneficiary.
Retained Life Estate (or Life Estate Reserved)
A donor may make a gift of his or her personal residence and retain the right to live on the property for life. By deeding the home to Palma School while the donor is living, he or she is entitled to a significant tax deduction in the year of the gift. The amount of the deduction depends on the value of the property and the donor’s age (and the age of any person given life use). The donor continues to be responsible for maintenance, insurance and taxes on the property. The retained life estate may apply to a principal residence, farm or vacation home.
IRA Rollover
Palma School may be named as a primary or partial beneficiary of a retirement fund balance (Traditional or Roth IRA, 401(k)). Unlike a non-charitable beneficiary, a charity generally will owe no federal or state income taxes (often times these taxes can eat away at over half of the accumulated assets) on such a gift that would be taxed as income if received by an individual beneficiary following the plan contributor’s death. This designation can be made through your accounts manager.
Life Insurance
A donor may name Palma School as a primary or contingent beneficiary of a life insurance policy. If you retain any control over the policy, no income tax deduction is allowed; however, if Palma School is named both the sole owner and beneficiary of a paid up policy, you may receive an immediate charitable deduction for the lesser of the policy’s fair market value and the net premiums paid. Additional premiums that you pay may also be tax deductible.

Help continue our work

Consider a gift to us in your will or living trust. Called a charitable bequest, this type of gift works well for people who believe in our cause but can’t. Just a few sentences in your will or trust is all that is needed. We can give you the correct wording to use.

  • Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
  • Versatility. You can structure the bequest to leave a specific item or amount of money, or leave a percentage of your estate to us.
  • Tax Relief. When you make a gift to Palma School in your will, your estate is entitled to an estate tax charitable deduction for the gift’s full value.

Should a bequest be a specific dollar amount or a percentage of the value of your estate? 
Making bequests of a percentage of the value of your estate is often the best way to carry out your objectives because it’s sometimes difficult to determine what size donation will make sense. Emergencies happen, and you need to make sure your family is financially taken care of first. Including a bequest of a percentage of your estate ensures that your gift will remain proportionate to your estate size, no matter how it fluctuates over the years. 

For a more complete explanation of possible ways to leave assets, please contact the Advancement Office at 831.422.2309.

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Mindful of our primary mission to be a witness to the love of Christ for all, Palma School admits students of any race, color, national and/or ethnic origin to all the rights, privileges, programs, and activities generally accorded or made available to the students at the school. Palma School does not discriminate on the basis of race, color, national and/or ethnic origin, nor age in administration of its educational policies, admissions policies, scholarship and loan programs, and athletic and other school-administered programs. While Palma School does not discriminate against students with special needs, a full range of services may not be available. Likewise, Palma School does not discriminate against any employee or applicant for employment on the basis of gender, age, disability, race, color, and national and/or ethnic origin. Palma School reserves the right to be a sole judge of merit, competence and qualifications, and can favor Catholic applicants and co-workers in all employment decisions, especially in those positions that have direct bearing upon the pastoral activity of the Church.