IRA Rollover - 

You may be looking for a way to make a big difference to help further our mission. If you are 70½ or older, an IRA charitable rollover is a way you can help continue our work and benefit this year.

Donor Advised Funds - 

Are you looking for a way to benefit Cleveland Central Catholic High School both now and in the future? Would you like to simplify your annual and lifetime charitable giving?

A donor advised fund (or DAF) might be a great solution for you. You can also use a DAF to distribute gifts to numerous charities. With a DAF, you can make gifts to charity during your lifetime, and when you pass away, your children can carry on your legacy of giving.

Benefits of a donor advised fund:

• Establish a flexible vehicle for annual charitable giving

• Benefit from a more tax and cost efficient alternative to a private foundation

• Receive an estate tax deduction and savings from your gift

• Obtain a charitable income tax deduction in the year of your gift

How a donor advised fund works:

1. You make an initial, irrevocable gift of cash or stock to fund a DAF at Cleveland Central Catholic High School.

2. The assets in your DAF grow tax-free.

3. You make annual recommendations on gifts to be made from your DAF.

4. When you pass away, your children may recommend charitable gifts from your DAF.

More on donor advised funds:

A donor advised fund has several advantages when compared to a private foundation. The start-up time and cost are minimal for DAFs, and gifts to DAFs are generally deductible at fair market value. A DAF is also not subject to the distribution requirements and certain excise taxes faced by private foundations.

Make A Grant from Your DAF:

A grant from your DAF can help support our efforts this year. Contact your DAF administrator and recommend that a grant be made in any amount to support our cause. Your gifts make a difference. Join in our mission and help us continue our important work.

Contact us:

If you have any questions about donor advised funds, please contact Tim Isabella, Director of Advancement at 216-644-5858 or tisabella@ccc-hs.org. We would be happy to assist you and answer any questions you might have.

Beneficiary Designation Gifts - 

A beneficiary designation gift is a simple and affordable way to make a gift to support Cleveland Central Catholic High School. You can designate us as a beneficiary of a retirement, investment or bank account or your life insurance policy.

Benefits of a beneficiary designation gift:

• Support the causes that you care about

• Continue to use your account as long as you need to

• Simplify your planning and avoid expensive legal fees

• Reduce the burden of taxes on your family

• Receive an estate tax charitable deduction

How a beneficiary designation gift works:

1. To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker or insurance agent.

2. Ask them to send you a new beneficiary designation form.

3. Complete the form, sign it and mail it back to your broker, banker or agent.

4. When you pass away, your account or insurance policy will be paid or transferred to Cleveland Central Catholic High School, consistent with the beneficiary designation.

Important considerations for your future:

If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help

Contact us:

If you have any questions about leaving a beneficiary designation gift to us, please contact Tim Isabella, Director of Advancement at 216-644-5858 or tisabella@ccc-hs.org. We would be happy to assist you.

You may be looking for a way to receive fixed income for life or a number of years. You may be concerned about the high cost of capital gains tax with the sale of an appreciated asset. Perhaps you recently sold property and are looking for a way to save on taxes and plan for retirement. A charitable remainder annuity trust may offer the solutions you need.

Benefits of a charitable remainder annuity trust:

• Receive fixed income for life or a term of up to 20 years

• Avoid capital gains tax on the sale of your appreciated assets

• Receive an immediate charitable income tax deduction for the charitable remainder portion of your gift to Cleveland Central High School

How a charitable remainder annuity trust works:

1. You transfer cash or assets to fund a charitable remainder annuity trust.

2. In the case of a trust funded with appreciated assets, the trust will then sell the assets tax-free.

3. The trust is invested to pay fixed income to you or any other trust beneficiaries you select based on a life, lives or a term of up to 20 years.

4. You receive an income tax deduction in the year you transfer assets to the trust.

5. Our organization benefits from what remains in the trust after all the trust payments have been made.

More on charitable remainder annuity trusts:

If you are tired of the fluctuating stock market and want to receive fixed payments, a charitable remainder annuity trust may provide you with the stability you desire. A charitable remainder annuity trust pays a fixed amount each year based on the value of the property at the time the trust is funded.

Contact us:

If you have any questions about a Charitable Remainder Annuity Trust (CRAT) gift, please contact Tim Isabella, Director of Advancement at 216-644-5858 or tisabella@ccc-hs.org. We would be happy to assist you.

Charitable Lead Trust - 

If you are looking for a way to pass on some of your assets to your family while reducing or eliminating gift or estate taxes, a charitable lead trust is an excellent option.

Benefits of a charitable lead trust

• Receive a gift or estate tax charitable deduction

• Pass inheritance on to family at a reduced or zero cost

• Establish a vehicle from which you can make annual gifts to charity

How a charitable lead trust works

1. You make a contribution of your property to fund a trust that pays Cleveland Central Catholic High School income for a number of years.

2. You receive a gift or estate tax deduction at the time of your gift.

3. After a period of time, your family receives the trust assets plus any additional growth in value.

Contact us:

If you have any questions about a Charitable Lead Trust gift, please contact Tim Isabella, Director of Advancement at 216-644-5858 or tisabella@ccc-hs.org. We would be happy to assist you.

Are your appreciated assets, such as stock, bonds or real estate, producing little or no income?

If you sell your appreciated assets, you will pay a large capital gains tax. A sale and charitable remainder unitrust may be the solution to avoid capital gains tax.

Benefits of a sale and unitrust:

• Receive cash from the sale. You can use this cash to purchase another residence, to save for retirement, to travel, to meet your daily needs or to meet some other financial goal

• Receive income from the unitrust for the rest of your life and future retirement

• Obtain an income tax deduction that may reduce your tax bill this year

• Further the work of Cleveland Central Catholic High School with your gift

How a sale and unitrust works:

1. You establish a charitable remainder unitrust and transfer a portion of your assets to the trust.

2. The assets are then sold. You receive cash from the sale, and the rest of the sale's proceeds are paid to the charitable unitrust.

3. The trust will provide you with income for the rest of your life.

4. You receive a charitable deduction this year to offset your tax on the cash proceeds that you receive from the sale.

More on sale and unitrust:

When transferring a portion of your primary residence to fund a unitrust, you may apply your one-time home exclusion to reduce or eliminate capital gains tax that would otherwise be due from the sale. Your tax advisor can assist you to determine if you should utilize this strategy.

Contact us:

If you have any questions about a Sale and Unitrust gift, please contact Tim Isabella, Director of Advancement at 216-644-5858 or tisabella@ccc-hs.org. We would be happy to assist you.

Bargain Sale - 

Do you have property that you would like to sell? Are you looking for a strategy to reduce your income taxes? A bargain sale might be the right strategy for you.

Benefits of a bargain sale:

• Avoid capital gains tax on your charitable gift

• Receive a tax deduction that will reduce your tax bill this year

• Take the cash received from the sale and reinvest it to create future income, save for retirement, buy new property or achieve other financial goals

• Help Cleveland Central Catholic High School further our important charitable work

How a bargain sale works:

1. You sell Cleveland Central Catholic High School your property for a price less than fair market value.

2. You receive cash from the sale.

3. You can take a charitable deduction for the value of your gift which is the difference between the fair market value of the property less the sale price.

4. While you may owe some tax on the sale proceeds you receive from Cleveland Central Catholic High School, the charitable deduction from your gift could offset some, most or all of your capital gains taxes associated with the sale.

More on bargain sales:

A bargain sale may be accomplished even if you have a mortgage on your property. Because relief from indebtedness can have tax implications, please consult with your tax advisor prior to completing a gift of a bargain sale.

Contact us:

If you have any questions about a Bargain Sale gift, please contact Tim Isabella, Director of Advancement at 216-644-5858 or tisabella@ccc-hs.org. We would be happy to assist you.

Give it Twice - 

You may be looking for a way to provide your children with income while making a gift to Cleveland Central Catholic High School. The "give it twice" trust is a popular option that allows you to transfer your IRA or other asset at death to fund a term of years charitable remainder unitrust. We call this kind of unitrust a give it twice trust because you can use the trust to pay income first to your family for a number of years and then distribute the balance of the trust to charity.

Benefits of a give it twice trust:

• Use the full value of your unused retirement account to provide income to your surviving spouse and to provide income to children or other loved ones for a specified period of time

• Create an estate tax deduction and savings from the charitable gift

• Support the important charitable work of Cleveland Central Catholic High School

How a give it twice trust works:

1. We can help you and your attorney with the process of creating a charitable remainder unitrust.

2. You complete an IRA or other retirement account beneficiary designation form, naming the charitable trust as the beneficiary, and return the form to the account custodian.

3. When you pass away, the custodian will transfer your retirement account to the charitable trust.

4. The trust will pay income to your spouse, children or other individual beneficiaries for their life, term of years or life plus term of years.

5. At the conclusion of the payments, the balance of the trust will be transferred to Cleveland Central Catholic High School.

Contact us:

If you have any questions about a Twice Trust gift, please contact Tim Isabella, Director of Advancement at 216-644-5858 or tisabella@ccc-hs.org. We would be happy to assist you.

You may desire to leave your home or farm to Cleveland Central Catholic High School at your death but would also like to receive a current charitable income tax deduction. A life estate reserved might offer the solution you need!

Benefits of a life estate reserved:

• Receive a federal income tax deduction for the value of the remainder interest in your home or farm

• Preserve your lifetime use and control of your home or farm

• Create a life estate based on more than one life. This will preserve the use of the property for you and a loved one, such as a spouse or dependent child

How a life estate works:

1. You deed your home or farm to Cleveland Central Catholic High School. The deed will include a provision that gives you the right to use your home or farm for the rest of your life and that of any other life estate party named in the deed.

2. You and Cleveland Central Catholic High School sign a maintenance, insurance and taxes (MIT) agreement to explain that you will do your best to keep the property in good condition and that you will maintain property insurance and pay the property taxes.

3. When the owners of the life estate have passed away, your home or farm will belong to Cleveland Central Catholic High School. We will use or sell the property to further our charitable work.

If you have any questions about a Life Estate gift, please contact Tim Isabella, Director of Advancement at 216-644-5858 or tisabella@ccc-hs.org. We would be happy to assist you.