Planned Giving/Endowment

A planned gift is one way to strategize for the future, manage your affairs, and make a gift to Padua Franciscan High School. It usually requires more thought and foresight than the average donation. Here are a few stories about our donors and why they chose to give. Listed on this page are the most common types of planned gifts. Everyone’s financial situation is unique. Therefore, we recommend that you contact your financial advisor or attorney for information regarding the most favorable option for you. Future commitments of $25,000 or more qualify the donor for membership in The Friar Club at Padua Franciscan High School.

Estate Planning

Please note that Padua Franciscan High School is not giving any legal advice and recommends speaking directly with an estate planning attorney.

Beneficiary Designations

Your estate consists of any asset in which you have an ownership interest in including stocks, bonds, investment accounts, individual retirement accounts, savings bonds, vehicles, boats, artwork, coins, bank accounts, real estate, etc. A beneficiary designation will dictate how the asset is distributed at death. The use of a designation can override what is written into your last will and testament or trust. You can directly specify Padua Franciscan as a beneficiary on your assets.

Last Will and Testament

If you have assets that are not beneficiary designated or held in trust, your last will and testament will be a written record of how you would choose to have your property distributed. It is the legal way to provide for your heirs, and the causes and organizations that you care about. A last will and testament will need to go through the probate process in order to be effective. Without a will, the court will distribute your according to the statutory provisions in the Ohio Revised Code. Therefore, it is helpful for every adult to have a last will and testament. Your last will and testament can include a bequest to Padua Franciscan either by using a fractional share (% of the estate) or a certain sum ($ amount specified). Padua Franciscan could also be listed as a remote contingent beneficiary. A remote contingent beneficiary will only apply if your named beneficiaries predecease you.  Remembering Padua in your will is an effective way of ensuring that the mission of the school will continue for future generations of young men and women.

Trust

A trust is an agreement made between the grantor (creator of trust) and the trustee (manager of trust assets) to hold property. A trust can be set up while living or upon death as a testamentary trust. The purpose of a trust can widely vary, but many people use trusts to avoid probate, provide for charitable bequests, provide a way to manage assets during the lifetime, create tax advantages, or set up asset protection. Including Padua Franciscan as a beneficiary in your trust can be a convenient way to leave a legacy.

  • Revocable Living Trust: A trust that can be modified, amended, restated, or revoked during your lifetime. The primary purpose for this type of trust is to avoid   probate and to manage assets during a period of incapacity.
  • Asset Protection Trust: This is a type of irrevocable trust that can be used to protect assets from various types of creditors including lawsuits, bankruptcy, and other creditor claims. It may be set up to help obtain assistance benefits for paying for long term care including Medicaid or the VA Pension with Aid and Attendance. In this trust, you direct where you would like to see your money go upon your death.
  • Charitable Remainder Trust: A CRT provides income for yourself while making a gift to Padua Franciscan. You establish the trust during your lifetime, receive a charitable tax deduction, and the remaining amount goes to Padua at the time of your death.
  • Charitable Lead Trust: In a Lead Trust, Padua benefits immediately, and you and your beneficiaries receive the remainder of the trust’s assets.
  • Irrevocable Life Insurance Trust: Commonly known as an ILIT, this trust holds life insurance policies to keep them out of the insured’s estate. This trust can be set up as funded or unfunded to provide various tax advantages for the grantor.

Charitable Gift Annuity

Often referred to as a CGA, this is a simple contract between you and Padua Franciscan. It is a way for you to make a gift to the school, and in return receive a specified lifetime income. You can secure steady quarterly payments for yourself or others while providing Padua with the means necessary to provide financial assistance to our students. The gift can be established with cash, securities, or property, and the assets of the institution back our ability to pay you for life. When you fund a gift annuity, you are eligible for a significant charitable deduction for the amount that Padua is expected to receive in the future.

Life Insurance

This is a simple and low cost method of providing for Padua’s future. A life insurance policy which names Padua Franciscan High School as the beneficiary can have a major impact on future generations of students.

Personal Property
Gifts of valuable artwork, furniture, jewelry, antiques, rare books and manuscripts can increase the school’s educational resources in many ways.

Real Estate

You can offer real estate as an immediate gift or to fund a trust. You can decide to remain in your home after making your gift, thereby gaining a tax deduction and eliminating property taxes while still enjoying the comforts of home.

Padua Franciscan Endowment Trust

“Receiving a scholarship from Padua means that someone believes in you and your abilities. They see potential in you and want to help you achieve your academic goals. Scholarships are a gift of trust—trust that you will do your best, and will remain dedicated to your pursuit of education.” A Padua Student.The Padua Endowment Trust, founded in 1981, provides funds to support the financial assistance program at Padua Franciscan.  Contributing to the Padua Franciscan High School Endowment Trust enables you to create a gift that remains for perpetuity in the school and continues to give to our students. The trust grows through tax-deductible contributions, including gifts of cash, securities, and planned gifts such as life insurance, annuities, bequests, or charitable remainder or lead trusts.  Funds are invested in order to secure the most favorable rate of return and are managed by the Board of Endowment Trustees who make annual distribution to the school to the financial assistance program of $150,000 or more.
Currently, 44 Named Endowment Scholarships have been established at Padua. You can join this committed group of Padua stakeholders by establishing a scholarship fund in your name, or in memory of a loved one.

  • The fund can be named with a commitment of $10,000.
  • A commitment of $25,000 or more provides you with membership to The Friar Club.
  • Donors and named funds are recognized in the annual report, Celebrating Our Donors.
  • Future contributions can be designated to the fund, allowing the principal balance to grow.

Questions?
For more information please contact the Advancement Office at 440-845-8224.