Buffalo Academy of the Sacred Heart

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Create A Legacy

Investing in Sacred Heart’s Future

Our goal at Sacred Heart Academy is to provide the best Catholic, Franciscan, college-preparatory education possible to students from all economic backgrounds.  With the cost of tuition expected to continue to increase well into the future, one of our major concerns is that we maintain the quality of education Sacred Heart is known for, without losing students from middle and lower income families.  True to our Franciscan teachings and our humble beginnings, we simply cannot allow ourselves to abandon those families which have traditionally been strong supporters of Catholic education.

The future of Catholic education in general, and Sacred Heart Academy in particular, will be determined by the generosity of benefactors who include Catholic schools, such as Sacred Heart, in their estate plans. To this end, Sacred Heart has established a Legacy Society.  Funds generated through the foresight and generosity of society members will ensure that Sacred Heart will remain an affordable educational option to students from all economic backgrounds.

The following information is provided as a brief summary of some of the vehicles by which you can include Sacred Heart Academy in your estate plans.  Of course, we recommend you talk with your attorney or tax consultant before you make any decision in this matter.

Bequests

Gifts provided through a will are the most common planned gifts and are immensely important to the future of Sacred Heart Academy.  While there is no immediate tax advantage, such gifts can help reduce estate taxes.  We offer the following bequest language for your consideration.

"I, ______________________(name), hereby bequeath to Buffalo Academy of the Sacred Heart (__% of my estate) (or ___% of the remainder of my estate) (or $ ____________) to be used for its general purposes."

The above language is an example of an unrestricted bequest since the assets can be used where they are most needed.  A restricted bequest, on the other hand, carries the donor's specific instructions for use. Restricted bequests can fund a wide variety of needs including: scholarships, technology, fine arts, athletics, or Campus Ministry.  Restricted bequests are most often arranged with the help of a Sacred Heart gift planning representative, who helps identify projects for the donor's consideration.

Life Income Gifts

Life income gifts offer many advantages including paying you secure income for life, professional management of assets at no cost, and significant reduction in taxes.  Your circumstances will determine which life income plan is best.  The various alternatives are outlined briefly below.  If such an arrangement seems to suit you, just let us know and we will be happy to help you compare the alternatives.  In each of the scenarios mentioned below, Sacred Heart Academy would receive the remaining principal of the annuity or trust following the death of the donor. 

Gift Annuities

Through the gift of cash or securities, you can purchase a gift annuity that will pay you a fixed amount of annual income for the rest of your life.  Payments can begin immediately, or be timed to coincide with your retirement planning.

Unitrust

A great deal of flexibility is possible through unitrust arrangements.  The unitrust provides you with an annual return of a stated percentage of the trusts' assets.  You can fund a unitrust with cash, securities or other property, such as real estate.  The principal may be invested in securities that pay tax-exempt income, an attractive feature to donors in high tax brackets.

Annuity Trust

This trust provides you with a fixed dollar annual return.  The principal advantage of the annuity trust is that it provides predictable income each year, regardless of any fluctuations in the earnings of the portfolio. 

Life Insurance

There are two different ways to help the Academy through a life insurance policy, and each offers an attractive method for making a substantial contribution.  The first method is to make a lifetime gift of an insurance policy to the Academy which generates a charitable tax deduction for the year in which it is given, if Sacred Heart is named owner and beneficiary of the policy.  The deduction is roughly equal to the policies cash surrender value.  Subsequent premium payments are also deductible.  The second method is simply to name the Academy a beneficiary of a new or existing policy.  Sacred Heart Academy can be the lone beneficiary, or one of several named in the policy.

Real Estate

Rather than leaving Sacred Heart your home or other real estate by will, it is possible to transfer title now, claim a sizable deduction from current income, and continue to live on the property for the rest of your life.  Real estate can also be used to fund a gift annuity or a unitrust thus converting a highly-appreciated, non-income producing asset into a new income flow with many favorable tax savings and other benefits. 

If you would like more information on any of the above planned giving options, please call Amy Starck, Director of Advancement at (716) 834-2101 x318, or click here to e-mail her: astarcksacredheartacademy.orgastarcksacredheartacademy.org