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Mary Powell Leaves a Legacy for Future Bellarmine Students

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Mary Powell

Mary Powell was a friend of Bellarmine College Preparatory for 27 years prior to her passing in 2011 at the age of 90, and she will continue to help Bellarmine students far into the future, as a result of her estate plan.

Mary sought professional advice in 2002 to alleviate concerns of how she would provide for her daughter, Valerie, after she was gone. As a result, she established a Charitable Remainder Trust (CRT) with the sale proceeds of her home when she moved to a retirement center. Mary then began receiving a quarterly income distribution from the CRT, which now passes to her daughter for the remainder of her daughter's life. Because the home was transferred to a charitable trust, significant capital gains taxes on the sale were completely eliminated, and a charitable income tax deduction was used to offset other income. Mary's living trust and will left the remainder of her estate to the charitable remainder trust as an addition that now generates even more income for her daughter. When her daughter passes on, Bellarmine College Preparatory will be the charitable beneficiary of any remainder. Mary's will and CRT direct the remainder to be used to establish the Herbert L. and Mary Ellen Powell Memorial Scholarship Endowment Fund. Earnings from the fund are to be used in perpetuity for tuition aid for the families of students who have a verifiable need.

How You Can Help
If you would like more information on how you, too, can care for yourself and your loved ones, save significant capital gain, income and estate taxes, and leave a legacy for Bellarmine, please contact Bill Colucci, Esq. '82, at 408-537-9279 or send an email to bcolucci@bcp.org.

eBrochure Request Form

Please provide the following information to view the brochure.

A charitable bequest is one or two sentences in your will or living trust that leave to Bellarmine College Preparatory a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I, [name], of [city, state, ZIP], give, devise and bequeath to Bellarmine College Preparatory of San Jose, CA [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Bellarmine College Preparatory or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Bellarmine College Preparatory as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Bellarmine College Preparatory as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Bellarmine College Preparatory where you agree to make a gift to Bellarmine College Preparatory and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.