Mary Powell Leaves a Legacy for Future Bellarmine Students
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 firstname.lastname@example.org.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.