401k & Retirement Plans and Life Insurance


For more information on how you can create a planned gift to benefit West Catholic Preparatory High School please contact:

Brady_Andrew
Director of Institutional Advancement
Andrew Brady '02

401k and Retirement Plans

Giving from your retirement assets can be simple and advantageous. Individuals over 70 ½ can make a donation from their Required Minimum Distribution directly to West Catholic. The amount will count towards the minimum but won’t be realized as income for tax purposes.

Naming West Catholic as the beneficiary of your retirement plan is a simple way to make an impact and uses assets that would otherwise be heavily taxed.

How it Works

  • Name West Catholic as a beneficiary of your IRA, 401(k) or other qualified plan.
  • You may designate West Catholic to receive all or a portion of the balance of your plan through the plan administrator.

Benefits

  • Avoid the double taxation retirement savings would incur if designated to heir(s) as       beneficiary(ies).
  • Continue to take regular lifetime withdrawals.
  • You may revoke beneficiary if needs change.

Life Insurance

Give a gift from your Life Insurance and you’ll receive an immediate income tax deduction for the cash surrender value and make a significant gift without adversely affecting your cash flow. Or, ask your provider to name West Catholic as the beneficiary of your plan. This designation can be changed at any time.

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