Saint Ignatius College Prep's Bequest Language

Residual Gift Language

A residual bequest comes to us after your estate expenses and specific bequests are paid:

I give and devise to Saint Ignatius College Prep (Tax ID #36-2167867), located in Chicago, IL, all (or state a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).

Specific Gift Language

Naming Saint Ignatius College Prep as a beneficiary of a specific amount from your estate is easy:

I give and devise to Saint Ignatius College Prep (Tax ID #36-2167867), located in Chicago, IL, the sum of $___________ (or asset) to be used for its general support (or for the support of a specific fund or program).

Contingent Gift Language

Saint Ignatius College Prep or its affiliates can be named as a contingent beneficiary in your will or personal trust if one or more of your specific bequests cannot be fulfilled:

If (insert name) is not living at the time of my demise, I give and devise to Saint Ignatius College Prep (Tax ID #36-2167867), located in Chicago, IL, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).

Retirement Plan Beneficiary Language

You may name Saint Ignatius College Prep (Tax ID #36-2167867) as a beneficiary of your IRA or other qualified retirement benefits. Donors should consult with their tax advisor regarding the tax benefits of such gifts.

Naming Saint Ignatius College Prep as the beneficiary of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or profit-sharing pension plan will accomplish a charitable goal while realizing significant tax savings. It can be costly to pass such assets on to heirs because of heavy tax consequences. By naming Saint Ignatius College Prep as a beneficiary of a retirement plan, the donor maintains complete control over the asset while living, but at the donor's death the plan passes to support Saint Ignatius College Prep free of both estate and income taxes.

Making a charitable gift from your retirement plan is easy and should not cost you any attorney fees. Simply request a change-of-beneficiary form from your plan administrator. When you have finished, please return the form to your plan administrator and notify Saint Ignatius College Prep. We can also assist you with the proper language for your beneficiary designation to Saint Ignatius College Prep.