The Colonels sold a record-breaking $102,400 of Cash Madness tickets. Congratulations to Al Hainley who was the lucky Grand Prize winner of $40,960 and Kevin Kremer who was the Second Place winner of $5,120. Covington Catholic receives $56,320 for ongoing technology upgrades!
Planned giving provides multiple opportunities for donors to support Covington Catholic High School while also receiving tax and other financial benefits. There are many options that provide the donor with income payments and also a charitable deduction. All of these gifts help to ensure a secure future for Covington Catholic. To learn more about planned giving options, please consult with your personal financial advisor. The Advancement Office 859-448-2247 can also provide you with a list of CCH alums that are financial advisors.
Life Income Gifts
Each of the following gifts provides you with an income and excellent tax benefits. In addition, your gift will provide generous support to Covington Catholic.
- Charitable Gift Annuity: A Charitable Gift Annuity is easy to set up and it benefits both you and CCH. You transfer assets to Covington Catholic and you and/or your spouse, or another beneficiary, receive a fixed income for the remainder of your lifetime(s). The donated assets can be in the form of cash or securities. The minimum amount for both a one-life arrangement and a two-life arrangement is $10,000. Gift annuities can also be deferred for an agreed upon number of years. The longer the gift annuity is deferred, the higher the annuity rate that can be offered.
- Charitable Remainder Trust: A Charitable Remainder Trust provides income to you or to other named income beneficiaries for life, a set number of years, or a combination of the two. The remaining amount is a gift to CCH. Charitable remainder trusts can offer variable or fixed income and they can help you avoid capital gains taxes as well as reduce income and estate taxes.
- Charitable Lead Trust: A Charitable Lead Trust allows you to designate your heirs as the ultimate beneficiaries while also providing Covington Catholic with an income stream for a term of years. You transfer assets to CCH or a trustee of your choice and during the term of years a fixed or variable income is paid to CovCath. You choose the designated purpose of this gift. At the end of the term, the assets are then transferred to your heirs. The charitable lead trust allows this transfer of assets to your heirs to take place at a reduced gift and estate tax cost. Charitable Lead Trusts are typically advantageous for individuals with a high net-worth.
Bequests are a simple way to support Covington Catholic and to help provide for its future. Bequests to CovCath may be unrestricted or designated for a particular purpose. Please contact the Advancement Director at (859)448-2247, extension #2, for specific bequest language for your will.
Retirement Plan Gifts
Retirement plan gifts are another easy way to support Covington Catholic and they are a great asset to give to a charity. Retirement plan assets are often taxed at extremely high rates, upwards of 50%. Therefore, it makes more sense to pass assets along to heirs that are taxed at lower rates and donate retirement plan assets to CCH. Simply name Covington Catholic as the beneficiary of your 401(k), 403(b) or IRA.
Life Insurance Gifts
Gifts of life insurance are a good way to make a gift to Covington Catholic without incurring a large expense. You can donate either a paid-up policy or a policy where you are still making the premium payments. In both cases you may qualify for a charitable deduction.
Gifts of Real Estate
A gift of real estate to Covington Catholic is a unique way to support the school while also achieving a possible avoidance of capital gains tax and receiving a charitable income tax deduction. Also, the value of the real estate is taken out of your taxable estate. Real estate can be given to CCH through different means including bequeathing the property, giving the property outright, transferring the property into a charitable remainder trust, or establishing a retained life estate. A retained life estate is established when you give your residence or vacation property to CovCath but reserve the use of the property for your life and/or the life of another beneficiary.