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Planned Gifts

Planned giving offers donors the opportunity to establish gifts that will help Phillips for generations to come. Planned gifts can be arranged through wills, trusts, insurance, and gifts of property. With proper planning, you can make wonderful gifts in support of Phillips while maintaining or even improving you financial status. It is possible to make gifts while increasing income for you and your loved ones, providing for inheritances, and reducing or eliminating income, gift and estate taxes.

Wills & Living Trusts

The vast majority of Americans die without a will, leaving their estates to be distributed according to a legislative formula determined by the state government. A will or living trust, however, lets you provide for your family after your death, with the major difference between a will and a living trust being that the trust assets avoid probate. Wills and trusts are fully revocable so that you can terminate them at any time, and donations made to charities, such as Phillips, are deducted from the value of the total estate for purposes of determining estate taxes. This allows you to provide support for Phillips, while at the same time enabling you to reduce the rate at which your loved ones are taxed, thus preserving the value of the estate they will inherit.

Life Insurance Policies

Many Americans today have paid-up life insurance policies that are no longer needed. A gift of this policy to Phillips would assure the future growth of Phillips, provide you with an income tax deduction, and remove this asset from your estate, thus furnishing you with a reduction in your estate taxes. In addition, you might purchase a new life insurance policy, pay the modest annual premiums for several years, and make a significant gift to Phillips by naming it as the beneficiary or contingent beneficiary.

Retirement Plan Assets

Retirement plan assets may be subject to double taxation upon your death by being assessed as much as 55 percent for estate tax purposes with the balance being prone to income taxes. Naming Phillips as a beneficiary of your retirement plan will give your loved ones an estate tax charitable deduction, as well as avoid the imposition of any income tax.

Charitable Lead Trusts

This form of trust is a way to pass assets on to your family with a significant estate and gift tax savings, while at the same time making a gift to Phillips. Assets that produce income are transferred to a trust for a fixed number of years. Phillips receives an annual income for that period, after which the principal is returned to your family with estate or gift taxes reduced or eliminated. A charitable lead trust may be particularly appealing if you are the owner of a family business or you are willing to forgo investment income for a specific number of years, with the assets returning to your heirs at a future time.

Charitable Remainder Trusts

This form of trust allows you to obtain an income for life, while receiving a tax deduction and helping the programs and services of Phillips at the same time. Setting up a charitable remainder trust permits the donor to receive a fixed or variable yearly income for life, a healthy tax deduction, and a reduction in estate taxes for the donor’s family upon his or her death, with the remainder of the fund benefiting the programs and services of Phillips.

Charitable Gift Annuities

A charitable gift annuity is a simple contract between the donor, Phillips Graduate Institute and the annuity agency. In exchange for a gift of assets, typically cash or stock, the donor will receive an annual payment of an amount based on the donor’s age and the value of the gift. For example, an 80-year old donor, at current rates, would receive an eight percent return on their donation annually. The donor also receives significant tax advantages, including an immediate charitable tax deduction, and a portion of each payment is considered a tax-free return of principal to the donor. The annual pay out would occur through the donor’s lifetime, and after the donor’s death, the remainder of the annuity will be placed in a restricted fund at the annuity agency for Phillips of St. Vincent de Paul.

Phillips strongly urges that all prospective donors of a planned gift seek the advice of their own attorney in reviewing the State and Federal Income Tax consequences of their gift, terms of any trust or annuity agreement and the advisability of the gift in light of the donor’s overall estate plan and financial circumstances.

For more information on Phillips’s
Planned Giving Program

Please Call:

Tracey Cummings
Coordinator of Development and Alumni Affairs
Phillips Graduate Institute
5445 Balboa Boulevard, Encino, CA 91316

Telephone: (818) 654-1704
Fax: (818) 654-1772


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