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Planned Giving Program

A Legacy of Love

My late and beloved wife, Helen Dillon Mazzoli, was “Ursuline through and through.”

She was Ursuline–educated: Ursuline Academy, Class of 1952 and Ursuline College, Class of 1956. She was Ursuline-bred: epitomizing all the refinement and virtues and character that mark Angela Merici’s women.

And, Helen was Ursuline-loved. She relished and was the grateful beneficiary of the love the sisters shower on their “girls.” Not just while they are in the classrooms, but long after the girls have become women and have moved into family life and careers of their own.

Helen and I were happily married for 52 years before she was called to Heaven to her new life. In those years, I had the warm experience of being with Helen at numerous Ursuline alumnae gatherings and class reunions, including those of Sacred Heart Academy students, whom Helen had taught, and various Liturgical and social functions at the Motherhouse. As a result, I hold a love and respect for the Ursuline Sisters which nearly matches that which Helen possessed.

Helen and I were honored over the years to support financially, and with our prayers, the educational, social service and missionary activities of the Ursuline Sisters of Louisville. We also provided a planned gift to the sisters in our estate arrangements.

Since Helen is gone, it is now my personal role to continue supporting the sisters, and I fully intend to do so. I am grateful to the Ursuline Sisters of Louisville for having helped mold in Helen a perfect partner for me in my journey through life.
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Helen Dillon Mazzoli died suddenly on June 18, 2012, the week of her 60th Ursuline Academy reunion. Coincidentally, the Ursuline’s Mission Advancement Office had been notified just a few days before her death of the Mazzolis' planned gift arrangements for the Ursuline Sisters. Her husband, Romano L. Mazzoli, wrote this memorial.
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A planned gift works for anyone who would like to support the Ursuline Sisters’ needs and ministries during or after their lifetime. Because a planned gift is flexible, allowing the benefactor to change their mind at any time and make their gift in relative proportion to bequests to family and friends, this type of gift has universal appeal.

It’s Personal…..How will you affect the causes, organizations and people that shaped you during your lifetime?

It all starts with a planned gift, a review of your assets and the desire to share your blessings with an organization that made a difference in your life. Your assets include tangible worth such as: property, holdings, stocks, life insurance policies and investments, to name a few. The “planned” part means putting structure to your generosity with a plan of action - will inclusion. It takes a plan to prepare, document, develop, arrange, schedule, forecast, establish, designate and distribute your assets. Federal and state laws change constantly, so it is always “tax-smart” to review your plan regularly with an investment professional.

Benefits of a Planned Gift

Depending on the specific arrangement, you can expect some or all of the following benefits:
  • Providing the means for the Ursuline Sisters of Louisville to fulfill their mission of teaching Christian living in perpetuity
  • Income tax savings through the charitable deduction of the value of the gift
  • Avoidance of capital-gains tax on contributions of appreciated, long-term, capital-gain property with respect to certain gifts
  • Elimination of federal estate tax on the value of the interest in property passing to the Ursuline Sisters upon your death
  • Reduced estate-settlement costs
  • Member of The Saint Ursula Society – established in 1992 for anyone choosing to include the Ursuline Sisters in their estate plans

Profile of a Giver
  • You want to support the Ursuline Sisters during and or/after your lifetime
  • You want to make a charitable gift while ensuring your family is taken care of first
  • You are forward thinking, reflective and want to show a gesture of thankfulness for life’s blessings – big and small
  • You want to control and designate your charitable decisions to avoid legal and family disputes
  • You want to have a plan for your charitable decisions if you should become incapacitated or die
  • You want the flexibility to change your mind at any time
  • You want tax benefits
  • You have a will or living trust, or are ready to create one

Ursuline Affected

You are one of the thousands of students, parents or alumni of grade school, high school or college affected by the Ursuline Sisters’ ministry of education.

You have been affected by the Ursuline Sisters’ involvement in healthcare, parishes, social services, social justice causes, community cultural centers, spiritual retreats or volunteer activities.

Ways to Give- Planned Gift Options

Bequests (Will)

A bequest is property that is promised through a will. Gifts outlined in a will enable a person to make significant contributions that may not have been possible during a person’s lifetime. The most common way to make a bequest through a will to the Ursuline Sisters of Louisville is:

  • Percentage of estate
  • Specific dollar amount
  • Balance after providing for specific individuals

Charitable Remainder Trusts

A charitable remainder trust is a gift that gives back. This life income plan is created by irrevocably transferring assets to a trust that pays you (the donor) and perhaps another beneficiary, annual distributions for life resulting in favorable capital-gains tax treatment. When the trust ends, the Trustee distributes trust assets to the Ursuline Sisters along with other donor designated charitable organizations named.

Charitable Lead Trusts

The charitable lead trust is essentially a mirror image of the charitable remainder trust, but instead of the donor receiving an annual distribution, the Ursuline Sisters receive an annual distribution for a period of time, at the end of which the property (assets) revert back to the donor’s heirs making it a gift that you get back.

The charitable trust is often used to maximize charitable deductions in a high-income year or as a “tax-smart” method of passing on assets to heirs.


Individual Retirement Account (IRA)

Qualified retirement plan benefits represent a major portion of a person’s estate and due to special tax considerations that apply to such benefits, they make an excellent choice for funding a testamentary (at death) charitable gift. Recognizing the undistributed assets in qualified retirement plans can be subject to both estate tax and income tax when left to heirs other than a surviving spouse. More and more donors are choosing to designate undistributed assets in qualified retirement plans to charitable organizations, such as the Ursuline Sisters, while leaving assets subject only to estate tax to their heirs. It’s important to know that at age 70 ½ you are required to start drawing income from your IRA, an amount which is taxed. You can directly transfer amounts to a public charity to get a tax benefit.

Life Insurance

Name the Ursuline Sisters as an owner and/or a beneficiary of your life insurance policy and get tax charitable deductions usually for the amount equal to the policy’s cost basis or fair market value.

Ursuline Sisters of Louisville as Policy Owner: When a policy is given outright to the Ursuline Sisters of Louisville, an irrevocable assignment, the donor is allowed an immediate federal income tax charitable deduction for the lesser of the policy’s fair-market value or the net premiums paid. Income tax deductions for contributions to enable the Ursuline Sisters of Louisville to pay subsequent premiums are also allowed.

Ursuline Sisters of Louisville as Beneficiary: You can name the Ursuline Sisters of Louisville as the primary beneficiary of your life insurance policy. You retain ownership of the policy and have access to the policy’s cash value. Although the face value of the policy may be included in the donor’s gross estate, no federal estate tax liability will result from the inclusion of the policy because of the charitable deduction.

Since you retain ownership of the life insurance policy, no income tax charitable deduction is allowed for the value of the policy upon designation of the charitable organization as the beneficiary or for subsequent premium payments.

You may also name the Ursuline Sisters of Louisville as a successor beneficiary to receive proceeds should the primary beneficiary (ies) no longer be living. Since the proceeds would be paid to the Ursuline Sisters of Louisville, your estate will be allowed an estate tax charitable deduction.
Property*

Contributions of appreciated, long-term, capital-gain real estate have favorable tax benefits. In addition to receiving a charitable deduction for the full fair-market value, the donor escapes all or part of any potential tax on the capital-gain element of gifted property and any sales commission that would be payable upon the sale of the asset.

A donor considering a gift of property that has gone down in value, would be better off selling the property to realize a deductible loss and then contributing the proceeds to the Ursuline Sisters of Louisville and obtaining a charitable deduction. This procedure ensures recognition and deductibility of the loss.

*The Ursuline Sisters reserve the right to decline a gift of real estate.

Securities

Stocks, mutual funds and bonds that you have owned for more than one year and have increased in value are popular assets for gift consideration. You get a two-fold tax benefit: a charitable donation for the full current market value and no capital-gains on appreciation.

Need advice to make sure your decision gives you and the Ursuline Sisters of Louisville the benefits and results you want? Then contact your professional tax advisor, attorney or accountant to discuss a planned giving option that meets your charitable intentions during and after your lifetime. If you don’t have a professional to work with, we can refer one to you for assistance. For more information about the mission, ministries and needs of the Ursuline Sisters of Louisville, please contact:



Corporate Name of Ursuline Sisters: Ursuline Society and Academy of Education
Address: 3105 Lexington Road, Louisville, KY 40206