Planned Gifts

The McAndrew Society

The McAndrew Society honors those who have made Notre Dame Academy part of their legacy through a planned gift. The society was named in honor of Madeline McAndrew, a member of the class of 1926, whose bequest remains one of the largest gifst in school history.

Members of the society have included a bequest provision in their will or trust, or provided for NDA through a retirement plan or insurance policy. Their leadership helps ensure the NDA legacy for future generations.

Please click here to view a list of Society Members.

Ways to Plan Your Gift

Planned gifts can be an effective way to support Notre Dame Academy while still providing for yourself or your family. There are a number of vehicles that can help you reduce or eliminate income, gift, or estate taxes.

Bequests

A bequest is one of simplest and most flexible and therefore most popular — means of gift planning. It offers the opportunity to make a more substantial gift than might be possible during your lifetime. A bequest can be as simple as a paragraph. By creating a will if you don’t have one yet, or simply revising your will, you will be able to leave a significant legacy to Notre Dame Academy. The following types of bequests are most common:
  • Specific Bequest — You designate a specific dollar amount or specific percentage to NDA.
  • Residual Bequest — Your estate will pay all debts, taxes, expenses and specific bequests first. The remaining amount will be transferred to NDA.
  • Contingent Bequest — Most people have family obligations, which are the primary motive for executing a will. However, NDA may be named a contingent beneficiary in order to receive any assets meant for family or friends who predecease you.

Sample Bequest Language

Sample Bequest Language
The following is language can be used for making a gift by will or revocable trust to Notre Dame Academy:

I hereby give to Notre Dame Academy, a Massachusetts educational, charitable corporation:

  • The sum of _____ dollars OR
  • _____ percent of the residue of my estate OR
  • The following property _______________________.

You should also state whether the gift is unrestricted or for a specific purpose. Please be sure to discuss any specific purposes with the Advancement staff to be certain that NDA can properly fulfill your wishes.

Should you choose to include NDA in your estate plan, please let us know. Contact Chief Development Officer Lynn Page Flaherty at 781.749.5930, ext. 2235 or lflaherty@ndahingham.com


Life Insurance

Life Insurance can be used in a number of ways to support both NDA and your family.

  • You can name Notre Dame Academy as the beneficiary of a new or existing life insurance policy. Since you retain ownership of the life insurance policy, there is no income-tax charitable deduction to you during your lifetime. Although the face value of the policy would be included in your estate, no federal estate-tax liability would be incurred because of the charitable deduction given to the estate.
  • You can make an outright gift of a policy that is no longer needed. If you are looking for an immediate tax benefit and have a life insurance policy that is no longer needed, you can make an irrevocable transfer of the policy, naming NDA as the beneficiary and the owner. Upon such an assignment, you are allowed an immediate federal income-tax charitable deduction for the lesser of the policy’s fair market value or the net premiums paid. In most cases, NDA would then cash in the policy use the proceeds for educational purposes.

Retirement Plans

Future Gifts: Unused retirement plan assets may be subject to both income and estate taxes upon your death. While your retirement plan can be rolled over to your spouse upon your death without incurring any taxes, when the surviving spouse dies, the remaining assets can be taxed at multiple levels. If you have already decided to make a gift to NDA through your estate, naming NDA as a beneficiary of your retirement funds may be the best way to maximize what is left for your heirs.

Current Gifts from IRAs: If you are 70 1/2 years old or older, you probably have to make a required minimum distribution from your IRA each year. The law establishing a charitable IRA rollover is now permanent and can be a great way to satisfy all or part of your annual distribution requirements. Individuals can give up to $100,000 a year directly from an IRA to a charity like NDA. The transfer generates neither taxable income or a tax deduction, so it can help you, even if you don't itemize tax deductions.

Be sure to consult your financial advisor about how best to use your retirement plan to fulfill your philanthropic intentions!

Charitable Gift Annuities

A charitable gift annuity is a contract by which you donate assets that are re-invested, providing a regular income stream for you, your spouse, or the individual you designate, for a term of years or for life. The remainder of the annuity then passes to NDA. Charitable gift annuities can offer tax advantages and supplement your retirement income. NDA's charitable gift annuity program is offered through the Archdiocese of Boston.

To learn more about how you can plan your gift to Notre Dame Academy, please contact the Advancement Office at 781.749.5930, ext. 2245.