“For where your treasure is, there your heart will be also.”

(Matthew 6:21)

List of 7 items.

  • Why Give to Brophy

    The essence of estate planning is really about generosity and the willingness to respond with joy to gifts of grace. While a planned gift can be a wise financial choice, the manner we use to dispose of our estates says a lot about who we are and what we value. Mrs. William Henry Brophy’s intention to memorialize her husband’s life in 1928 has become a legacy of education and service to generations of young men who have, through learning and service, made our world immeasurably better.
     
    The preservation of this legacy and our ability to ensure its longevity rests now with us - Brophy’s alumni, parents, and friends who share Mrs. Brophy’s desire to serve the Jesuit mission of forming men of faith and conscience.

    So often I am asked, “Why give to Brophy?” For 88 years Brophy has been a promise to the Phoenix metropolitan area to graduate young men who not only excel in the fields of science, math, literature, language, and the fine arts, but who also engage in their communities through acts of service. Thousands of Brophy alumni and current students represent the living legacy of that promise.

    Why give to Brophy? Imagine Brophy students helping to build houses in Oaxaca, tutoring young students here in Phoenix, or spending a week with families in Appalachia. Imagine graduates living in solidarity with orphans in Nicaragua, Rhodes Scholars, business leaders. This is what Brophy students become. Give to Brophy so we can help form the next generation of Men for Others.
  • Tax Benefits of a Legacy Gift

    While we all hope to one day provide for our heirs through our wills and trusts, did you know that you can also help Brophy with a Legacy Gift? One of the reasons to include a charitable bequest in your will is because you believe in and wish to perpetuate the mission and values of an organization. You can provide added financial stability for Brophy and help ensure a Jesuit education for generations to come, while at the same time accruing tax benefits for your estate.
     
    Here is one scenario:

    Let’s say that you own stock that you bought for $20,000 and it has grown in value to $100,000. The stock is currently yielding 2%. You would like to sell the stock in order to invest the money in another asset. Doing so, however, would mean a sizeable tax bill for the capital gain on the appreciation.
     
    One solution would be to put the asset into a Charitable Remainder Unitrust. In this example, after the trust sells the asset and reinvests the proceeds, the return is 7% a year. The trust is set up to pay out 5% per year to you for your lifetime. At the end of your life, the value in the unitrust goes to Brophy.
     
    Because Brophy is tax-exempt, no capital gains taxes are paid when the trust sells the asset. Also, because Brophy eventually receives a gift, you receive a charitable tax deduction the year the unitrust is set up. The following flow chart quantifies the benefits of this scenario.
     
    There are a number of options for making charitable gifts to Brophy in your estate plans. Whatever option you choose, be assured that you will be making a lasting and deeply meaningful contribution to Brophy College Preparatory.
  • Preparing an Estate Plan

    There are plenty of reasons why many of us have procrastinated in putting together a will or estate plan. Perhaps the single biggest reason is that “life gets in the way.” Days are packed with commitments to job, family, school, church, and community. There are too many other things that have to get done today.

    If you have been “too busy” to give serious thought to a will, you are not alone. Almost 60% of American adults lack a basic will. One of the most important reasons for a will is to make certain provisions are made for the care of your children who are minors, while also making financial provisions for your family, picking someone you trust to oversee your estate, outlining any specific wishes on the distribution of your assets, and supporting your favorite charitable organizations. Now is the time.

    Everyone’s circumstances are different, but there are a few things that almost everyone should consider when planning their estates:

    1. If you have minor children, select a guardian. Custody of minor children or other dependents could be decided by a court if you die without making your wishes known.
    2. Designate your heirs and determine how much and when they receive your assets.
    3. Prepare medical and financial powers of attorney in the event you become incapacitated.
    4. Select a family member, friend, or trust company to administer your estate. This personal representative would distribute your assets in compliance with the directives of your will or trust.
    5. Discuss and put in writing your wishes for funeral arrangements.
    6. Designate who should receive any treasured items or special family heirlooms. If you make your wishes clear, this can greatly reduce the possibility of disputes over your possessions.
    7. Have up-to-date beneficiary information on your insurance policies and retirement accounts.
    8. Prepare a net worth statement, listing all of your assets and liabilities. Include account numbers and contact information for your bank accounts, mutual funds, brokerage accounts, mortgage, and other major loans, as well as life insurance policy numbers.
    9. Make sure that the person you have named to administer your estate has a copy of your will, has access to your list of assets and liabilities, and has the names of your accountant and lawyer.
    10. Consider a charitable gift as part of your estate plans.
    11. Consider whether you could benefit from professional legal or financial advice. A well-drawn estate plan may let you reduce taxes, help protect a family business, and allow you to accomplish your family and charitable objectives.
    12. Review your estate plans every couple of years to make sure they continue to reflect your wishes. Also, if your circumstances have changed – children are grown, your estate has increased, etc. – your will may need to be updated accordingly.
  • Other Gift Options

    A charitable gift in your estate plans can take many different forms.
    Brophy has acquired the Crescendo planned giving software, and it includes over twenty different types of gift agreements. You can explore six common gift models by using the Legacy Calculator.
     
    Charitable Unitrust 
    Enjoy Increased Income with Tax-Free Sale plus Charitable Tax Deduction
     
    Charitable Annuity Trust
    Receive High Fixed Payments with Tax-Free Sale plus Charitable Tax Deduction
     
    Gift Annuity
    Benefit from Excellent Fixed Payouts that are Partly Tax-Free plus Charitable Tax Deduction
     
    Deferred Gift Annuity
    Benefit from Excellent Fixed Payouts that are Partly Tax-Free plus Charitable Tax Deduction
     
    Sale and Unitrust 
    Receive Cash plus Increased Income from Trust – Charitable Tax Deduction Reduces Tax on Gain
     
    Part Gift and Part Sale 
    Enjoy Substantial Cash and Save 50-70-100% of Tax on Gain
  • Do you Need a Will?

    Most adults should have a Will – which is generally the first document considered in an individual’s Estate Plan. If you die without a Will, the State will decide how your property is distributed. Without a Will, a judge could decide who raises your children. You can also prevent your loved ones from getting into disputes over your possessions by making your wishes clear in a Will.

    Some of the following family situations probably apply to you:

    Married With Minor Children
    If your spouse predeceases you, who do you want to have custody of your minor children? A Guardian would be responsible for raising and caring for them. Do you want the same or a different person to be Conservator? The roles of a Guardian and Conservator are very different. Simply stated: a Guardian makes the day-to-day decisions of raising the children, and the Conservator administers and accounts for any property owned by or on behalf of your minor children.

    Business Owner
    Have you thought through and discussed business succession plans for your family-owned business? Your heirs could lose a sizeable portion of your estate to settlement costs; but you can lessen this shrinkage through trusts, gifts, and other strategies.

    Modest Estate
    Do you think your estate is too small to warrant a Will? According to Phoenix estate planning attorney Anthony R. Iniguez, “Age or the size of your estate should not be the primary factors in deciding whether or not to draw up a Will. The question you really want to ask is, ‘Do I want a say in who receives my property?’ If you do not specify who gets your property, the State will.”

    Sizeable Estate
    Do you have a net worth in excess of $2 million? If so, estate planning can help you reduce your estate taxes and leave more of your assets to your loved ones.

    Family Treasures
    Who gets Grandma’s plate? More often than not, if there are disputes, it’s over the smaller items that have sentimental value. These conflicts can often be avoided by clearly outlining your wishes in a Will.

    Charitable Intent
    Would you like to support a worthy charity or school after your death? There are several types of gifts which can accomplish this objective as well as provide tax and income benefits to you and your family.

    For Everyone 
    What if you are incapacitated? If you cannot care for yourself, who do you want to make decisions about your medical care? If you cannot manage your financial affairs, who should? These decisions can be outlined in Medical and Financial Powers of Attorney. You may also want to consider a Living Will which allows you to state exactly what your desires are regarding medical life support.
  • A Gift of Life Insurance

    Many individuals own life insurance at some time in their lives. A life insurance policy may be purchased to provide peace of mind, financial liquidity, investment diversification, or an inheritance to loved ones. As an individual’s situation changes over time, however, the life insurance policy may no longer be needed for its original purpose. An individual with philanthropic intent may decide to make a charitable contribution of the life insurance policy. Or, a donor may choose to purchase a new policy to specifically help a favorite non-profit organization.

    For more information, click the Life Insurance Gift option in the menu.
  • Q&A with Brophy Alumnus Dick Inderrieden

    Mr. and Mrs. Richard L. Inderrieden ’57 have been generous friends to Brophy for years and are among the founding members of the Brophy Legacy Society. They have graciously made provisions for Brophy in their estate plans.

    What prompted you to make provisions for estate planning at this time in your lives?
    “When my dad and a few close friends passed away, I observed firsthand the legal process involved when one dies. Though we’ve all heard about estate planning and the potential consequences of not having a plan, many of us don’t do anything about it as the process seems intimidating or we simply procrastinate. What caused us to act was when I realized that there are really three destinations for your money when you die: your heirs, charitable organizations, or the IRS. We wanted to be certain we selected the destinations we wanted.”
     
    How did you make your estate planning provisions?
    “We contacted a good estate planning attorney who helped us prepare a complete estate plan that covered all our needs. We prepared and updated our wills and other documents, including a Durable Power of Attorney for Healthcare. The entire process was very easy and inexpensive.”
     
    Why did you choose to include Brophy in your estate planning?
    “Those of us who have lived ‘the Brophy experience’ realize that Brophy developed the core of who we are today. In addition to the cutting-edge academics, Brophy develops men of honor, integrity, responsibility, dedication, and a sense of charity and sharing. We are Men for Others. Judy and I have been abundantly blessed. Many years ago we decided in a small way to start sharing our good fortune with financially-challenged folks who struggle with and depend on welfare and other social programs for support. One way to help is to break that chain of dependence, one young man at a time, by educating him and offering him a new way of life. Being part of the Brophy Legacy Society through our estate planning, empowers Brophy to support a new generation of proud, productive, spiritually developed citizens.”
If you have questions,
please contact Mrs. Jenny Lewis in the President's Office.
 
602-264-5291, ext. 6248
jlewis@brophyprep.org