A planned gift was the foundation for establishing Jennings in 1942.

The last will and testament of Monsignor Gilbert P. Jennings provided resources to “enable deserving aged persons, with inadequate income, to live in a religious and comfortable atmosphere that they deserve but otherwise could not enjoy.” Today, planned gifts continue to ensure that future generations of older adults can receive the compassionate care and supportive community that Monsignor Jennings envisioned.

We invite you to create a legacy with a planned gift.

Planned gifts can be made in various forms (not just will bequests), and can benefit the donor for both tax purposes and current income needs. Please consult with your attorney or estate advisor when you create or modify your will or estate plan.

Getting Started with Your Legacy

To help you begin planning your legacy, we invite you to use FreeWill, a free online tool that guides you through the process of creating your will or trust. This accessible resource can be completed in approximately 20 minutes from the comfort of your home. You can use FreeWill to document your wishes on your own, or as a preparatory step before finalizing your plans with an attorney.

FreeWill can also assist you in naming Jennings as a beneficiary of non-probate assets—such as IRAs, 401(k)s, and life insurance policies—which are not governed by your will but offer another meaningful way to establish your legacy with our organization.
Have you already included Jennings in your will or trust? We would be honored to know.

Please complete this brief form so we may express our gratitude for your generosity and welcome you to the Holy Spirit Heritage Society.

Choosing a type of planned gift

Planned gifts can provide significant benefits, including income tax deductions, reduced estate taxes, and potential lifetime income. However, choosing the most appropriate planned giving vehicle for your needs and circumstances requires careful consideration, as these gifts are often subject to specific rules and restrictions.

We encourage you to consult with your attorney, estate advisor, or financial advisor when making these decisions. Additionally, Jennings can help you explore your options with support from trained professionals at PNC Bank's Private Client Group, who can provide personalized examples and illustrations. Please call our development office at (216) 581-2902, ext. 2327 to get started.

Everyone choosing to remember Jennings in their estate plans automatically becomes a member of the Holy Spirit Heritage Society.

Bequests

A charitable bequest is a planned gift of an asset or property, conveyed in your will. Charitable bequests allow you to retain full control of your assets while giving you the pleasure of knowing Jennings will later benefit from your generosity. These gifts help you avoid estate taxes as well. 

Gifts of Stock

Gifts of appreciated stock can be made any time. Your stock is transferred on your instructions to Jennings’ brokerage account, at which time Jennings sells the stock. You receive a tax deduction commensurate with the value of the stock at the time of transfer.

Gifts from Individual Retirement Accounts

If you are age 70½ or older, you can make a Qualified Charitable Distribution (QCD) directly from your traditional IRA to Jennings. QCDs of up to $100,000 per year are excluded from your taxable income and can satisfy your Required Minimum Distribution (RMD), offering valuable tax benefits. Additionally, you may name Jennings as a beneficiary of your IRA or other retirement accounts.

Gifts of Life Insurance

An easy way to make a substantial gift to Jennings, individuals can assign annual dividends from policies, or make out-right gifts of policies you no longer need (for example, coverage for your grown children).

Charitable Lead Trusts

Create a fund that provides Jennings with regular gifts. At the end of a selected term of years (or at the time of death) the principal of the trust goes to designated beneficiaries (usually children or other family members).

Charitable Remainder Trusts

You create a fund which provides you (or your designated beneficiaries) with a fixed annual income (usually 5 percent of the trust’s fair market value). At your death, the remaining assets in the trust are donated to Jennings.

Gift Annuities

With a gift of $10,000 or more, donors and/or their beneficiaries can establish funds from which they can enjoy fixed payments for life. The remaining principle will support the Jennings endowment. IRA owners may make a one-time Qualified Charitable Distribution (QCD) of up to $50,000 from an IRA to fund a charitable life income gift vehicle.

Real Estate

Jennings may accept gifts of developed or undeveloped property, subject to certain terms and conditions.

Remainder Interests in Property

Instead of an outright gift, Jennings can accept a remainder interest in your personal residence, farm, vacation property, or other real estate. You and/or your beneficiaries continue to enjoy the property (and you continue to pay all mortgages, maintenance, real estate taxes, etc.) until your death, at which time Jennings receives the property. Your estate can benefit from a tax deduction.