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Jennings supports individuals through life’s changes and challenges with residences and services that emphasize choice and person-directed care.
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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.”
We invite you to leave 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 adviser when you create or modify your will or estate plan.
Choosing the most appropriate planned giving vehicle for your needs and circumstances can be difficult and confusing, as these gifts are often subject to certain rules and restrictions. Jennings can help sort things out, with the support of trained professionals from PNC Bank’s Private Client Group who can provide examples and illustrations to help you select the best giving options. Please call the development office at 216-581-2902, ext. 2327 to get started.
Residents and family members who remember Jennings in their estate plans automatically become members of the Holy Spirit Heritage Society.
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. Individuals who designate Jennings as a bequest recipient (of any amount) automatically become members of the Holy Spirit Heritage Society.
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.
Starting in 2010, anyone with a traditional Individual Retirement Account (IRA) may convert it to a Roth IRA, which offers substantial benefits, including tax-free withdrawals and non-taxable distributions to beneficiaries. However, the Roth IRA conversion itself is taxable. You can offset some or all of these taxes by making a contribution to Jennings.
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).
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).
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.
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.
Jennings may accept gifts of developed or undeveloped property, subject to certain terms and conditions.
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.
"What does it take to transform that moment of despair into years of friendship and frolic? It takes a team of angels...and that's what you are!"
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