When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. Read More, The new CARES (Coronavirus Aid, Relief, and Economic Security) Act is designed to help you, businesses and nonprofits facing economic hardship during the coronavirus pandemic. [4][5], Cristo Rey St. Martin is open to students of all faiths and cultures. Cristo Rey St. Martin College Prep, formerly St. Martin de Porres High School, is a private high school in Waukegan, Illinois, established in 2004. Seek the advice of your financial or legal advisor. the part of an estate left after debts, taxes and specific bequests have been paid, a written and properly witnessed legal change to a will, the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will. For more information on our Work Study Program and how to become a CWSP business partner, contact Brian Weinberg. You can transfer your personal residence or farm to CRSM but keep the right to occupy (or rent out) the home for the rest of your life. It offers you flexibility when you need it … You may also be entitled to a federal income tax charitable deduction based on the fair market value of the securities at the time of the transfer. The information on this website is not intended as legal or tax advice. George J. Rassas, both of St. Mary's Catholic Church in Lake Forest, suggested opening a Cristo Rey school to enroll Hispanic and Latino and low income teenagers in the Waukegan/North Chicago area. The person receiving the gift annuity payments. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes. Cristo Rey St. Martin has been able to make gains in closing the gap with regard to student entrance into college for low-income minority students, making it a unique and appropriate case to study. Address: 3106 Belvidere Road, Waukegan, IL 60085 A beneficiary designation clearly identifies how specific assets will be distributed after your death. When you donate securities to CRSM, you receive the same income tax savings that you would if you wrote us a check, but with the added benefit of eliminating capital gains taxes on the transfer, which can be as high as 20 percent. Cristo Rey St. Martin College Prep, formerly St. Martin de Porres High School, is a private high school in Waukegan, Illinois, established in 2004.It is a member of the Cristo Rey work-study network of high schools, and is in the Roman Catholic Archdiocese of Chicago Legal Name: Cristo Rey St. Martin College Prep We’re preparing students for the future workforce while they work to cover educational costs. There are a number of ways you can use real estate to make a gift to an organization like Cristo Rey St. Martin College Prep. This deduction lets you reduce the cost of making the gift and frees cash that otherwise would have been used to pay taxes. Inspired by the Gospel, Saint Martin de Porres High School is a Catholic college-preparatory high school that combines innovative academics with a unique work program preparing students of limited economic means to become men and women of faith, purpose and service. You can contribute any type of appreciated real estate you've owned for more than one year, provided it's unmortgaged, in exchange for an income stream for life or a term of up to 20 years. Submit a few details and see which gift is right for you. Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form. A credit in theology and in work study must also be earned for each year in attendance. You can recommend how much (and how often) you want to distribute money from that fund to CRSM or other charities. the part of an estate left after debts, taxes and specific bequests have been paid, a written and properly witnessed legal change to a will, the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will. For such advice, please consult an attorney or tax advisor. Annuities are subject to regulation by the State of California. There are many ways you can support our work, even if you don’t have funds to part with today. A gift of real estate may be a perfect way to honor your loved one in perpetuity. You can also make additional gifts; each one also qualifies for a tax deduction. Annuities are subject to regulation by the State of California. For five consecutive years, CRSM has been named by the Wall Street Journal as one of “America’s Most Challenging High Schools.”.