"I don't know for sure. As you know, Catholic schools with less than 50 students are always challenged. And we're right at 50," he says. "It keeps giving us life and helps us to work with our limited funds. [The parish] heavily subsidizes the school, so it gives the parish a chance to look at those things. I'm also thinking of our religious education program. We're a parish cluster now, so this gift will help the whole community."
In Fr. Lemm's case, he left no instructions for how he wished for the annuity to be used. It was to go to the school and for that body to decide how to use it.
According to Schisler, gifts of annuities or charitable life insurance policies can be made with as few or as many stipulations as the original owner decides.
"If you want to give it to a charitable organization like a church, it's as simple as listing them as a beneficiary. Then they can decide how to use those funds after you're gone. In Fr. Lemm's case, I believe they've still got the annuity with Catholic Aid while they decide what to do with it." If the owner wants certain conditions to be followed after their death, however, a trust can be set up through the Catholic Aid Foundation that will ensure the proceeds of their final gift are used in accordance with their wishes.
Fr. Lemm seemed to only desire that the children of Christ the King receive the best education available, and his gift will go a long way toward making that a reality today and in the future.
"We certainly say of our plans 'make your home parish one of your children in terms of inheritance," Fr. Zimmerman says. "It helps us to keep going. Those funds are the future; they will keep on giving after we're all gone. This is a permanent gift."
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