What is Planned Giving?
A Planned gift is any charitable contribution made during your life or any bequest that takes effect upon your death. Planned gifts can be simple as an outright gift of cash or as sophisticated as a charitable trust that is integrated into a multi-faceted financial and estate plan. While every type of planned gift benefits Saint Roberts, some also benefit you and your estate through reduction of income and/or estate transfer taxes.
How can I give to Saint Roberts?
There are a variety of gifts you can make to Saint Roberts during your life, or that will take effect at the time of your death including:
· Cash: A gift of cash is the easiest and most popular method.
· Securities: A lifetime gift of appreciated stocks, bonds and mutual funds, can provide you with an income tax deduction if you itemize deductions on your income tax return. The capital gain tax, currently 15-20%, may also be avoided.
· Real Estate: An outright gift of debt-free real estate to Saint Roberts will have tax benefits similar to a gift of appreciated securities. Gifts of real estate (including farm land) require careful planning, but can be extremely beneficial to you.
· Tangible Person Property: You can make a gift of almost any type of tangible personal property to Saint Roberts: crops, automobiles, works of art, jewelry, china, silverware, precious meals, and antiques.
· Life Insurance & Annuities: You may own paid-up life insurance policy or a deferred annuity (non-qualified) that no longer serves the purpose for which it was purchased. Maybe your children are grown and your mortgage is paid off. Consider making Saint Roberts the primary beneficiary of the life insurance policy or annuity (or our can make it the contingent beneficiary after your spouse). This type of gift will remove the death benefit from your estate avoiding federal estate taxes upon our death. In the case of an annuity, it will also allow your estate to avoid paying income taxes on its appreciation.
· Qualified Retirement Plans: At the time your start withdrawing funds from a qualified retirement plan such as an IRA or a 401(k), you will pay ordinary income tax on the withdrawn amount. In addition, at the time of your death, the balance of the retirement funds will be included in your estate for federal estate tax purposes. This double taxation can result in some estates losing over 40% of the plan benefits to taxes. By making St. Roberts the primary beneficiary of your retirement plan, all of these burdensome taxes can be avoided, allowing you to leave other assets to your heirs with less of a tax burden for them.
Planned Gifts to Saint Robert Bellarmine Foundation may be designated in the following ways:
- As an unrestricted gift
- As a gift restricted to the Msgr. Kerwin Endowment to support the mission and needs of the parish.
- As a gift restricted to the Fr. Shane Endowment to support the mission and needs of our educational programs (school, religious education, and adult education)
Legacy of Grace
Legacy of Grace is an opportunity for parishioners and friends of our parish to include Saint Robert Bellarmine Parish in their estate planning. A variety of giving techniques may be utilized: beneficiary designations in your will, revocable trusts, and insurance policy or qualified retirement plans.
Legacy of Grace reflects St. Robert’s heritage of giving to the parish and the Catholic community. Each of us has the opportunity to allocate our estate in a manner that reflects the faith, values, and interests we cherished during our life. By designating in our estate plan our wishes, we release our family and friends from the burden of making decisions for us.
Contact Mary Buttell for more information.