The following describes several ways in which you can financially support the parish beyond the weekly collection. These donations can also provide a way to decrease tax obligations both now and in the future. Further information on how to utilize these options can be obtained by contacting the church office or your tax professional.
Outright cash gifts are the most common form of giving. Your gift becomes immediately available to support important programs and services. The donor will be credited with the full amount of his or her gift – which may be tax deductible.
Your will is a meaningful way to make a charitable gift of lasting value. Through a bequest provision, you can designate a specific amount of money, a percentage of your estate, or the remainder of your estate after other bequests are satisfied. Adding a codicil to an existing will is a simple process that begins by making your intentions known to your attorney.
Memorial and Tribute Giving
Gifts in memory of deceased friends and loved ones – or gifts that honor living individuals – are gratefully accepted. Such contributions are often used to reflect the special interests of the person honored. Any gift may be designated in memory of, or in honor of, a loved one.
Gifts of Appreciated Securities
If you own long-term securities that have appreciated in value, you may prefer to contribute securities rather than cash. In this way, there may be both capital gains and tax deduction benefits. Please contact the Church Office for the proper form and specific stock transfer instructions.
Charitable Gift Annuities
A charitable gift annuity is a simple life income agreement between a donor and the parish. In exchange for your gift, which can be designated to support specific programs, you receive fixed payments for your lifetime and/or the lifetime of another person. You may be entitled to a partial tax deduction in the year of the gift, and a portion of each payment may be tax-free for a period of years as well. The size of the payments is based on the amount of the gift and the annuitant’s age. Gift annuity plans start at $10,000, and are restricted to donors 65 years or older.
Charitable Remainder Trusts
Charitable trusts can result in significant support for the work of the parish, while also securing your financial future and reducing taxes for you and your heirs. Through a charitable remainder trust, you can provide income for yourself or a loved one and benefit the work of the Church. You specify the amount of payments to be distributed (at least 5% per year), to which payments are to be paid, the duration of payments (a period of years or the beneficiary’s lifetime) and the parish will receive the remainder. The trust may be set up for the lives of the beneficiaries or for a term of up to 20 years.
Gifts of Life Insurance
Life insurance may be an especially attractive gift vehicle if you own a policy that is no longer needed for its original purpose. In addition, those who qualify for low-cost premiums may find it more affordable and convenient to plan a significant gift using life insurance. By naming the parish as the owner and beneficiary of a life insurance policy, the donor may be entitled to an immediate tax deduction for the accumulated cash value of the policy (if any) and a future deduction for any subsequent premiums he or she pays.