Gifts in the Future
“For we brought nothing into the world, just as we shall not be able to take anything out of it.” 1 Timothy 6:7
The legacy you leave
Wills & Trusts
The most basic estate planning tools are wills and trusts. “Bequests” are established by wills and trusts. Bequests are not payable until death, so they do not affect your assets or cash flow during your lifetime. You can change the provisions of your will or a revocable trust at any time. To make a bequest you will most likely engage an estate planning attorney to make sure all legal necessities are followed.
Retirement Plan Assets
Very substantial sums are currently invested in retirement plans. For many people, their retirement plan may be the principal asset at the end of their life. A gift of all or a portion of your remaining assets from an IRA, 401(k), 403(b) or other retirement plan may be one of the smartest and least “expensive” ways to favor your parish, school, a ministry or the diocese.
Charitable Gift Annuities
The diocese sponsors a charitable gift annuity program for donors 65 or older willing to make a gift of at least $5,000 that will eventually pass to a parish, school, ministry or the diocese. In return for the gift that will pass after death, a charitable gift annuity generates fixed payments for life to you and/or someone you designate. The annuity will replace and may actually increase the cash flow from the assets used to fund it.
Other Legacy Gifts
- Name your parish, a school, ministry or the diocese as a beneficiary of your life insurance.
Bequest and beneficiary designations
To leave your parish, a school, ministry or the diocese a bequest (e.g. will) or name it as a beneficiary (e.g. life insurance), make sure your intentions are understood by providing as much identifying information as possible. Ideally, state the Legal Name, Tax ID # , Address, City, ST.
Document: Statement of Bequest Intention