For many of us, the idea of planned giving may be a little confusing or not something that we feel we have enough time to think about. Our lives are so busy, and nobody really enjoys considering their own earthly mortality. However, when we actually think about it, time and earthly mortality are the very reasons why we should consider a planned gift!
We are all truly partners in Columban mission and, for many of us, we have spent a lifetime devoted to prayer and giving to ensure that the good work of building God’s Kingdom here on earth is alive and well in Columban mission. There is no need for that lifetime of support to end with our passing. Instead, we can secure our own legacy of support to the missions with a planned gift. In turn, we can realize some monetary or tax benefits immediately, in the present. We can also protect our families from increased liability and taxation upon our passing.
There are so many ways to make the planned gift today, and assuredly there is one for every set of circumstances. One of the simplest ways is to ensure that you have a last will and testament drafted and filed. A gift specifying the Columban Fathers the “remainder” of your estate after your family and friends are taken care of is a simple and effective way of continuing your legacy to Columban mission. Any predetermined, specified amount articulated in the will is also a way of continuing that legacy.
If a will is already executed and existing, a simple legal device known as a codicil, which is a shortly worded paragraph, can be easily added to the will, executed, signed, and witnessed in order to make it legal.
Bequests to the Columban Fathers are not subjected to estate or inheritance taxes. Furthermore, the value of the bequest is deductible from the donor’s taxable estate, thereby lowering estate taxes. And there is currently no limit on this deduction!
There are other ways to make a planned gift to the Columban Fathers outside of a last will and testament. We will explore these ways in more depth in future conversations, but they include gifts of stock, naming the Columban Fathers as a beneficiary in life insurance policies, charitable gift annuities, charitable remainder trusts, unitrusts, and annuity trusts. All of these different ways address distinct financial situations and needs. They all provided different tax relief and protections under the law and apply to specific situations. For more information about each of these methods, please contact the Planned Giving Department toll free at (877) 299-1920. You can also email us at firstname.lastname@example.org. We will share more about these different ways in upcoming conversations in this newsletter.
Remember that the information contained within this e-mail and our continuing conversations are not intended to be legal advice. You should always consult your attorney or your financial planner for the latest information on the tax benefits and methods for making a planned gift to the Columban Fathers.