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For example, did you know that there are ways to support your parish, school, ministry or favorite nonprofit that do not affect your current lifestyle or your family’s security?
You could even receive a significant tax deduction or avoid taxes. You have the freedom of changing the organizations you name at any time.
Here are some popular charitable giving arrangements to consider if you want to leave a legacy and support organizations that have had a meaningful impact on your life.
Gifts from your will
Include a gift to your parish, school or ministry in your will. These gifts can be unrestricted or directed to a specific purpose.
You can indicate a specific amount or a percentage of the balance remaining in your estate or trust.
Gifts from a retirement plan
You’ve worked hard and planned for retirement. Yet passing on retirement funds to your children and family can result in double taxation (income tax AND estate tax).
Instead of paying the government, you can name your parish, school or ministry as a beneficiary of your IRA, 401(k) or other qualified retirement plan.
And if you are 70½, you can donate your required minimum distribution tax-free, because it is not included in your income.
Gifts of stock and appreciated assets
You transfer appreciated stocks, bonds or mutual funds to The Catholic Foundation, we sell your securities and distribute the proceeds to the charities of your choice. You receive an immediate tax deduction and avoid capital gains tax.
Giving stock can be more beneficial than giving cash – the “cost” of your gift is often less than the deduction you gain by making it.
Gifts of real estate
You can deed your home, vacation home or commercial building to The Catholic Foundation. We sell the property and distribute the proceeds to your designated charities.
You receive an income-tax deduction and pay no capital gains on the transfer.
Let us thank you!
If you have included the Archdiocese of New Orleans or one of its ministries in your plan, please let us know.
We want to thank you for your generosity, make sure the purpose of your gift is understood by the beneficiary organization and recognize you as a legacy donor.
The Catholic Foundation is happy to help you explore options for giving. Call (504) 596-3031. Josephine Everly is director of gift planning and chief operating officer of The Catholic Foundation.
Tags: Charitable gifts anyone can make, Elder Outlook