This Parish fulfills its mission each day because of the support it receives. Whether it is providing care & support to the sick, those in extended care facilities, or to bereaved families, our Faith Formation efforts for the children AND adults; our Youth Ministry programs; the efforts we make to further charity and justice; through fellowship efforts amongst parishioners; and our support of missions around the world.
There are various ways of making an additional donation in support of this Parish & its mission. Would you consider leaving a lasting legacy or memorial in support of our efforts? Certain ways of giving may also offer tax advantages or be of interest as you manage your retirement or estate plan. This page includes some additional ideas that you may consider.
DONATING YOUR REQUIRED MINIMUM DISTRIBUTION AND DONATING FROM YOUR IRA:
Congress allows qualified charitable distributions (QCDs) from individual retirement accounts for those donors age 70.5 years and older. Because QCDs are finally permanent, now's a good time to review the rules.
Benefits of QCDs
A QCD permits annual direct transfers to a qualified charity totaling up to $100,000 of tax-deferred IRA savings. (Funds that have been distributed from the IRA to the IRA owner and are then contributed to charity DO NOT qualify) However, QCDs offer advantages over taking a taxable distribution and then contributing the proceeds of that distribution to a charity.
Make a Bequest via Your Will
You can make a cash bequest in your Will or in your Trust, naming a dollar amount or a percentage of your estate. It is a way of leaving a lasting gift toward the mission work of the Parish.
Giving an Insurance Policy or Policy Dividends
Making a gift of a paid-up insurance policy may provide tax advantages if you may no longer need that policy. Another option is to donate the policy’s dividends. The donation of the policy dividends can be treated as a charitable donation, and it does not require an additional cash outlay by the donor.
Name the Parish as Full or Partial Beneficiary on Life Insurance Policy
A simple and easy way to leave a lasting gift is to name the Parish as a full or partial beneficiary on your life insurance policy. It does not offer the same tax advantage as giving a policy, but it may provide advantages in managing your estate. If you are unsure of what the future may hold, you can name the Parish as a ‘revocable beneficiary’ which provides the flexibility for change if future circumstances warrant.
Consider Naming Parish as Full or Partial Beneficiary on a Retirement Savings Account— 401k/403b or IRA
You may consider naming the Parish as a full or partial beneficiary on a retirement-type account that you no longer need or anticipate needing.
Gift of Appreciated Stocks or Bonds
If you have owned shares of stocks or bonds for more than one year which appreciated in value, donating them may avoid the payment of a long-term capital gains tax. If you donate the appreciated stocks or bonds directly to the Parish, you can avoid the tax and claim the fair market value of the securities as a donation. (however, if you sell the appreciated securities and then donate the proceeds or part of the proceeds), then you must pay tax on the long-term capital gain.
If you have questions or inquiries about the different forms of giving described above, contact the Finance Office.