The easiest and most common way to include Catholic Charities in a will or living trust is through a charitable bequest. There’s no need to rewrite your current will or documents. An amendment to a will or living trust is called a “codicil” (cahd-i-sill) and is simply added to your current information.
A bequest is completely controlled by you during your lifetime. It becomes irrevocable only upon death. Please contact the Development Department when a bequest is completed at (316) 202-0617 to allow us to provide an appropriate thank you.
Qualified Charitable Distribution
At age 70.5 there is a Required Minimum Distribution (RMD) on IRAs. The Qualified Charitable Distribution (QCD) is a tax-savvy strategy that allows you to transfer your RMD to Catholic Charities and reduce your tax liability. Catholic Charities benefits immediately and your tax burden is reduced.
Legacy Society Membership
This Legacy Society honors those who include Catholic Charities in their estate planning. Additionally your leadership gift sets a good example for others considering a legacy gift. Please contact us by clicking here to visit about how your philanthropic giving will help you and those less fortunate.
When leaving an IRA or other retirement plan to your children, you can create an unnecessary tax burden on them. Income taxes will be paid on the lump sum distribution or on the income stream from the retirement plan. For more information on tax-advantaged retirement gifts, please have a discussion with your financial advisor or contact the Development Department at (316) 202-0617 to have a discussion with an expert in this area.
Charitable Life Estate Agreements
A charitable life estate agreement allows you to give a personal residence or farm to Catholic Charities while allowing you to live there for the remainder of your life. An immediate income tax deduction is received by the donor upon entering a life estate agreement. Your deduction is dependent on the present value of the home less the estimated length of time that Catholic Charities waits to receive the home. An example is a person age 50 will receive a smaller deduction than a person age 70, when other factors are equal.
Even though the donor continues to use the home, the IRS grants the deduction. The IRS does however expect the owner to care for and maintain the home. This is the reason life tenancy agreements continue to operate as they are currently. The donor maintains the home, pays the property tax, insurance etc.. You, the donor benefit by receiving an immediate charitable income tax deduction, avoid probate, avoid estate tax on the property and enjoy the satisfaction of continuing the legacy of Catholic Charities during your lifetime.
For further information and insight into Charitable Life Estate Agreements regarding your home or farm, please contact your financial advisor or attorney. If you prefer to begin the conversation with Catholic Charities please contact the Development Department at (316) 202-0617.
Explore the possibility of a Charitable Trust if your interest is having income for life, avoiding capital gains tax on the sale of stock or real estate, reducing your tax burden or knowing you are providing for those less fortunate through the work of Catholic Charities. The assets you place in a charitable trust is invested by the trustee to pay you and if you choose your heirs for a designated term. Upon the death of all income beneficiaries the remainder of the trust is passed to Catholic Charities.
Consult your tax advisor or attorney for additional benefits a trust may provide you while allowing Catholic Charities and those they serve the benefit of your generosity.