Planning Your Gift to Catholic Charities
Planned Giving refers to a variety of giving options that allow you to give a gift during your lifetime and/or after death, while still meeting your current income needs. It is a thoughtful and generous way to meet your personal financial objectives while providing Catholic Charities with a way to help those in need now and in the future. Please consult with your attorney for the most accurate advice on estate planning for your personal situation. Some of the ways that you can help Catholic Charities provide help and create hope into the future include . . . .
Cash gifts can provide income tax benefits for the donor. Please make checks payable to Catholic Charities of Southwest Kansas and mail to Catholic Charities of Southwest Kansas, 906 Central Ave, Dodge City KS 67801.
Gifts of appreciated stocks and bonds can offer two tax advantages: on stocks held for more than one year, you may be able to avoid paying capital gains tax on the appreciated value. You may also qualify for a charitable tax deduction on the value of the securities on the date the gift is made. Just be sure to transfer the stock directly rather than selling it on your own first.
Life insurance offers the opportunity to make a generous gift to Catholic Charities with a relatively modest financial outlay, if any, and can result in substantial tax savings. A donor's charitable income-tax deduction is approximately equal to the policy's cash value. A donor may also name Catholic Charities as a successor beneficiary to receive the proceeds in the event the primary beneficiary or beneficiaries are no longer living.
Should the proceeds be paid to Catholic Charities the donor's estate will be allowed a charitable estate-tax deduction. If Catholic Charities is named as the beneficiary and the owner, the policy is not included in the donor's taxable estate.
A charitable pledge equal to the face amount of the life insurance policy can be fulfilled through either a single gift that represents a fraction of the total pledge or on the "installment plan" through annual premiums. If premiums are still due on a policy, future premium payments are tax-deductible and may be paid to Catholic Charities. Fully paid policies are particularly welcome.
The generosity and thoughtfulness of those who name Catholic Charities in their wills is most appreciated and necessary to help Catholic Charities continue to meet basic human needs. Bequests to Catholic Charities takes a simple designation in your will that does not affect your cash flow during your lifetime and can be easily revoked if your situation changes. Bequests are fully deductible as charitable gifts for federal estate-tax purposes and, in most cases, for state death-tax purposes. Some common ways of making a bequest are as follows:
- A general bequest provides a specific dollar amount to Catholic Charities.
- A residuary bequest provides Catholic Charities with a specific asset or sum of money for all or a portion of what remains in an estate after other gifts have been made.
- A remainder bequest provides Catholic Charities with a portion of the donor's estate after the death of a life beneficiary.
- A gift of contingent gives Catholic Charities a portion of the donor's estate at the donor's death or the death of a life beneficiary if certain primary beneficiaries are no longer living.
Catholic Charities encourages bequests that provide the greatest flexibility to meet the critical needs that change over time and suggest the following wording in bequests:
- General Bequest: "I give, devise and bequeath to The Catholic Charities of Southwest Kansas, 906 Central Ave, Dodge City KS 67801, (dollar amount, percent, residue, securities or property ad described) for its general use and purposes as directed by its Executive Director."
Catholic Charities also recognizes that a donor may have an interest in designating a particular area for his or her contribution, such as Pregnancy and Adoption Services, Strengthening Families and Resolving Crises, Welcoming and Integrating Immigrants and Refugees, and Disaster Relief.
- Designated Bequest: "I give, devise and bequeath to The Catholic Charities of Southwest Kansas, 906 Central Ave, Dodge City KS 67801, (dollar amount, percent, residue, securities or property as described) for the benefit of (designated area) for its general uses and purposes.
Charitable Gift Annuity
Creating a charitable gift annuity is an excellent way to provide not only for the future of Catholic Charities of Southwest Kansas but also for you and your future. Gift annuities pay you income for life at a very attractive rate that will never change. A portion of your payments is tax-free, and a charitable tax deduction is also available. There is no cost to set up and administer a charitable gift annuity; the paperwork is easy to understand and there are no medical forms to complete. In the future, what remains in the contract will support Catholic Charities of Southwest Kansas.