Ways to Give Create an enduring legacy

There are many ways that you can support Saint Dominic Parish. Charitable donations are truly the foundation of the great work of the Church, which is blessed by generous and faithful benefactors.

Following are some of the ways you may be able to contribute.

PLANNED GIFTS
What is a Planned Gift?

A planned gift is a gift of any kind for any amount and for any purpose — operations, capital expansion, or endowment — whether given currently or deferred when the assistance of a professional staff person, qualified volunteer or the donor’s advisors are necessary to complete the gift.

Types of Income Producing Planned Gifts

Charitable Gift Annuity
The Gift That Gives Back To You

Are you looking for secure sources of fixed income for now or future retirement? The Charitable Gift Annuity (CGA) is an ideal way to make a gift to the Church, earn income from your gift and avoid taxes, all in one simple process.

A CGA is an agreement in which you contribute a gift of cash, securities, real estate or other assets in exchange for a fixed income for the rest of your life and/or the life of your spouse or another loved one. Income payments can begin immediately or can be deferred to a future date. One and two life gift annuities are available.

For a period of years you receive a portion of each payment tax-free. This increased your after tax dollars available for spending or investing. It is an excellent way to gain substantial tax benefits while supporting the parish, school or ministry of you choice

“Be good stewards of the gift God has given to you and He will multiply your blessings in return.” 2 Corinthians 9:6-12

Benefits Include:

  • Guaranteed Lifetime Income – at attractive rates of return
  • Charitable Deduction – a significant tax deduction for your gift.
  • Tax-Free Payments – a large portion of each payment is tax-free.
  • Capital Gains Savings – create a CGA with appreciated assets and reduce the capital gains tax.
  • Personal Satisfaction – of supporting your parish, school or favorite ministry.
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    Help Share the Good Works of the Church

    Convert CD’s into Gift Annuities
    Do you have a Certificate of Deposit that may be reaching maturity? Consider the advantages of converting a CD to a gift annuity. Take for example, Mrs. McGillicuddy, age 76, who has been considering leaving a gift to the Church through her will. She has a $10,000 CD about to mature. If she renews the CD, she will likely get a rate of 3%. She may be best served by creating a $10,000 Charitable Gift Annuity which will offer a 6.5% rate for life. At her birth to eternal life, the remaining assets to the parish.

    Take another example of George, age 75, and Marilyn, age 70, who are both retired. They have a $10,000 CD maturing and would like to use it to make a gift to the school that their children attended. They are not in a position to make an outright gift because they need the income that the $10,000 produces. They recently heard about the parish and school Charitable Gift Annuity program that allows them to make a gift to the school and receive fixed payments for life. They make a gift of $10,000 that will pay 5.5%, or $550 per year until they pass away. Upon their death, the funds remaining in their accounts are transferred to the school.

    Using savings, money market accounts, and treasuries to fund a Charitable Gift Annuity may also work to your financial advantage. Remember that a Charitable Gift Annuity is an irrevocable gift, which allows for the benefits of the charitable deduction and tax-free income.

    (CGA rates based on 2010 ACGA recommended rates, and illustrations are not professional tax or legal advice.)

    Charitable Remainder Trust
    An arrangement in which property or money is donated to the Church, but the donor (called the grantor) continues to use the property and/or receive income from it while living. The beneficiaries receive the income and the Church receives the principal after a specified period of time. The grantor avoids any capital gains tax on the donated assets, and also gets an income tax deduction for the fair market value of the remainder interest that the trust earned. In addition, the asset is removed from the estate, reducing subsequent estate taxes.

    Securities
    If you have stock that has earned long-term capital gains, your gift to Saint Dominic Parish will help you avoid a substantial capital gains tax while still benefiting the parish ministries.

    Will Bequests
    A charitable bequest offers a flexible, thoughtful way to remember the Church. After providing for family and loved ones, prayerfully consider a bequest to support your parish. A bequest of estate property can be designated as a percentage, a fixed amount, as residue of property after all other bequests have been fulfilled, or as a contingency if other beneficiaries in your Will pre-decease you. Charitable bequests provide an opportunity to express gratitude for God's gifts, and the financial security of knowing your assets remain available during your lifetime.

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    Sample Bequest Language "I give, devise and bequeath _____________________(detail the gift to be given; for example, a cash sum, a percentage of the residue or all of the rest, residue and remainder of the estate) to ___________________________________ (name of the parish, school or diocesan entity that is to be the beneficiary of the gift); provided, however, that if said ____________________(name of the parish, school or diocesan entity) is not operative at the time of my death, then this bequest shall not lapse but instead shall be distributed to The Church of Saint Dominic Corporation to be used for substantially similar purposes, if possible, and, if not, for purposes as determined by the Church of Saint Dominic."

    The information on this site is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.

    Gifts of Life Insurance
    If you have a life insurance policy that you may no longer need, the gift of a life insurance policy can be an ideal way to fulfill charitable objectives and receive tax advantages. An irrevocable gift of life insurance may be appropriate when the growth of your assets or the reduced needs of your dependents make the policy unnecessary.

    Life retirement assets. Like retirement assets, life insurance proceeds are paid to the beneficiary or beneficiaries designated by the policy owner. Again, to make a gift of life insurance proceeds to the Church of Saint Dominic Corporation should be named as the beneficiary. As with retirement accounts, you can choose the amount to be paid to your selected charitable beneficiary — either a set dollar amount, a percentage, or all of the proceeds. You also can make a current gift of a life insurance policy with a cash value by transferring ownership of the policy to the Church of Saint Dominic.

    The benefits to you:
    Receive an income tax deduction when you name Saint Dominic Church as an irrevocable beneficiary or owner of a life insurance policy. If you continue to make premium payments after you have made the gift, those payments may also be deductible.

    The amount of the deduction depends on the type of policy contributed or other factors. Retirement Plan Assets The disposition of assets held in IRAs and retirement plan accounts (for example, 401(k), 401(a), 403(b) or 457 plan accounts) is governed by beneficiary designations for the accounts. You can give the assets or a portion of the assets in these accounts to the Archdiocese by naming the Church of Saint Dominic Corporation as a beneficiary on the appropriate form provided by the plan administrator.

    Using retirement assets to make charitable gifts at death avoids the expense of revising a will or revocable trust agreement. Also, it has the advantage that long-deferred, usually significant income tax on highly-appreciated retirement assets will not be incurred either by you or your family.

    The Charitable IRA Rollover. For IRA owners who are required to take annual distributions, the IRA Charitable Rollover allows donors over age 70½ to make a charitable gift and not pay income tax on the distribution. Donors must transfer the IRA distribution directly to their parish. Cash Gifts
    Cash contributions are deductible as an itemized deduction in the year a gift is made; up to 50% of your adjusted gross income. Excess charitable deductions can be carried forward for five additional years.