Simply stated, Planned Giving is charitable giving that is part of a family’s financial and estate planning.
For people of faith, estate and financial planning is a key component of Stewardship. It is one of the four basic principles of Stewardship in which we contribute funds to the Church and our favorite charities – returning to God the first fruits of our labors !
The following are some opportunities for Planned Giving:
Remember St. William Parish in your will and name St. William as a beneficiary.
Bequests, legacies, devises, transfers or gifts to St. William Parish are deductible for federal estate and gift tax purposes. To secure maximum benefits in your estate planning, we recommend that you consult with legal and financial advisors.
Making a bequest is not difficult. All you need to do is add this statement to your will: “I give, devise, and bequeath to St. William Parish, Walled Lake, Michigan (state what you would like to leave). It might be a percentage of your estate, a specific amount in dollars, or a specified piece of property.
Charitable Gift Annuities – In exchange for your gift of cash and marketable stocks and bonds, an endowment foundation promises to pay a fixed sum each year to one or two annuitants that you name. The funds are guaranteed by the foundation, not just by the amount you give.
Bequests – The simplest Planned Gift to the Church is a bequest in your last will or testament or in your living trust to your parish. This requires a valid will or trust in order to accomplish your goal of leaving a legacy to the Church as your final act of Stewardship.
Life Insurance – Through life insurance, you can continue to support Church ministries that have relied on your generous lifetime gifts after your death.
Gifts of Appreciated Stock – The tax impact of the technique you use to give appreciated stock to the Church will vary greatly. If you sell stock and give the proceeds to the Church, you will pay income tax on the gain. Of course, you will be able to claim a charitable donation. If, however, you give the stock to the Church you avoid the tax. You will also be entitled to the charitable contribution deduction for the fair market value of the stock on the day the Church receives it.
Endowment Foundation - An Endowment Foundation promises to pay a fixed sum each year to one or two annuitants that you name. The funds are guaranteed by the foundation, not just by the amount you give.
These and other Planned Giving suggestions (Stock valued at less than cost, Charitable Stock Gift Annuity, Charitable Remainder Trust) are explained in more detail on the Archdiocesan website (www.aod.org).