Planned giving is another name for charitable estate planning. Although every gift we make is planned in some way, "planned giving" usually refers to making a gift now while retaining an interest in the donated property or arranging for a gift that your charity will receive in the future or upon your death.
Why would a planned giving gift to the Diocese of Norwich or its parishes, schools, and ministries be attractive to a donor?
- Planned Gifts made during your lifetime can generate an income tax deduction;
- Planned Gifts provide for favorable capital gains tax results;
- Planned Gifts can assist in minimizing estate taxes;
- Planned Gifts can generate an income stream for the donor; and
- Planned Gifts will give donors the satisfaction of knowing that their gift will have a major positive impact on their charity of choice.
- Your generosity and support will help protect and sustain the life of the Church.
In many cases, a planned gift can cost you very little. Making a gift that is deferred until your passing will not only allow you to leave a legacy, but will help you continue to live in the manner you so desire while you are still enjoying your current lifestyle.
There Are Many Ways To Make A Planned Gift:
Will & Trust Bequests
Did you know that more than half of all Americans die each year without having a will or other estate plan? By not having a will or other estate plan, the legacy you leave behind may be filled with unnecessary confusion and costs for your loved ones. Also, it will leave you unable to remember any organization or charity to which you may want to give your support. This gift can be in the form of cash, property, or retirement assets. If you have already created your will, you can add a codicil, or amendment to the will to include your donation to the church.
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Did you know that a charitable trust allows a donor to split the benefit of a gift between a charity and non-charity beneficiaries like family members? There are two different types of charitable "split interest" trusts - Charitable Remainder Trusts (CRTs) and Charitable Lead Trusts (CLTs).
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Life Insurance & Retirement Plans
Did you know how easy it is to gift a paid up insurance policy? Many people have life insurance policies that were taken out to protect mortgages that have since been paid or educational plans that have been completed. These unneeded policies make excellent gifts. The Diocese of Norwich, your individual parish, or a specific ministry within the Diocese, can be named the beneficiary of a life insurance policy you hold. This is an especially appealing option to those potential donors who may own a policy that is no longer needed. In most cases, this provides you with an immediate tax deduction for the accumulated cash value of the policy and this also offers future deductions for any subsequent premiums paid.
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Did you know that the largest percentage of wealth in America is in real estate but only 12% of all gifts to charity involve real estate? You may own highly appreciated property that you are interested in gifting to the Diocese in order to receive a tax benefit. There are a number of ways often overlooked real estate can be used to benefit your intended recipient. A gift of real estate can be made during your lifetime or deferred until after your passing. Those with rental properties or vacation homes might find this a viable option for donating to the church and gaining a tax deduction.
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Stock & Securities
Did you know that more than 60% of Americans currently own securities? Giving stocks, bonds and mutual funds is an easy way to support your favorite Diocesan organization. By giving securities, donors are often able to reap tax benefits which allow them to actually give more without a greater cost.
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In lieu of flowers, you may wish to honor the memory of a loved one with a memorial donation in his or her name. We suggest that the obituary notice includes this phrase:
In lieu of flowers, the family requests memorial contributions be made to
the Norwich Roman Catholic Diocesan Corporation and mailed to
Norwich, CT 06360
Please list the name of the deceased with your gift.
We will send the list of donors to the family of the deceased.
For More Information
If you would like to find out more about your options, or you would like to make a gift, contact Mary Ellen Mahoney, Development Manager/Major Gifts at 860-886-1928, ext. 14 or email firstname.lastname@example.org.
The information presented on these Web pages is not offered as legal or tax advice. You are urged to seek the advice of your tax advisor, attorney and/or financial planner to make certain any gift you are considering is appropriate for your specific circmstances.