Planned Giving
There are many easy ways for you to help Catholic World Mission serve our poor brothers and sisters in Christ, and since we are a religious non-profit, most of them also provide you federal and state tax benefits. These include gifts of cash via check, PayPal, or credit card, gifts of appreciated securities like stocks, bonds, and mutual funds, and planned gifts that may benefit you and your loved ones during your life on earth and leave a legacy gift to Catholic World Mission when you go to your eternal reward.
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Below we provide some basic information on some of these types of gifts. However, in every case we strongly recommend that you contact your legal and financial advisors to determine your individual tax and financial consequences and what is best for your personal financial situation.
Click here to download a printable Adobe PDF version of the following information for the review of your legal and financial advisors. If you don't have Adobe Acrobat Reader, click here for a free software download.
For more information on appreciated securities and planned gifts, contact:
Appreciated Securities
Stocks, Bonds and Mutual Fund shares held for more than one year can be given as a gift, and capital gains tax benefits may apply when donating these assets. (The present value of these is counted for tax deduction purposes, yet you do not normally pay tax on the difference between your original cost and the present, higher value - which would happen if you were to cash them before donating them.) Appreciated Securities can be used for an outright gift or to fund a planned gift.
Appreciated Property
Assets in this category include personal residences, vacation homes and farms as well as personal property such as collectible items and jewelry. A capital gains tax benefit may apply when donating these assets. Appreciated Property can also be used for an outright gift and some properties can be used to fund a planned gift.
Assignment Gifts
Assets in this category include items that can be 'signed over' to a beneficiary or a charitable organization, such as life insurance policies, Individual Retirement Accounts (IRA's), bank accounts, pension plans, and other items. Assignment gifts can be given during one's lifetime or through a will bequest. Assignment gifts make easy outright gifts and, in some cases, they can also fund a planned gift.
Charitable Gift Annuity
A creative way to 'give and receive,' the Charitable Gift Annuity is one of the oldest, simplest and most popular methods of making a deferred charitable gift. With a Gift Annuity, the principal of the gift remains invested for the life of the contract and after the death of the last surviving beneficiary, the remaining principal becomes a gift to Catholic World Mission.
The annuity rate is determined by the birth dates of the income beneficiaries at the time the annuity is established, and the minimum age to establish a gift with immediate payments is 50. An income tax deduction is given in the year the gift is made and capital gains tax benefits may apply when funding the gift annuity with appreciated securities.
Deferred Charitable Gift Annuity
The facts regarding the Deferred Gift Annuity are same as the above Charitable Gift Annuity. The only difference is that the annuity payments are deferred to begin at a future date at least one year from the date the gift is established. The longer the payments are deferred, the higher the rate of return. This is an excellent way to supplement retirement income with the assurance of a guaranteed fixed rate of return. The Deferred Gift Annuity can be established as a single-life or two-life, and after the death of the last surviving beneficiary, the remaining principal will go directly to Catholic World Mission.
Charitable Trusts
The Charitable Trust is another creative gift that allows a donor to 'give and receive' and is also an excellent way to supplement retirement income or healthcare costs. Every trust is individually unique as it is established to meet the individual's needs and charitable intent. Funding assets may include cash, appreciated securities, real estate or business interests. Capital gain tax benefits may apply when funding a trust with appreciated assets.
Will or Living Trust Bequests
Establishing a personal Will or Living Trust offers peace of mind through the assurance that one has made known how personal assets should be distributed after death. Bequests can be designated to Catholic World Mission in several different ways, such as:
Will
"Intestate" is the term for a person who dies without a formal, legal will. If this occurs, every thing you possess is given away by strangers to other strangers. A well-planned will puts you in charge. It is your directive to everyone else about your personal wishes, such as:
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Distributing cash, investments, real estate, and personal property to family and other loved ones
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Providing property management for heirs who may not be prepared to manage their financial affairs
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Reducing taxes and estate settlement costs
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Making "gifts of a lifetime" to charitable interests
Bequests: Gifts left to Catholic World Mission in your will
A bequest can take one of the following forms:
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You designate a specific dollar amount to be transferred to one or more charities.
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You can designate property assets, such as real estate, artwork and other valuables to be used to fund a charitable gift.
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A percentage of your estate plan can be designated for charitable purposes to ensure that the relative values of your gifts remain equal.
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You can determine that what remains after all other gifts to loved ones have been fulfilled goes to charity.
You should contact your attorney when writing your Will for the first time or updating it through a Codicil. Our legal title and address are as follows: Catholic World Mission, Inc., 33 Rossotto Drive, Hamden, Connecticut, 06514. If you've already decided to include Catholic World Mission in your will, and you have contacted your legal and financial advisors, here are some sample statements that you can immediately include:
As residual:
I, _____, give, devise and bequeath all the residue of my estate, including real and personal property, to Catholic World Mission Inc., 33 Rossotto Drive, Hamden, Connecticut, 06514.
As a percentage:
I, _____, give, devise and bequeath an amount equal to ____% of my estate to Catholic World Mission Inc., 33 Rossotto Drive, Hamden, Connecticut, 06514.
As a specific amount:
I, _____, give, devise and bequeath the sum of $_____ to Catholic World Mission Inc., 33 Rossotto Drive, Hamden, Connecticut, 06514.
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