Ways To Make A Planned Gift
To assure the long-term success of our ministry, friends and benefactors assist the abbey with monetary and planned gifts. We invite you to join us in our work through your own contribution. There are a variety of gift planning options that give you the opportunity to support Saint John's in a way consistent with your values, while providing a worthwhile legacy.
Tax And Other Benefits
For planned gifts, benefits may include:
• Expanding your charitable giving
• Providing income tax savings through the charitable deduction
• Avoiding capital gains tax
• Increasing current or future income
• Simplifying the management of financial resources
• Reducing the costs and time of ultimate estate settlement.
Besides the charitable giving advantages of supporting Saint John's, there may be state tax benefits. Of course, your charitable gift to Saint John's also qualifies as a tax deduction on your federal tax return.
Check with your financial or legal advisor for the most up-to-date information on charitable gifts, or contact Saint John's for additional information.
Bequests and Annuities
There are many creative ways to arrange a gift that will support the work of Saint John's. Your planned gift can support the monks in their prayer and work for the Church, further the work of educating monks and those working in missions, and create more opportunities for offering hospitality and seeking God.
A variety of ways are available to ensure that your gift to Saint John's meets the needs of your particular situation. Here's a brief look at some common planned gift arrangements:
Bequests: Giving as Part of Your Estate Plan
Bequest in Your Will or Trust: The most common, and simplest, way to support Saint John's through a planned gift is by naming Saint John's Abbey as a beneficiary in your will or other estate planning documents. Bequests can be specified amounts, or part or all of your estate after settlement of any obligations. Bequests to Saint John's generally are deductible for estate and gift tax purposes.
Life Insurance Policies: Sometimes people give Saint John's life insurance policies that are no longer needed for the objective the policy was initially purchased to secure. Giving insurance policies often creates current income tax benefits for the donor and produces a very significant gift to Saint John's. Giving a life insurance policy often is as easy as changing the owner and/or beneficiary designations through your insurance company.
Retirement Plans: Similar to life insurance, retirement plan assets sometimes are not needed for retirement and can be used to make significant, tax-efficient gifts to Saint John's. In fact, with proper planning, retirement plan asset gifts can yield substantial tax savings for you and your heirs. As with insurance policies, giving retirement plan assets is often as easy as making the appropriate beneficiary designation through the plan administrator.
Life Estate Agreement: With this agreement, a donor transfers the title to a residence or farm to Saint John's while retaining the right to live there and use the property for life. The donor may be entitled to a current tax deduction equal to the value of the remainder interest.
Revocable Living Trust Agreement: With a revocable living trust, a donor can provide for gifts of real estate, cash or other property to be made upon death or some other event, knowing that the assets still are available to the donor during the donor's lifetime. It allows a donor to arrange for a charitable gift without risk to his or her financial future.
Annuities: Giving that Generates Income for You
Many of our donors have found they can substantially increase their support of our work with a program of planned giving. By establishing charitable gift annuities and charitable remainder trusts, donors can retain an income from their gifts, realize immediate and deferred tax benefits, and make the gift of a lifetime. One note: to receive the greatest tax benefits from donating stock, donors should not sell the stock before giving it to Saint John's. For the greater benefit, let Saint John's sell the stock.
Gift Annuity Agreement: With a gift annuity, you make a charitable gift of cash or other property. You, and/or others, then receive fixed payments for life, with Saint John's receiving the remaining assets. The frequency and rate of payments are determined at the time the gift annuity is funded. A gift annuity can offer generous tax benefits, as well as the satisfaction of making a meaningful gift. A deferred gift annuity generates an immediate tax deduction and higher lifetime payments after the deferral period (e.g., a retirement income supplement).
Charitable Remainder Annuity Trust: This is an irrevocable trust that pays a fixed income, for life or a specified period of time, based on the value of assets at the time the trust is created. The assets remaining in the trust are given to Saint John's. This planned gift has some generous tax advantages, including avoiding or postponing capital gains tax on appreciated property, and possible lower estate taxes.
Charitable Remainder Unitrust: Similar to the annuity trust described above, but the unitrust provides a fluctuating income based on a fixed percentage of the trust's annual value. Tax advantages include avoiding or postponing capital gains tax and possible lower estate taxes.
As with any estate planning decision, consult your legal, financial and tax advisors for advice and information on applicable state and federal laws.
Memorial and Tribute Gifts
A gift in honor of or in memory of a loved one or friend is a special way to show your support of the mission and values of Saint John's.
Your gift to Saint John's Abbey is a thoughtful remembrance that will further the prayer and work of the Benedictine monks, monks who will touch the lives of countless others by their service to the Church.
A memorial gift is given in honor of a deceased loved one or friend, while a tribute gift commemorates a special time in someone's life — perhaps a birthday, anniversary or other memorable event.
If you wish, a special card acknowledging your memorial or tribute gift will be sent to the family of the person you are remembering or to the person or family you are honoring. The amount of your gift will not be disclosed.
For more information about bequests, annuities or memorial or tribute gifts, contact the abbey development office.