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Planned Giving is for Everyone

Do you have an IRA?
Do you have life insurance?
Do you have appreciated stock?
Do you have a will?

Planned giving is the process of making a charitable gift during the donor's life or at death that is part of the donor's financial or estate planning.  Through planned giving the donor is able to use strategies that lower taxes thus freeing up funds to give money to charities they care about while still leaving money for loved ones.

Planned giving can take many forms.

IRA

If you are 70 1/2 or older instead of receiving the required minimum distribution (RMD) from your IRA, you can give some or all of it directly to charity.  By doing this it keeps the distribution out of your taxable income avoiding income tax on the funds, as well as helping to keep your adjust gross income lower to avoid Medicare income related surcharges.

The funds must be distrubted directly from the IRA to the charity.

Life Insurance

Many folks have life insurance policies purchased in the past to protect young children who have since grown up and left the house.  If you have a policy that is still in force but has outlived its original intent, you might want to consider either giving the policy to the school or making the school the beneficiary.

Retirement Plans

Consider naming the school as a beneficiary of your retirment plan.  Retirement funds left to anyone other than a spouse can be subject to income and estate taxes, making them the most heavily taxed asset at death.

Designating the school as a beneficiary allows the funds to be put to good use at the school while avoiding taxes.

Stock

Appreciated stock can be given for the benefit of the school.  The stock is transferred to the Diocese, sold, and the proceeds are given to the school.  The school enjoys the benefit while the donor not only receives a tax deduction but avoids capital gains taxes.

Bequest

You can designate a gift in your will, either a specific dollar amount, a percentage of the estate's value, or a specific item.

Seek Advice

There are many forms of planned giving and these are just a few examples.

You are encouraged to consult your accountant, attorney, or financial planner who can assist you in determining what strategies are best for you and which meet your goals and intentions.

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