Make a strategic gift without the checkbook or wallet
April 22, 2024
By Sue McEntee
Planned giving offers a deliberate and thoughtful way for you to support causes close to your heart, transcending the limitations of traditional methods like writing checks or using cash.
Rather than spontaneous contributions, planned giving involves strategically incorporating charitable donations into your overall financial plan. By leveraging tools such as charitable gift annuities, charitable trusts, beneficiary designations, bequests, or donor-advised funds, you can maximize the impact of your giving while also potentially benefitting from tax advantages and legacy-building opportunities.
Unlike the immediacy of writing a check, planned giving allows you to carefully consider your philanthropic goals and explore avenues for creating lasting change. Whether it’s establishing or supporting an endowment for our faithful, funding specific programs through a charitable trust, or including charitable bequests in estate planning, planned giving offers you a tailored approach to making a difference.
Furthermore, planned giving provides the flexibility to contribute assets beyond cash, including stocks, real estate, or even retirement accounts, allowing you to optimize your giving while potentially minimizing tax liabilities.
This strategic approach not only benefits your parish or favorite not for profit but also aligns with your financial objectives and values, creating a legacy of generosity that extends far into the future!
General bequests are legacies left to certain people or causes that come from the general value of the estate, and are made by designating a specific dollar amount, a particular asset or a fixed percentage of your estate to the cause of your choice. General bequest language:
“I give, devise, and bequeath to the (your nonprofit name) headquartered in (your city and state) the sum of $________ (or a description of the specific asset), for its general purposes.”
Specific bequests are made when a particular item or property is bequeathed for a designated purpose. Specific bequest language:
“I give, devise, and bequeath to the (your nonprofit name) headquartered in (your city and state) the sum of $_______ (or a description of a specific asset), to be added to a permanent endowment fund held by the (your nonprofit name) for the benefit of (your nonprofit name). If at any time in the sole judgment of the Board of Directors of the (your nonprofit name), it is or becomes impossible or impracticable to carry out the designated purpose of this gift, then the Board of Directors shall determine an alternative purpose closest to the original designated purpose.”
If you’d like more information on any of these topics or additional bequest language options, please reach out to the Catholic Foundation of Southwest Iowa at 515-237-5044 or via email at contact@cfswia.org.