Investing with Faith / Jolinda Moore

Consider these types of gifts for your planned giving options

The term “planned giving” is frequently used by attorneys, accountants, financial advisors and charity executives to describe specific types of charitable gifts. Simply put, planned giving is a catch-all term to describe gifts to nonprofit entities such as the archdiocesan Catholic Community Foundation that will be completed at some point in the future rather than immediately.

Nearly anyone can make a planned gift. One of the most popular is a simple bequest, or gift, outlined in a will or trust. If utilizing a bequest to a nonprofit entity, upon one’s passing, the person’s will or trust dictates a specific gift is made to the organization of his or her choosing. If you are interested in this type of gift, there are a few considerations.

First, what do you feel called to support with your end-of-life gift and how quickly do you want the nonprofit entity to have access to the funding? If you desire the gift to be used upon receipt, an outright bequest directly to a ministry makes sense. This will allow the archdiocese, parish, agency or school the ability to use the funds immediately, addressing the priorities of the ministry.

If you prefer the gift to be slowly released to the ministry of your choice, a bequest to an endowment is a good mechanism to consider. With more than 600 endowment funds in the Catholic Community Foundation, there is likely an existing fund that aligns with your goals and charitable wishes. To learn more about the funds that already exist, you can reference the Catholic Community Foundation annual report, which is available at archindy.org/CCF.

If you spend a little time with this document, you’ll be astonished by the depth and breadth these funds cover. You can also work with the archdiocesan Office of Stewardship and Development to discuss your charitable wishes and the existing funds that can help you accomplish them.

Second, you need to determine the type of bequest you will make from your will or estate. There are four main bequests to consider:

• General—naming a specific dollar amount of your estate (i.e., $5,000, $15,000 or another amount.)
• Percentage—naming a fixed percent of your estate (i.e., 5%, 10% or perhaps 20%.)
• Specific—naming a particular piece of property of your estate (i.e., proceeds from the sale of main residence, sale of a portion of the property.)
• Residual—naming any estate assets that remain after all other gifts, expenses and taxes are paid.

Finally, you will want to contact the Office of Stewardship and Development and talk with Peter Duncan, the newly appointed director of the Catholic Community Foundation, or any member of Catholic Philanthropic Advisor team—Cheri Bush, Mary Grace Inman or Nathan Seiler—to understand the formal language to include in your bequest documents to ensure your gift is directed where it needs to go.

After understanding the formal language to include in your documents, the Office of Stewardship and Development asks you to please consult with your financial advisor or attorney, if applicable. We make this request as we want to partner with you on your journey and feel it is important for you to be surrounded by a full team of professionals who have your best interests in mind.

For more information, contact the archdiocesan Office of Stewardship and Development at 317-236-1425 or e-mail ccf@archindy.org.
 

(Jolinda Moore is a member of SS. Francis and Clare Parish in Greenwood and serves as the executive director of the archdiocesan Office of Stewardship and Development and the Catholic Community Foundation. Tax or legal information provided herein is not intended as tax or legal advice. Always consult with your legal, tax or financial advisors before implementing any gift plan.) †