Legacies and bequests are basic methods through which a donor designates gifts in their will. The residue of a decedent’s estate, specific dollar amounts, a percentage of the estate, gifts of securities, real property, and business interests may be made as bequests.
A testamentary trust may also be set up with income beneficiaries receiving benefits for a fixed term of years or for life, and with the Foundation receiving all or a portion of the residual principal for the benefit of a diocesan ministry.
- Maintain control of family assets throughout their lifetime.
- Modify the bequest if circumstances change such as new family members or other charitable needs.
- Direct the bequest to a particular purpose; donor should check with the Diocese or Parish to make sure that a restricted gift can be used as intended.
- There is no maximum limit on the estate tax deductions that can be taken for charitable bequests.
- Identify a specific amount of a charitable bequest or leave a percentage of the assets to charity.
- A variety of assets may be named in a bequest including cash, securities, real estate, artwork or antiques, IRA assets, Keogh or other retirement plan, tax-sheltered annuity or qualified pension.
- Wise stewardship of God’s gifts: knowledge that the donor’s favorite charities will be supported even after they have reached their Heavenly reward.