Tax-wise giving to Archdiocesan Parishes, Schools and Agencies
Tax-wise giving is referred to by many names. While some people refer to it as charitable estate planning, the most common term used for tax-wise giving is “Planned Giving.” Although all gifts are planned in one way or another, ”planned giving” generally refers to making a gift now while retaining an interest in the donated property, or arranging for a gift that the charity will receive in the future or at the donor’s death.
Ideally, Christian stewardship impacts all phases of our life including our plans for the use of our worldly goods and resources after our death. Planned gifts are typically larger and more sophisticated than normal Sunday contributions and capital campaign and special fundraising event gifts. The subject of a planned gift can take the form of real property, cash or other personal property.
A planned gift to Archdiocesan parishes, schools and agencies may be attractive to the donor for a number of reasons:
- It is a further demonstration of the generosity of the donor.
- The donor will be entitled to a charitable income tax deduction.
- It can provide for favorable capital gains tax results.
- It can assist in minimizing estate taxes.
- It can generate an income stream for the donor.
- It can provide the donor with the satisfaction of knowing that his or her gift will have a major impact on the benefiting charity.
For more information on planned gifts, please contact the Office of Stewardship and the Annual Catholic Appeal at 314.792.7680.
PLANNED GIFTS ARE DEPOSITED IN THE RESTRICTED FUND
With certain limited exceptions, planned gifts to Archdiocesan parishes, schools and agencies are deposited in the Restricted Fund of the St. Louis Archdiocesan Fund. Within the Restricted Fund, the planned gifts are set up as separate, restricted accounts belonging to the donee-organizations. Each such account is restricted in that it may be used and accessed only for the purpose of the planned gift. Restricted Fund planned gift accounts earn a rate of return tied to performance of the professionally-managed Restricted Fund in the financial markets.
IRS Circular 230: Charitable giving has tax implications. Please consult your personal tax advisors and please click here to review important tax disclosures.