Legacy giving is a way for donors to support the Good Works of the Catholic Church in a way that is much more impactful, and sometimes even easier, than making a gift from ordinary income. Legacy gifts use estate and tax planning to maximize the benefits to the donor, their estate, their heirs and the charity they wish to support. Some legacy gifts can even provide guaranteed lifetime payments to the donor or their loved ones.
*The Catholic Community Foundation of Southwest Florida does not provide legal, tax or financial advice. When considering gifting options, seek the advice of your own legal, tax and/or financial professionals.
Bequests (Gifts from Wills or Trusts)
A bequest is one of the easiest gifts you can make. With the help of an adviser, you can include language in your will or trust specifying the gift you would like to make as part of your estate plan. A bequest can be made in several ways including:
- A specific dollar amount or asset
- A percentage of the total estate
- The balance or residue of the estate
Depending on how you would like your gift to be used, below are a few options for the language to include in your will or trust:
If you would like your gift to provide long-term support and sustainability to your Catholic Parish, School or other entity, you can contribute to an existing endowment fund or create a new named fund for their benefit.
Bequests for an Existing Endowment Fund
“I hereby give, devise and bequeath to the Catholic Community Foundation of Southwest Florida, Inc., a not-for-profit organization located in Venice, Florida (EIN: 54-2119051) the following: ___________________ (specific dollar amount, percentage of the estate, or description of property) to add to the ____________________ (name of parish, school or other entity) Endowment Fund, benefiting _______________________ (name of parish, school or other entity) located in ______________________ (city and state).”
Bequests to Establish a Named Endowment Fund
“I hereby give, devise and bequeath to the Catholic Community Foundation of Southwest Florida, Inc., a not-for-profit organization located in Venice, Florida (EIN: 54-2119051) the following: ___________________ (specific dollar amount, percentage of the estate, or description of property) to add to or establish the ____________________ (name of the endowment fund) Endowment Fund, benefiting _______________________ (name of parish, school or other entity) located in ______________________ (city and state).”
You can also have your bequest be an outright gift to your Catholic Parish, School or other entity.
Bequests for Outright Gifts to Parishes, Schools, etc.
“I hereby give, devise and bequeath to Frank J. Dewane as Bishop of the Catholic Diocese of Venice in Florida, a Corporation Sole, and to his successors and assigns, the following: ___________________ (specific dollar amount, percentage of the estate, or description of property) for the benefit of _______________________ (name of parish, school or other entity) located in ______________________ (city and state).”
Beneficiary Designations
Many assets can be easily transferred directly to your Catholic Parish, School or other entity upon your death without the use of a will or trust. By utilizing beneficiary designations associated with certain assets to make your legacy gift, you will also avoid probate. The following assets can all be transferred by way of beneficiary designations:
- Life Insurance Policies
- 401k, 403b and other Retirement Plans
- Individual Retirement Accounts (IRAs)
- Annuities
- Bank Accounts (designate the account as Payable On Death “POD”)
- Investment Accounts (designate the account as Transfer On Death “TOD”)
The process is simple and straightforward:
Step 1: Contact the financial institution managing your asset
Step 2: Request a list of current beneficiaries
Step 3: If you would like to make changes to the beneficiaries, request a new beneficiary designation form
Step 4: Complete and return the new beneficiary designation form to your financial institution with the name, location and contact information for the Foundation or the Catholic Parish, School or other entity you would like to designate. For example: Catholic Community Foundation of Southwest Florida, Inc., 1000 Pinebrook Rd, Venice, FL 34285. 941-441-1124. (EIN: 54-2119051).
Make a Gift and Receive Lifetime Payments
Are you looking for a secure source of fixed payments for the rest of your life while also making a significant impact on your Parish, school, program or ministry you care most about? Are you tired of living at the mercy of fluctuating stock and real estate markets? If so, you may want to consider a charitable gift annuity with the Catholic Community Foundation.