Planned Giving OPtions
EXPLORE YOUR OPTIONS
We invite you to support the monks by incorporating Saint Joseph Abbey and Seminary College into your estate plan. Your gift may be used to help one of the many ministries at Saint Joseph Abbey and Seminary College (SJASC). Some alternative ways to give (click links in red below for more information):
Annuities for Saint Joseph is SJASC’s charitable gift annuity program, launched in late 2014, which offers a simple way to give to SJASC while still retaining a lifetime interest in the donated assets. A charitable gift annuity is an arrangement by which the donor executes a one-time cash gift (a minimum of $25,000 is our requirement) to SJASC in exchange for guaranteed payments for his or her life, or for the joint lives of the donor and the donor’s spouse. He or she then receives an income tax charitable deduction for the value of the donated assets less the present value of the annuity payments, based upon IRS tables. A percentage of each payment to the donor is excludable from income (i.e., tax-free) as a return of principle.
Bequests: A bequest is a gift made through your Will or revocable trust. It allows you to direct how your assets will be distributed to family, friends, and charities. A bequest can take a variety of forms, such as a specific dollar amount, a specific asset, a specific percentage, or the remainder of your estate once all other bequests have been satisfied. In choosing a bequest, you have the flexibility to adjust your gift through a simple amendment if your life circumstances change. In addition, you may receive valuable estate tax savings.
Retirement Plan Assets: One of the simplest ways to give is to designate Saint Joseph Abbey and Seminary College (SJASC) as a beneficiary of your retirement plan. Through a simple beneficiary designation form, you can name SJASC as a partial or whole recipient of your retirement plan. For many, this designation has the added advantage of being among the most tax-wise ways to make an estate gift: you can leave other types of assets, such as cash, appreciated securities, or real estate, to your heirs, and direct your tax-burdened retirement assets to aid the monks.
Life Insurance Policies: Did you know that you can use a life insurance policy to help support Saint Joseph Abbey and Seminary College? Designate SJASC as a partial or sole beneficiary of a life insurance policy. Alternatively, you can transfer ownership to SJASC of a paid-up policy during your lifetime, and receive an income tax charitable deduction.
Charitable Trusts: By way of a charitable remainder trust, your assets are irrevocably transferred to a trustee under a trust agreement. The trustee then pays you, or others whom you designate, a fixed or variable income for life (or a set number of years). You receive an immediate income tax charitable deduction for a portion of the gift amount. Capital gains tax is avoided at the time of transfer into the trust, leaving the full value of the asset to generate income for you. At the end of the trust, the remaining amount is used by Saint Joseph Abbey and Seminary College (SJASC) to support the programs you care about. If you have an existing charitable remainder trust or charitable lead trust, there may be an opportunity to name SJASC as a beneficiary.
Remember SJASC in your will: Your will (or living trust) is a final statement of what has been most important to you during your lifetime. Making a gift through your will says a great deal about the people and ministries that touched and enriched your life. We invite you to find a place in your final arrangements for Saint Joseph Abbey alongside family and other loved ones.
All assets, including cash, securities, real estate, and tangible personal property, may be transferred to Saint Joseph Abbey and Seminary College through your estate.
Please note: you can designate your gifts to the Abbey exclusively or to the Seminary College exclusively, if you so prefer.
Because everyone’s situation is different, we encourage you to seek professional legal, estate planning, and financial advice before FINALIZING a course of action.
For more information, contact:
Scott Wallace, Director of Institutional Advancement
Saint Joseph Abbey does not provide legal or tax advice. Please consult your professional advisor prior to entering into any planned giving arrangement.