What is a Legacy Gift?
A legacy gift, sometimes called a planned gift, is a way for you to provide lasting and significant financial support to Franciscan ministries, in a manner that does not jeopardize your fiscal responsibility to your family and yourself.
Any gift made to a non-profit charitable organization, like the Franciscan Friars, T.O.R., normally entitles you to a deduction if you itemize your federal and state taxes. Be sure to keep for your records the receipt or acknowledgment letter which documents the gift and its amount.
There are several different ways you can make a legacy gift...
A Bequest In Your Will
This is a very popular way to make a major gift, since it means you will still have the money as long as you live, in case you need it for an emergency. Carefully consider the best way to make a gift in the context of your other bequests.
A bequest may be expressed as a fixed amount, as a percentage of your estate at the time of your death, or as a residual amount to be disbursed after all your other bequests have been covered. You should consult with a financial advisor to decide which of these options is the best for your situation.
Life Insurance and Retirement Assets
If you have a life insurance policy but the beneficiary has pre-deceased you or does not need the money, you can have the Franciscan Friars, T.O.R. designated as the new beneficiary. You can also do this with a retirement account or pension that might have unused funds remaining at the time of your death. As always, make sure that your heirs will be provided for before you make such a change.
Stocks, Bonds, or Securities
You can make a gift of stocks, bonds, or securities that you own. Such a gift will usually reap valuable tax benefits for you. If you make a gift of stocks that are rising in value, you will avoid paying capital gains taxes on them. And if you make a gift of stocks that are losing money, you can at least partially offset your loss because of the charitable tax deduction you’ll receive. Since the Franciscan Friars pay nothing for the stock you donate, any amount we sell it for will be a profit for us and therefore a useful gift.
It’s a good idea to check with us before making a gift of stocks. For a variety of reasons, we may not be able to accept stocks from certain companies.
“Real property” is anything you own apart from money or financial documents that represent money. This can include everything from land and buildings to vehicles, furniture, collectibles, jewelry, or intellectual property like copyrights, trademarks and patents.
If you donate real property to the Franciscan Friars, T.O.R., we might have a direct and immediate use for it. Otherwise we can sell it and use the proceeds for our ministries in order to provide a better life for those in need.
It’s often less burdensome to make a large gift over time, in installments, rather than in a single lump sum. You can make a gift of a fixed amount paid in installments, or simply make regular, reasonable payments on a monthly, quarterly or annual basis for as long as you wish. You can of course stop payments at any time if your financial circumstances change or if you have other, more pressing need for the funds.
Memorial and Honorary Gifts
By making a gift in honor of a person, a group of people or an event, or in memory of a deceased person, you establish a legacy for them as well as yourself. There is no better way to honor someone than making the world a better place in his or her name.
Before you make a gift…
Please keep in mind the following items:
•Always consult with a trusted professional advisor before making a large financial gift, making or changing your will, or making a gift of stocks, bonds, securities, insurance policies or retirement assets. They will be able to assess whether the gift is feasible for you, what consequences it might have, and what benefits it might have in terms of tax deductions, etc.
•Always consult with your family, your heirs and your executor(s) before changing your will, or making a financial gift that might affect them now or in the future. While a charitable gift is a praiseworthy and welcome thing, it should not come at the expense of those who depend on you for their security.
•Please contact the Franciscan Friars, T.O.R. if you are making a legacy gift to us. That way we can thank you and discuss how best to go about making the transaction. You will be sent a written confirmation of the gift for your tax records. If you don’t receive this or misplace it, please contact us right away so we can send you another copy.
The content on this site is for informational purposes only and is not legal advice, nor is it a substitute for legal advice.
Thank you for considering a legacy gift to the Franciscan Friars, T.O.R. Your generosity will make a lasting difference by ensuring a Franciscan presence in schools, parishes, hospitals, nursing homes, missions, and anywhere God calls us.
Our legal title is:
Franciscan Friars, T.O.R.,
Province of the Most Sacred Heart of Jesus
If you would like more information or would like to discuss these options further, please contact us by calling (814) 419-8880 or by e-mailing us at email@example.com.
Our mailing address is:
Franciscan Friars, T.O.R
P.O. Box 500
Loretto, PA 15940-0500