Thank you to “Our Gift for Tomorrow” donors
for making the new addition to the Cathedral of Saint Joseph possible.
Charitable Giving through Planned Giving
The Archdiocese of Hartford can help donors plan for effective charitable giving during their lifetime and for a lasting legacy for their family and the Catholic Church in Connecticut.
A planned gift can be a simple bequest in your Will or a complex trust arrangement. Planned giving techniques can:
1. Provide current income and a significant charitable gift later.
2. Reduce income, capital gain and estate taxes.
3. Establish an endowment fund for future generations.
A Christian Will and bequest offers one of the simplest ways to make a charitable gift, and provides a flexible and thoughtful way to remember the Church. After providing for family and loved ones, prayerfully consider a bequest to support a parish or Archdiocesan ministry. A bequest of estate property can be distributed as a percentage, a fixed amount, as the residue of property after all other bequests have been fulfilled, or as a contingency if other beneficiaries in your Will pre-decease you. Charitable bequests provide an opportunity to express gratitude for God’s gifts, and the financial security of knowing your assets remain available during your lifetime. A bequest to create an endowment ensures that your charitable wishes will be carried out in perpetuity. Please see A Christian Will for more information about preparing a Will.
Charitable Gift Annuity
A A Charitable Gift Annuity is an agreement between you and the Archdiocese of Hartford in which you transfer assets (cash, securities, real estate) in exchange for fixed income payments for life. Upon your birth to eternal life, the remainder of the annuity is transferred to your beneficiary. The guaranteed payment rates begin at 4.7% for people age 65 and go up to 9.0% for those 90 and older. Tax benefits include partial tax-free income and a charitable tax deduction. One and two life CGA’s are available. Please see A Charitable Gift Annuity for additional information.
Charitable Remainder Trust
This type of Trust gives you the opportunity to receive income for life from your gift, with the assurance that the Trust will be used to fulfill your charitable intentions. The donor receives a charitable deduction in the year the Trust is created. The amount of the deduction depends on the age of the income beneficiary or beneficiaries, the value of the property placed in the Trust, and the size of the payout selected by the donor. The Archdiocese is able to assist you with establishing a Trust.
Charitable IRA Rollover
The IRA Charitable Rollover allows individuals age 70½ and older to contribute a gift up to $100,000 directly from their IRA to their beneficiary without the income being treated as federal income. Gifts must be transferred directly from an IRA to the beneficiary, are not be treated as taxable income, and count towards a required minimum distribution (RMD) for the year. A Charitable IRA Rollover is not deductible as a charitable contribution. As of this writing Congress has not renewed the rollover in 2015, this page will be updated to reflect any changes.
You may make a gift of your residence or vacation home to the Archdiocese of Hartford and continue to live in the home during your lifetime. You will be entitled to a charitable deduction in the year that the property is deeded and the property is removed from your estate for estate tax purposes. Upon your birth to eternal life your property is sold by the beneficiary and the proceeds support the charitable beneficiary(s) that you have designated. The Archdiocese of Hartford has a Gift Acceptance Policy and donors are asked to discuss their gift of real property with the Archdiocese before making a commitment.
Life insurance is an easy way to make a significant contribution. You may donate a policy that is no longer needed, take out a new policy or name a parish, school or special ministry as a beneficiary of an existing policy. If you name your parish as the owner and beneficiary, you are entitled to an income tax deduction limited to the lower value of the policy, or the cost basis of your contract. Also, if you continue to pay premiums on a policy donated to the parish you can deduct the premium payments.
Any parish, school, ministry or agency of the Archdiocese may be designated as the beneficiary under a donor’s qualified retirement plan benefits, including IRAs, 401(k)s, and a Keogh (HR-10) plan. Retirement benefits may be the most tax-efficient way to make a gift to the Church.
One of the easiest ways to make a charitable contribution. A cash contribution can be a check, money order or cashier’s check. All gifts should be made payable to the beneficiary and proper designation if intended for a specific Archdiocesan parish or ministry.
Gifts of securities are accepted by the Archdiocese. The securities may be given so that the donor receives a tax deduction equal to the fair market value of the donated assets and can often avoid capital gains tax on the donated assets. The Archdiocese of Hartford will work with donors and their advisor to facilitate the donation of both marketable and closely held securities.
A donor can give a full or partial interest of a home and retain the right to enjoy the home during their lifetime. Gifting real estate may allow the donor to preserve their liquid assets while maximizing the charitable contribution. The Archdiocese of Hartford has a Gift Acceptance Policy and donors are asked to discuss their gift of real property with the Archdiocese before making a commitment.
For information on the department and its work:
Office of Development
Archdiocese of Hartford
134 Farmington Avenue
Hartford, CT 06105
Robert McTiernan, Director of Development
Mary Ellen H. Kunz, Donor & Prospect Research Coordinator