Planning Beyond Your LIfetime
PLANNED GIVING
A legacy gift is officially defined as a planned gift. A planned gift is one way you may support the Vincentians and those we serve beyond your lifetime. If you are interested in making a planned gift that may have a impact in perpetuity, our staff is ready to assist you. It is in a spirit of humility that we invite you to consider supporting our ministries and services with this special type of gift. Contact Frank Cognata for help in making a legacy gift to the Congregation of the Mission Western Province.
Examples of Planned Gifts
- Wills and Trusts
- Life Income Gifts
- IRA Rollover/Life Insurance
Ways to Remember the Vincentians
Designate the Congregation of the Mission in Your Will or Trust
A Will or Trust clearly communicates your intentions for how you would like to provide for your loved ones and favorite organizations, such as the Congregation of the Mission Western Province. You can leave a gift of a specific item, an amount of money, or a percentage of your estate. You can also make your gift contingent upon certain events.
How you benefit: Putting all of your wishes in writing reduces the risk of misunderstanding among your loved ones and relieves your worry about providing for the people and causes that you wish to support. You can feel secure knowing you will maintain control of your assets until after your lifetime and that your gifts are revocable so you can change your mind at any time.
Life-Income Gifts
Establish a Charitable Gift Annuity
If you would like a consistent income stream, you can establish a Charitable Gift Annuity. In exchange for a gift of cash or assets, you will receive fixed income annually for the rest of your lifetime, and, if you desire, the rest of one other person’s life as well. The interest rate of your payment is based on your age (see chart below). If you choose a deferred annuity, you will receive a higher rate at the time you determine to receive income.
How you benefit: With a present annuity, this strategy provides you with an income tax deduction when you itemize and avoids partial capital gains tax on securities. With a deferred annuity, you avoid partial capital gains tax on securities and you receive a higher interest rate. At the end of your life, the value of the fund will support the Vincentians.
Current Sample Rates
| One Life | 5.7 % for age 65 | 10.1 % for age 90+ |
| Two Lives | 5 % for age 65/65 | 9.9 % for ages 90/95 |
Rates are current, as of Jan. 1, 2024.
Establish a Charitable Remainder Trust
By putting assets into a Charitable Remainder Trust, you can receive fixed or variable income annually for your lifetime (depending on your personal needs and choices). Other beneficiaries can receive fixed income for up to 20 years from the time the trust was established. Anything left in the trust after payouts are complete, known as “the remainder,” goes to the charitable organizations you named as beneficiaries. You can determine an interest rate between 5% and 10%. The payment may be based upon a fixed amount (CRAT) or a variable amount determined by annual investment returns (CRUT).
How you benefit: A Charitable Remainder Trust provides an income tax deduction, helps eliminate up-front capital gains taxes, and reduces future state administration expenses–plus, it makes an eventual gift to support the Vincentians.
Transfer a Residence or Property
You can give your home, vacation home, or other property directly as an outright gift. Or, you can give the title of you home now and retain the right to live there for your lifetime.
How you benefit: If you make an outright gift of appreciated real estate you’ve owned for more than one year, you can usually take an income tax deduction equal to its current fair market value. If you deed your property to us while retaining a “life estate,” you qualify for a tax deduction for a portion of the home’s fair market value but still enjoy using it for the rest of your life.
other types of gifts
Designate IRA Assets as a Planned Gift
Name the Congregation of the Mission Western Province as the beneficiary of all or a percentage of your IRA as a planned gift, which gives you flexibility in giving.
How you benefit: Designating the Vincentians as a beneficiary, all or part, can eliminate federal taxes that could consume a substantial portion of your account. You are enrolled as a Friend of St. Vincent (see Friend of St. Vincent section at the bottom of this page).
Make a Gift of Life Insurance
You may own a life insurance policy which was purchased for a specific purpose, such as a policy purchased for a child that is now grown. Donating a paid-up life insurance policy enables you to make a substantial charitable gift during your lifetine . Or, you may choose to designate the Congregation of the Mission as a beneficiary of your policy, which benefits the organization upon your death. You can donate the whole policy or make the charity a partial beneficiary.
You may also consider purchasing a new policy that you irrevocably assign to the Congregation of the Mission.
Life insurance can also be used as a wealth replacement tool in conjunction with a charitable gift.
How you benefit: You may deduct the entire value of a paid-up whole life policy, or, if you establish a policy for the Congregation of the Mission, your monthly premiums are deductable.
Designate a Financial Asset as a Planned Gift
If you have stocks, bonds, CDs, or money market funds that you no longer need, you can donate them directly to the Congregation of the Mission Western Province as a planned gift.
How you benefit: For donations of these assets, if you’ve owned them for more than one year and if they are worth more than their original costs, you may qualify for a charitable income tax deduction for their full fair market value–not the price you paid for them. Plus, when you give financial assets directly to the Congregation of the Mission Western Province, neither you nor the Congregation of the Mission pays any capital gains tax.
Become a Friend of St. Vincent
The Vincentian priests and brothers of the Western Province bring the light of the Gospel to the world. Like our founder, St. Vincent de Paul, we see the face of Christ in the poor, the lonely and the forgotten. It’s not an occasional act or a seasonal reminder to do something good. It’s the standard we strive for — to be the face of Jesus as we help those who have been marginalized and forgotten. What could be a better legacy?
The Friends of St. Vincent, along with members from our own Vincentian Community, made the extraordinary decision to include the Congregation of the Mission Western Province in their legacy plans. Because of their compassionate legacy gifts to support our mission, these faithful supporters join others in perpetuity in our Book of Life and their names are added to our Prayer Ministry program, in which they are prayed for daily by our senior priests and brothers, the Apostles of Prayer. Their names will never be forgotten. Their impact will live on for generations.
Learn More about Planned Giving
Twice a year, you can find detailed articles on planned giving in our newsletter. Please feel free to read and enjoy the articles and Mission Highlights in the current issue by clicking on the cover image at left. You an also access a treasure trove of articles and useful planned giving information in our archive of back issues; click the blue button below.
Contact Frank Cognata, Planned Giving Consultant, by clicking the consultation button at the top of this page.