Planned Giving Seminars: The Capuchin Franciscans Heritage Society will host two planned giving seminars (3:00 p.m. & 7:00 p.m.) on Monday, May 15, in the OLA Lower Hall Meeting Room. Please see the attached flyer for more information.
Planned, or deferred, gifts can provide significant benefits to both the donor and the Capuchins. By including the Capuchins in your estate (via a planned gift), you are able to contribute to the Capuchins without worrying about your current financial needs, and you are also benefiting generations to come. There are many ways to make a planned gift, including a bequest in a will or living trust, making the Capuchins a beneficiary of a life insurance policy, and donating real estate, among others.
We encourage our friends to help our mission by remembering the Capuchins and our ministries in their estate plans. Many people would like to do so, but they never get around to writing their will. By taking this step now, you can ensure that you will support us and our ministries well into the future. Special recognition is given to our estate planning benefactors through membership in the distinguished Capuchin Heritage Society.
The following are ways to qualify for the Capuchin Heritage Society, including:
A charitable bequest – which is given through your will or trust - offers you a means to provide lasting support for the Western America Province beyond your own lifetime. A bequest requires a relatively simple addition to your will. You may give:
- In terms of a percentage of the entire estate
- As the residue (property and assets remaining after all bequests to family and others have been satisfied) or a portion thereof
- As a specific dollar amount
- Designated as a memorial to commemorate a family member or particular individual
- Designating the Western America Province as the beneficiary
Frequently overlooked as a source for donations, life insurance policies that have outlived their original purpose can translate into a significant gift to the Capuchins.
There are a number of ways that such policies can be converted to benefit the Capuchins, depending upon your wished and financial situation.
GLOSSARY OF TERMS
The following are some of the most commonly used terms regarding Planned Giving processes and instruments.
- Appreciated Property – Property, such as real estate or stock that has increased in value.
- Beneficiary – An individual designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust, or retirement plan.
- Bequest – A gift or legacy left by will, typically personal property or assets
- Charitable Trust – A trust having a charitable organization as a beneficiary
- Codicil – A legal instrument made to modify an earlier will.
- Cost basis – The original value of an asset, such as stock, before its appreciation or depreciation.
- Estate tax – A tax imposed at one’s death on the transfer of most types of property. Currently, federal estate taxes are reinstated for deaths occur in 2011 and 2012 on estates worth more than $5 million. The maximum estate tax rate is 35 percent.
- Intestate – The term applied when an individual dies without a will.
- Life Insurance Trust – A trust that has an individual’s life insurance policy as its principal asset.
- Living Trust (Revocable) – A revocable trust established by a grantor during his or her lifetime in which the grantor transfers some or all of his or her property into the trust.
- Marital Deduction – A deduction allowing for the unlimited transfer of any or all property from one spouse to the other (as defined by the IRS) generally free of estate and gift tax.
- Power of Attorney – A written legal document that gives an individual the authority to act for another.
- Probate – The court process for determining the validity of a deceased person’s will.
- Trust – A written legal instrument created by a grantor for the benefit of him/herself (during life) or others (during life or at death).
- Trustee – The individual or institution entrusted with the duty of managing property placed in a trust. A “co-trustee” serves as trustee with another. A “contingent trustee” becomes trustee upon the occurrence of a specified future event.
- Will – A legally executed document that directs how and to whom a person’s property is to be distributed after death.
The information in this website is not intended as legal advice. For legal advice, please consult an attorney. References to income tax apply to federal taxes only. Federal estate tax, state income/estate taxes or state law may impact your results.