Mission: Gift planning can be an incredible tool for you to benefit your parish, school, or favorite Catholic organizations and it is available through the Catholic Foundation. Whether it’s simply including the Foundation in your will or trust, or you want to create a charitable gift annuity or charitable lead trust, the Foundation can help you create a lasting legacy that is meaningful to you and your family.
What do we do:
Through planned giving you can support a parish or diocesan ministry of your choice, while also creating tax savings advantages and, with some opportunities, even lifelong payments for yourself or loved ones. Opportunities for giving include:
- Bequests/Wills: A legal document revealed after your death that assigns your assets to those you have chosen. A will can be used to gift a fixed amount or a percentage of your assets to the Church’s ministry.
- Charitable Gift Annuity: A simple contract between a donor and the Diocese that provides the donor with above market fixed quarterly payments for life, a capital gains reduction and significant tax deductions, while the Church receives a remainder gift upon the annuitant’s death. The minimum annuity is $5,000.
- Charitable Lead Trusts: The designation of the Church as beneficiary of current income generated from the donor’s assets for a designated number of years, after which time the assets return to the donor or other family members. Current and long-term tax advantages are generated by this gift.
- Charitable Remainder Trusts: The assignment of a remainder gift to the Church and the generation of current income for life to the donor(s), income tax deductions and the possible reduction of capital gains taxes.
- Endowments: The Church, school or program is named as the beneficiary and this gift provides a permanent source of funding for the beneficiary, by securing the principal and only utilizing the earnings on an annual basis.
- Life Insurance: The Church is named as a donor’s beneficiary and the insurance payment is transferred from the donor’s estate to the Church upon death, lessening the potential estate tax burden to heirs. Insurance policies that are fully paid can also be donated to the Church and provide a current tax deduction.
Point of Contact: Larry Schinsky (St. Timothy contact) at 813-774-1222 or The Diocese of St. Petersburg