Planned giving is a method of philanthropy that enables you to make a charitable gift initially thought to be beyond your means. Depending on your circumstances, gift planning may also provide federal and state tax advantages.
You can make a planned gift by:
- Preparing or updating your will and leaving a bequest gift to Catholic Charities
- Naming Catholic Charities as the owner or beneficiary of a new or existing life insurance policy
- Naming Catholic Charities as a beneficiary of your pension plan, IRA or 401(k) retirement plan
Designating Your Beneficiaries
Naming individuals and charities that will receive your assets after your death can be a simple process. Most assets can pass to your intended beneficiaries by the terms of your will. However, other assets, such as life insurance and retirement plans, are not controlled by the terms of your will. These assets require separate beneficiary forms. The beneficiaries of these assets can be easily modified at any time to meet your changing needs.
Making a Bequest
A bequest is one of the simplest gifts to make. With the help of an advisor, you can include language in your will or trust specifying a gift to Catholic Charities as part of your estate plan.
How to Complete a Bequest Gift in Your Will:
- Choose what to give – a specific dollar amount or asset, a percentage of your estate, or the balance of your estate
- Decide how you would like Catholic Charities to use your gift.
- An unrestricted bequest allows us to use the assets in the most beneficial way.
- A restricted bequest allows you to specify how we are to use the funds. Contact us prior to completing your will to be certain your intent can be fulfilled.
- An endowment bequest is invested with and becomes part of our endowment. A distribution is made each year to support our operations. Because the principal remains intact, the fund will support our mission in perpetuity. Contact our Development Office for more information about endowment funds.
- Meet with your estate planning attorney – Whether you are creating a new will or trust, or updating an older version, you will want to seek the advice of an estate planning attorney. Catholic Charities can suggest appropriate wording to ensure your wishes are carried out.
Gifts by Life Insurance
Life insurance is a popular method of providing much-needed funds to a beneficiary upon your death. It is also a low-cost way to provide a large benefit for someone in need. Life insurance proceeds are almost always tax free to the beneficiary. The beneficiary designation in your life insurance policy determines where the proceeds will be distributed. Life insurance can be distributed to a charitable organization, such as Catholic Charities, if the organization is named as a beneficiary at the time of your death.
Changing Life Insurance Policy Beneficiaries
Contact your insurance company for its change of beneficiary form. If you would like to name Catholic Charities of the Diocese of Harrisburg as a beneficiary, simply decide what percentage of the policy value you would like us to receive (1-100 percent) and name us, along with the percentage, on the beneficiary form and return the form to your insurance company.
Gifts by Retirement Plan
Most retirement plans, including 401(k) and IRA plans, are income tax deferred. This means that income tax is not paid until the funds are distributed. This taxation makes retirement assets among the most costly assets to distribute to loved ones.
Because they are subject to income taxes, retirement assets make ideal gifts to tax-exempt organizations such as Catholic Charities. We’re eligible to receive the full amount without deducting income taxes.
Changing Retirement Plan Beneficiaries
Contact the administrator of the retirement plan for a change of beneficiary form. If you would like to name Catholic Charities of the Diocese of Harrisburg as a beneficiary, simply decide what percentage of the plan value you would like us to receive (1-100 percent) and name us, along with the percentage, on the beneficiary form and return it to the plan administrator.
Download our Planned Giving Brochure
For more information, contact: