Depending on your circumstances, gift planning may also provide federal and state tax advantages. You can make a planned gift by:
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.
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:
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.
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.
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.
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.
