There are many ways to plan your gift to the Josephinum, all of which ensure that your needs are met while also supporting the mission of the seminary.
Gifts of Appreciated Securities
Bequest in Your Will or Trust
Naming the Josephinum as a beneficiary in your will or other estate plan is perhaps the simplest form of a planned gift. Bequests can be specified amounts, or part or all of your estate after settlement of any obligations. Such bequests are deductible for estate and gift tax purposes.
Life Insurance Policies
Perhaps you have a life insurance policy that is no longer needed for its initial objective. The donation of an insurance policy often produces income tax benefits for the donor as well as a significant gift to the Josephinum. Giving a life insurance policy often requires a simple change in the owner and/or beneficiary.
Retirement plan assets not required to meet your own needs may be used to make significant, tax-saving gifts. Giving these assets is as simple as designating the Josephinum as a beneficiary through the plan administrator.
Life Estate Agreement
With this agreement, the title to a residence or farm is transferred to the Josephinum, while the donor retains the right to reside there for life. The donor may be entitled to a current tax deduction equal to the value of the remainder interest.
Revocable Living Trust Agreement
With a revocable living trust, a donor can provide for gifts of real estate, cash or other property to be made upon death or some other event, knowing that the assets still are available to the donor during the donor's lifetime. It allows a donor to arrange for a charitable gift without risk to his or her financial future.
Giving that Generates Income for You
Gift Annuity Agreement
With a gift annuity, you make a charitable gift of cash or other property. You, and/or others, then receive fixed payments for life, with the Josephinum receiving the remaining assets. The frequency and rate of payments are determined at the time the gift annuity is funded. A gift annuity can offer generous tax benefits, as well as the satisfaction of making a meaningful gift. A deferred gift annuity generates an immediate tax deduction and higher lifetime payments after the deferral period (e.g., a retirement income supplement).
Charitable Remainder Annuity Trust
This is an irrevocable trust that pays a fixed income, for life or a specified period of time, based on the value of assets at the time the trust is created. The Josephinum receives the assets remaining in the trust. This planned gift has some generous tax advantages, including avoiding or postponing capital gains tax on appreciated property, and possible lower estate taxes.
Charitable Remainder Unitrust
Similar to the annuity trust described above, but the unitrust provides a fluctuating income based on a fixed percentage of the trust's annual value. Tax advantages include avoiding or postponing capital gains tax and possible lower estate taxes.
For more information about Planned Giving, please contact Father John Allen at 614-985-2325.
As with any estate planning decision, consult your legal, financial and tax advisors for advice and information on applicable state and federal laws.