Tax-wise giving is referred to by many names. While some people refer to it as charitable estate planning, the most common term used for tax-wise giving is “Planned Giving.” Although all gifts are planned in one way or another, ”planned giving” generally refers to making a gift now while retaining an interest in the donated property or arranging for a gift that the charity will receive in the future or at the donor’s death. Ideally, Christian stewardship impacts all phases of our life including our plans for the use of our worldly goods and resources after our death. Planned gifts are typically larger and more sophisticated than normal Sunday contributions and capital campaign and special fundraising event gifts. The subject of a planned gift can take the form of real property, cash, or other personal property.
A planned gift to Archdiocesan parishes, schools, and agencies may be attractive to the donor for a number of reasons:
- It is a further demonstration of the generosity of the donor.
- The donor will be entitled to a charitable income tax deduction.
- It can provide for favorable capital gains tax results.
- It can assist in minimizing estate taxes.
- It can generate an income stream for the donor.
- It can provide the donor with the satisfaction of knowing that his or her gift will have a major impact on the benefiting charity.
For more information on planned gifts, please contact the parish office at 651-459-2131.
IRS Circular 230: Charitable giving has tax implications.
In compliance with the requirements imposed by the IRS pursuant to Circular 230, we inform you that
(i) any written tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code;
(ii) this communication was written to support the promotion or marketing of the transactions or matters addressed herein; and
(iii) a taxpayer should seek advice based on the taxpayer‘s particular circumstances from an independent tax advisor.