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Planned Giving

Planned Giving provides a way to fulfill your charitable and philanthropic intentions with gifts made to The Catholic Foundation from your estate after your death in accordance with specific plans you have made during the course of your lifetime.

Indeed, some of the greatest opportunities to arrange for your charitable contributions may occur at the same time you are making other major business, personal, and financial decisions, e.g., when you write or revise a will; sell a business or other major asset; plan for retirement; and/or receive an unexpected financial windfall.  Planned giving instruments can be simple, or sophisticated enough to provide for a complex array of commitments to families, friends, businesses, and charitable institutions.  Planned giving affords individuals of all income levels the opportunity to give something back to the community, as even a small percentage of any estate can be bequeathed to charity.

The Catholic Foundation welcomes the opportunity to work with you and your financial and legal advisors to execute your philanthropic vision.

Estate Planning Vehicles

The Catholic Foundation is equipped to translate any of the following planned giving vehicles into lasting legacies:

Bequest Benefits

A charitable bequest is one of the easiest ways to make a lasting gift that will continue to give long after you are gone.  A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest be used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes to the recipient resulting from the carefully planned use of tools like a testamentary charitable trust. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes.

 Types of Bequests

There are a number of ways you can make a bequest for The Catholic Foundation:

A general bequest is probably the most popular type of charitable bequest. You simply leave a specific dollar amount to The Catholic Foundation.  For example, a bequest of $10,000 is a general bequest.

A specific bequest involves making a gift of a specific asset. For example, a bequest of   a specified stock, real estate, or a vacation home is a specific request.

Another kind of bequest involves leaving a percentage of your overall estate or a residuary estate to The Catholic Foundation. If fortune changes the size of the estate over the years, this bequest will change in the same proportion.

A residuary bequest is used to give a charity all - or a portion of - one’s property after all debts, taxes, expenses and all other bequests have been paid. A common residuary bequest involves leaving “the rest of the property" to The Catholic Foundation.

A contingent bequest is used to provide for the situation when a beneficiary dies before you or disclaims the property. To prepare for such an occurrence, consider naming The Catholic Foundation as the contingent beneficiary. This will ensure that the property will pass to The Catholic Foundation in one of these situations rather than to unintended beneficiaries.

Specific wording options for your will or trust.

Bequest Language

In order to make a bequest, you should speak with your attorney. Your attorney can help you include a charitable bequest in your estate plan. We have provided some basic bequest language to assist you and your attorney.

 Sample Wording for Gifts to The Catholic Foundation

By Will or Trust Agreement

 I give, devise and bequeath (description of assets or percent of residual estate) to The Catholic Foundation, to be placed in (name of the fund) Fund to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple with the reasonable spending policy amount to be available in the sole discretion of The Catholic Foundation, for uses and purposes in support of religious, charitable and educational needs and programs consistent with the Foundation’s charter. The Catholic Foundation is a qualified charitable organization located at 12222 Merit Dr., Suite 850, Dallas, TX, 75251, Federal Tax ID #75-1106620.

 The above form is sufficient if the donor desire that his or her gift (bequest) be used at the discretion of The Catholic Foundation to support current charitable needs.

 However, if it is desired that the gift (bequest) be held in a named fund and applied to a specific organization or field of interest, add the following:

 The (name of fund) of The Catholic Foundation will be held in perpetuity, not in trust but in fee simple, preserving the name with grants directed to the following charitable interests and primary concerns with regard given to the current priority needs at all times, with the reasonable spending policy amount to be available in the sole discretion of The Catholic Foundation a qualified charitable organization located at 12222 Merit Dr., Suite 850, Dallas, TX, 75251, Federal Tax ID #75-1106620.

 (name of organization(s) or areas of charitable and/or geographic interests.)

Specific Bequest:

If you are considering making an outright bequest to The Catholic Foundation, we recommend the following language:

 Bequest of a Specific Dollar Amount
I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to The Catholic Foundation, to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple with the reasonable spending policy amount to be available in the sole discretion of The Catholic Foundation, for uses and purposes in support of religious, charitable and educational needs and programs consistent with the Foundation’s charter. The Catholic Foundation is a qualified charitable organization located at 12222 Merit Dr., Suite 850, Dallas, TX, 75251, Federal Tax ID #75-1106620.

 Bequest of Specific Personal Property
I hereby give, devise and bequeath DESCRIPTION OF PROPERTY to The Catholic Foundation, to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple with the reasonable spending policy amount to be available in the sole discretion of The Catholic Foundation, for uses and purposes in support of religious, charitable and educational needs and programs consistent with the Foundation’s charter. The Catholic Foundation is a qualified charitable organization located at 12222 Merit Dr., Suite 850, Dallas, TX, 75251, Federal Tax ID #75-1106620.

Bequest of Specific Real Estate
I hereby give, devise and bequeath all of the right, title and interest in and to the real estate located at ADDRESS OR DESCRIPTION OF PROPERTY to The Catholic Foundation, to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple with the reasonable spending policy amount to be available in the sole discretion of The Catholic Foundation, for uses and purposes in support of religious, charitable and educational needs and programs consistent with the Foundation’s charter. The Catholic Foundation is a qualified charitable organization located at 12222 Merit Dr., Suite 850, Dallas, TX, 75251, Federal Tax ID #75-1106620.

Percentage Bequest
If you are considering making a bequest of a percentage of your estate to The Catholic Foundation, we recommend the following language:
I hereby give, devise and bequeath ____ percent (___%) of my total estate, determined as of the date of my death, to The Catholic Foundation, to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple with the reasonable spending policy amount to be available in the sole discretion of The Catholic Foundation, for uses and purposes in support of religious, charitable and educational needs and programs consistent with the Foundation’s charter. The Catholic Foundation is a qualified charitable organization located at 12222 Merit Dr., Suite 850, Dallas, TX, 75251, Federal Tax ID #75-1106620.

 Residual Bequest
I hereby give, devise and bequeath to The Catholic Foundation the rest, residue and remainder of my estate, to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple with the reasonable spending policy amount to be available in the sole discretion of The Catholic Foundation, for uses and purposes in support of religious, charitable and educational needs and programs consistent with the Foundation’s charter. The Catholic Foundation is a qualified charitable organization located at 12222 Merit Dr., Suite 850, Dallas, TX, 75251, Federal Tax ID #75-1106620.

Contingent Bequest

If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to The Catholic Foundation DESCRIPTION OF PROPERTY, to be held by The Catholic Foundation in perpetuity, not in trust but in fee simple with the reasonable spending policy amount to be available in the sole discretion of The Catholic Foundation, for uses and purposes in support of religious, charitable and educational needs and programs consistent with the Foundation’s charter. The Catholic Foundation is a qualified charitable organization located at 12222 Merit Dr., Suite 850, Dallas, TX, 75251, Federal Tax ID #75-1106620.

Should you be contemplating a charitable gift of $100,000 or more from your estate, you may find the charitable remainder trust a particularly flexible way to achieve your philanthropic goals, while achieving benefits in terms of income tax deductions, reduced estate taxes, decreased capital gains taxes, increased income from assets, and the ability to provide for your spouse and/or heirs.

There are two principle kinds of charitable remainder trusts:

The Charitable Remainder Annuity Trust which allows you to ensure an income for life at the same time it provides for the community to benefit in perpetuity. The donor who establishes an Annuity Trust at The Catholic Foundation creates a permanent charitable fund and receives a fixed annual income for life, as does a surviving spouse. The donor also benefits from a significant income tax deduction that can be taken immediately and carried forward up to five additional years, and from reduced estate taxes.

The Charitable Remainder Unitrust similarly provides for a charitable fund, an income for life for the donor and his or her surviving spouse, and the relevant tax advantages. Instead of a fixed annual income, however, a specific percentage of the trust assets (the minimum is 5 percent) is returned to the donor each year.

At the end of the trust, any assets remaining in the charitable remainder trust can be used to establish a named charitable fund, or accrue to the Foundation’s Unrestricted Endowment Fund.

The charitable lead trust lets donors use their estates to provide for charity and, at the same time, preserve an inheritance for future generations. Part of your estate can be used to create a charitable lead trust, the income from which will accrue to a named charitable fund at the Foundation or to the Foundation’s Unrestricted Endowment Fund for a designated number of years.

Because this transaction removes assets from the estate, it lowers estate taxes and can minimize generation skipping transfer taxes. The inheritance is preserved, however, because according to the terms of the trust, once the trust matures, it is terminated, and the assets are distributed to the beneficiaries. The community benefits from the income generated in the intervening years.

The charitable IRA provides a very simple way to gift the community. All that’s required is that you name The Catholic Foundation as the beneficiary of your IRA or qualified retirement plan. Such a gift avoids the double taxation of IRA funds – first as part of the estate and then as income to the beneficiary – preserving more estate assets for good works in the community.

Like other planned giving contributions, IRA proceeds can be used to establish a named fund or added to the Foundation’s Unrestricted Endowment Fund.

This type of gift begins with a simple agreement between the donor and the Foundation: in exchange for a gift of assets, typically cash or stock, the Foundation promises to pay the donor a guaranteed lifetime income. The donor can begin receiving the income immediately or defer payments until reaching a certain age. The donor realizes significant tax advantages -- an immediate charitable tax deduction and consideration of a portion of the income payments as tax-free return of principal.

A life insurance policy can also be converted to a generous vehicle for philanthropy. The donor simply irrevocably assigns his or her insurance policy to The Catholic Foundation and names the Foundation as a beneficiary. Donors receive tax deductions equivalent to the policy’s cash surrender value or for the amount contributed (to the Foundation) to pay the premium, and can use the life insurance to establish a charitable fund of any kind.

Your primary residence or a second home is also, potentially, a charitable asset. A donor can gift a residence, realize a current income tax deduction, and continue to live in the home until his or her death. When the Foundation receives the home, it will sell the property and use the proceeds to support the charitable organizations or purposes the donor has identified, or add the funds to its Unrestricted Endowment Fund.

The Catholic Foundation | 12222 Merit Drive, Suite 850, Dallas, TX 75251| 972.661.9792 phone | 972.661.0140 fax | info@catholicfoundation.com