Many planned gifts require the assistance of a legal or financial advisor. Most planned gifts are deferred gifts, promising future support of the Adrian Dominican Sisters. When naming the Congregation as a beneficiary of a bequest, insurance policy, retirement plan, annuity or trust, the donor should instruct the attorney that our corporate title is “Adrian Dominican Sisters.”
A charitable bequest supports the work of the Adrian Dominican Sisters after your death. A charitable bequest may be included at the time a will is written or it may be added later by a codicil. A bequest does not affect current income and may favorably impact the estate taxes owed.
A review of insurance needs might disclose that some policies are no longer as useful as they once were. The cash value of a policy that is no longer needed could be transferred to the Adrian Dominican Sisters. It is also possible to name the Sisters as a beneficiary of a policy or to assign dividends to the Sisters as current, tax-deductible gifts.
Charitable Remainder Trusts
A charitable remainder trust is a planned giving vehicle which provides the donor or another named beneficiary an annual income. At the time of the donor or other beneficiary’s death, named charities receive the remainder of the assets. These trusts are irrevocable according to IRS rules. A portion of the original amount provides an income tax deduction and any capital gains on appreciated property are deferred or, in some cases, avoided. Trusts can also benefit estate plans. As with all planned gifts, there are many regulations governing their use. Please contact your financial and/or legal advisors.
Since there are substantial tax penalties for having too much money left in a retirement plan, naming a non-profit organization could be beneficial. The Adrian Dominican Sisters can be named first, second or last beneficiary for part or all of a plan.
The Pension Protection Act of 2006 created the Charitable IRA Rollover and Congress has re-authorized it every year since. This act permits a person over age 70½ to make a charitable gift up to $100,000 from a traditional IRA or a Roth IRA. There are some conditions on this type of charitable gift. (For example, the gift is to come directly from the IRA administrator to the Charity to avoid income tax and the donor does not receive a tax deduction for the IRA Rollover gift.) We recommend that you seek professional advice from your legal and/or financial advisors as to which has the greater advantage for you: avoiding the income tax or receiving a charitable tax deduction.
Gifts of Stock
A gift of appreciated publicly traded securities can bring the donor greater tax savings than gifts of cash, while benefiting the Adrian Dominican Sisters (who are tax-exempt). A broker can arrange for the electronic transfer of a gift of stock. Call the Development Office for specific procedures. Depreciated stock should be sold first so that you receive the tax deduction for the loss, and then the gift made from the funds realized in the sale of the stock.
JOIN THE HERITAGE SOCIETY
For advice and assistance in making a planned gift, consult an attorney or another professional advisor. State laws affect wills, trusts and charitable gifts made by contractual agreement. To become a member of the Adrian Dominican Sisters’ Heritage Society, complete this form:
HERITAGE SOCIETY ENROLLMENT (PDF)
The explanatory material given here is not meant to offer legal or tax advice. You should always consult your legal and/or financial advisors before making a planned gift.