Giving Through a Will, Living Trust, and Other Plans

Planning today creates a brighter tomorrow for the people in Nepal and throughout Asia, Africa and Latin America.

In addition to filling an important role in providing for the future financial security of your family and others, your will or living trust can offer a way to make thoughtful charitable gifts as part of your long-range estate and financial plans. It can be satisfying to know that a portion of your property will be put to good use in the future and help share God’s Love with the World.

A gift made through a will or living trust can be convenient to arrange. A simple provision or amendment prepared by your attorney at the time you make or update your will or trust is all that is necessary. Gifts included in wills and living trusts are popular because they are flexible, easy to arrange, and may be changed with your life circumstances. These gifts also ensure that your legacy of sharing God’s love continues through the mission work of the Maryknoll Fathers and Brothers. Our Gift Planning representatives are here to help you explore the many possibilities. Please call 1-888-627-9566 (8:30 a.m. – 4:00 p.m.) or email giftplanning@maryknoll.org.

Ways to Give Through Wills and Trusts

There is no limit on amounts deductible from federal gift and estate taxes for charitable gifts made by will or trust, so no tax will be due on assets given in this way. Estate taxes are also imposed by a number of states. Charitable gifts are normally exempt from those taxes as well. To plan a charitable bequest, inform your attorney of your wishes and ask for advice regarding federal and state tax considerations and the best form for your gift.

If you decide to include a gift in your estate plans, our legal name is Catholic Foreign Mission Society of America, Inc. and our tax ID number is 13-1740144.

Click here for sample bequest language as well as our complete mailing address.

Example

Bob has been a generous supporter of a charitable interest over the years. When he revised his will 10 years ago, he decided to provide that Maryknoll Fathers and Brothers would receive his estate should his daughter not survive him.

Today his daughter is financially independent. After careful consideration of his overall plans, especially the fact that he can now leave more to his daughter free of estate tax, Bob decides to revise his will to provide that Maryknoll Fathers and Brothers will receive generous gifts from his estate while his daughter will still inherit the majority of his assets. The amount left to Maryknoll Fathers and Brothers will be fully deductible for estate tax purposes and could result in a significant reduction in estate taxes that could otherwise be due under current or future tax law provisions.

Other Ways to Give Through your Estate

Many have life insurance or retirement plans with significant balances. In some cases, these assets total more than is needed for a comfortable retirement, and could give rise to future income and estate taxes.

In that case, it may be wise to consider using these funds to make gifts to benefit Maryknoll Fathers and Brothers now or in the future. Contact your life insurance professional or retirement plan administrator for ways to make gifts from these resources today. A simple change of beneficiary form may be all that is required to provide for a gift of life insurance proceeds or what remains in a retirement account. As in the case of gifts through wills and revocable living trusts, such gifts can be arranged to take place only if loved ones predecease you, or in the event of other circumstances you specify.

For more information on retirement plan giving, see Retirement Plan Gifts.

Your retirement plan administrator or your life insurance professional can also provide more details upon request.

Options Using Bank and Investment Accounts

Many people have bank and investment accounts that they would like to leave directly to family, friends, Maryknoll Fathers and Brothers or other charitable interests at the end of their lifetime. This can often be accomplished using a “pay on death” (P.O.D.) provision for a bank account or a CD or a “transfer on death” (T.O.D.) provision for certain other investment accounts. Simply ask your bank manager or officer of your financial advisor for the appropriate form. You retain full ownership and access to the funds during your lifetime and the person or charity receives only what is left in the account. 

Would you like to explore
this further? Please call
1-888-627-9566 or email
giftplanning@maryknoll.org.

For more information, please contact our Gift Planning department.

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