As the end of the year approaches, it’s the perfect time to start planning your charitable gifts. Thoughtful planning can ensure that your gift has the maximum impact, both for your finances and for your favorite Catholic cause. Supporting Catholic causes, such as your parish, Catholic school, or ministry, with an end-of-year donation can make a significant difference in the lives of those they serve.
5 Ways for Planning Your Charitable Gifts
As you begin planning your charitable gifts for the end of the year, there are several options to consider. Common end-of-year gifts include:
1. A Qualified Charitable Distribution (QCD)
If a person is 72 years old and doesn’t need the Required Minimum Distribution (RMD) from their IRA, they can avoid taxes by directing it as a qualitfied charitible distribution (QCD) to an endowment fund with the Catholic Foundation. They save on taxes and their gift lives forever helping the organization fulfill its mission.
2. Appreciated Stock
Donors can avoid capital gains by directing appreciated stock to an endowment fund with the Catholic Foundation.
3. Donor Advised Funds (DAF) or Charitable Gift Accounts
The Catholic Foundation is a 501(c)(3) charitable organization and may accept gifts from a donor advised fund (DAF) or charitable gift accounts.
4. Cash Contributions
Donors may make a cash gift online or by check to any endowment fund managed by the Catholic Foundation.
5. Planned Giving
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While you are meeting with your financial advisor, accountant or estate planning attorney on end-of-year gifts, many people seize the opportunity also to discuss planned giving or legacy giving.
People should not be intimidated by the term “planned giving.” It’s one of the easiest forms of charitable giving you can participate in! Planned giving is an excellent way to ensure your sustained support of the Catholic causes that mean the most to you continue after you are gone. A planned gift costs you nothing during your lifetime and will carry on your tradition of philanthropy.
With planned giving, you can:
- Name an endowment fund(s) of your choice in your will;
- Designate and donate stocks and investment accounts;
- Make a significant gift with retirement plan assets such as IRAs and 401(k)s
While charitable giving can seem complicated, the Catholic Foundation has made it easy! There are many options available to you and we are here to help you.
By helping those in need and sharing our gifts with one another, we are living our lives the way Jesus intended us to. Let this be your guide when planning a gift to your favorite Catholic cause.
The Catholic Foundation can help you get started with your Catholic planned giving at any time. Our team is here to help you. We offer two popular products for end-of-life planning:
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