How do I know where my gift will be given?
When determining the type of gift you’d like to give to the Archdiocese, please contact our office at 312.534.5396 or [email protected] to discuss what ministry/office you’d like your gift to be allocated towards. If you do not have a preference, we’re happy to provide suggestions.
Is there a way my family and/or loved ones can be updated on how my gift is being used?
Absolutely. It’s important that we connect with your loved ones after we receive your gift. We’d appreciate it if you could please contact our office at 312.534.5396 or [email protected] to specify whom we should contact following receiving your gift.
Should I notify the Archdiocese about my planned gift?
Yes, it’s extremely important to do so. When we receive a notification from a donor prior to receiving their gift, we’re able to properly use and understand the impact the gift will have on the Archdiocese. In addition, we’re able to plan and secure the Church’s future when we’re aware of planned gifts to come.
What type of tax deduction will I receive for my planned gift?
As long as you itemize your deductions, and the amount of your gift is greater than the standard deduction, your gift will automatically reduce your income and the tax you pay on this income. This deduction will be taken at your highest marginal rate.
Factors that determine the income tax savings to the donor:
- Gift of Property (the dollar amount eligible to be deducted)
- Depreciation on the Property to Be Claimed
- Restrictions on the Dollar Amount (which can be claimed in the given calendar year)
- Gifts of Appreciated Securities (and whether or not they were held long-term or short-term)
- Charitable Contribution Limits (apply to the income tax deduction, not to the estate tax deduction)
As a general rule, gifts such as a gift annuity and a charitable remainder trust are calculated with a discount rate that produces larger charitable deductions than a gift of a charitable lead trust or a personal residence.
These are just a few of the issues to consider when reviewing the tax benefits of any planned gift with your professional estate planner or accountant.