Planning your estate is more than just crunching numbers. It’s about having a long-lasting impact on the people and places you care about. And, a planned gift can contribute to the legacy you wish to create.
A planned gift to the Dominican Shrine of St. Jude Thaddeus allows you to share the beauty of your Catholic faith for generations to come while helping to teach and preach the Gospel. And, it is likely easier than you think!
All that is often needed to make a gift through your will, trust, retirement, or life insurance policy is a change of beneficiary form from your attorney or plan adviser. You can use this form to designate the “Dominican Shrine of St. Jude Thaddeus” as beneficiary.
Please consider the following options, always remembering to consult with your attorney or financial adviser about options which work best for you and those you love.
Give through Wills and Trusts
A BEQUEST In a Will or Trust is certainly one of the easiest planned gifts to make. When a bequest specifically designating the Dominican Shrine of St. Jude Thaddeus is included in your Will or trust, upon your passing all (or a portion) of your estate or trust can be donated to the Dominican Shrine of St. Jude Thaddeus. This allows you to:
- Use and control your assets during your lifetime.
- Make a gift to charity upon your death.
- Claim an estate tax charitable deduction, potentially reducing your estate tax obligations upon your death.
For your convenience, consider the sample bequest language given below. Remember to always consult your professional financial adviser before making charitable decisions.
Sample Bequest Language
Bequest of Cash
I give to the Dominican Shrine of St. Jude Thaddeus, the sum of $______________ to be used for the greatest need [or to be used for stated purpose goes here.]
Bequest of Property
I give to the Dominican Shrine of St. Jude Thaddeus
[Description of property] to be used for the greatest need [or to be used for stated purpose goes here.]
Bequest of the Complete (or Partial) Residue of Estate
I give to the Dominican Shrine of St. Jude Thaddeus, all [or ________% of the remainder and residue] of my estate to be used for the greatest need [or to be used for stated purpose goes here.] To the extent my estate has items of “income in respect of a decedent” available for distribution, those items shall be allocated first to any gifts under this Will qualifying for the federal estate and income tax charitable deductions.
Though by no means required, it is helpful to share a copy of the page of relevant provisions from your will or trust with the Dominicans, showing the Dominican Shrine of St. Jude Thaddeus as a beneficiary. Simply send this to:
The Spiritual Director
Dominican Shrine of St. Jude Thaddeus
1910 S. Ashland Avenue
Chicago, Illinois 60608
Gifts through Retirement Plans
Making gifts from your IRA, 401(k), 403(b), ESOP, or other qualified plan, can offer you some unique advantages such as:
- Assets left in your plan may avoid income and estate taxes, which often amount to as much as 70% or more where no charitable giving is undertaken.
- You may be able to use the charitable deduction of the gift to offset other taxes.
- At 72, you may use a gift from the plan to meet the annual Required Minimum Distribution (RMD) threshold, subject to statutory maximums.
- You can continue to make withdrawals from the plan during your lifetime.
Ask your plan adviser for a change of beneficiary form, and make the Dominican Shrine of St. Jude Thaddeus, a beneficiary. At your death, all (or a portion) of the assets left in your plan which you have designated pass to the Shrine.
Gifts of Life Insurance
You can make a deferred gift to the Dominican Shrine of St. Jude Thaddeus using life insurance. This may allow you to make a larger contribution than you thought possible.
Benefits may include a current income tax deduction for the gift of the policy, continuing income tax deductions for periodic premium payments, removal of the insurance from your taxable estate, and the satisfaction that comes from making a gift to benefit the Shrine.
Types of Life Insurance
If required premium payments are made, paid-up Whole Life Insurance can make an excellent gift as there is a cash buildup as well as a death benefit.
If you make the Dominican Shrine of St. Jude Thaddeus owner of your policy, you may be eligible for an income tax deduction for the gift of the policy. Annual gifts made to the province designated to pay future premiums also qualify for an income tax deduction.
You can also make a gift of a “paid-up” life insurance policy, which can either be cashed in by the Dominican Shrine of St. Jude Thaddeus, or held to receive the benefits at a later date.
Please note, the nature of Term Life Insurance does not typically allow for gifting of this kind.
Benefits of Gifting Life Insurance
Making a gift of your life insurance policy can:
- Allow you to make a low-cost gift to charity, one that doesn’t adversely affect your cash flow.
- Make a larger gift to charity than you may have thought possible
- Enjoy an immediate income tax deduction for the cash value of a surrendered policy.
Ask your plan adviser for a change of beneficiary form and make the Dominican Shrine of St. Jude Thaddeus a beneficiary or owner of your life insurance policy.
Gifts of Real Estate
For centuries, the gift of land has made possible some of the Church’s most inspiring places of worship and study. Similarly, funds from property sales have also advanced the mission of Catholic Shrines in profound ways. Your gift of real estate can continue that great tradition.
Remember, too, real estate can be donated even while you continue to use it, and can offer significant savings on your taxable estate. Appraisals are needed
Before making a gift of real estate, however, please contact the Shrine Development Office at [email protected] or 312-243-0011. For a number of reasons, the Shrine cannot accept all property. Due diligence is required to protect both you as the donor and the Dominican Shrine of St. Jude Thaddeus.
Due Diligence for Real Estate Gifts
Prior to accepting gifts of real estate, the Dominican Shrine of St. Jude Thaddeus will perform a due diligence evaluation of the property to determine its acceptability. This evaluation has two purposes: to ensure a meaningful gift will result, and to ensure that the province and the donor share an understanding about what will happen with the property.
Due diligence includes, but are not limited to, an assessment of the property’s marketability, outstanding mortgages, liens, or presence of hazardous materials or dangerous conditions.
The Shrine will always work transparently with donors to understand the process and discuss any actions needed to make the property acceptable for transfer.
Making an In-Kind Gift
The treasures you have today could help advance the mission of Dominican Shrine of St. Jude Thaddeus tomorrow.
Gifts-in-kind are often gratefully accepted, supplying friars of the province with important equipment, tools, supplies, and valuables, such as art or books, quality vehicles, and other materials helpful to our mission of preaching. Prior to considering any in-kind gift, please contact the Shrine Development Office at [email protected] to inquire about available options.
Basic Acceptance Policy
In-kind gifts are reviewed, accepted and officially acknowledged. Prior to acceptance, the gift is gratefully reviewed to see if it meets province needs. The Dominican Shrine of St. Jude Thaddeus reserves the right to decline any gift that does not further the Shrine’s goals or may involve special maintenance or other conditions the province would be unable to satisfy. The donor is responsible for making arrangements to deliver the gift. Additional approvals may be required for works of art.
The province does not provide gift valuation. In accordance with Internal Revenue Service regulations, the donor is responsible for determining the value of an accepted gift. If the estimated value of the gift exceeds $5,000, then a qualified appraisal is required by the IRS to substantiate a donor’s charitable deduction for gifts-in-kind. Province employees and volunteers are not qualified appraisers, and federal regulations do not permit the province to give appraisals or estimates of value.
For taxation details, see IRS Publication 526.
Disclaimer: the Dominican Shrine of St. Jude Thaddeus does not advise on any personal income tax requirements or issues. Use of any information from this site or any other web site referred to is for general information only and does not represent personal tax advice either expressed or implied. You are encouraged to seek professional tax advice for personal income tax questions and assistance.