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Many people spend a lifetime accumulating assets; it is important to give adequate thought to disposing of these assets at one's death. In creating one's estate plans, an individual needs to consider the people, the property and the planners.
The people may include one's spouse, children, extended family, significant friends and charities. Who needs to be provided for and who would you enjoy gifting? What charities will miss your regular donation when you die?
Property includes cash, savings accounts, stocks and bonds, insurance policies, jewelry, artwork, real estate and personal effects. Planners may include your lawyer, financial planner, trust officer, investment manager or real estate agent.
By giving thought to your charitable giving, you can help yourself as well as others. Working with you financial and legal advisors, you can take advantage of laws that help people avoid excessive estate taxes, increase current income, benefit causes you care about, and still set aside desired amounts for your loved ones.
YOU MAY WISH TO CONSIDER:
Bequest is a gift to a beneficiary made through a will or a living trust. The donor does not surrender ownership of the gifted property during their lifetime.
Gift of Life Insurance provides a number of unique opportunities for charitable giving and the resulting income tax deductions to the donor. One can give a policy (fully or partially paid up) that is no longer needed, create a new policy with the charity as the owner and beneficiary and pay the premiums as part of the gift. At the donor's death, the charity receives the insurance proceeds.
Charitable Remainder Trust is a vehicle which pays the donor or the named individual an income for life and distributes the principal to specific charities at death.
Charitable Lead Trust pays a charity the income from the trust for a specified number of years. Then the principal reverts back to the donor or is given to a specific charity.
The legal title of the diocese is "The Roman Catholic Bishop of Monterey, California, a Corporation Sole." If you wish to specify a particular parish, diocesan program or Catholic agency, you need to name that entity after the designation shown above.
You or your financial advisor are encouraged to speak with Sister Laura Goedken, OP, Director of Stewardship for the diocese about your estate plan.
Thank you for thinking of the Diocese of Monterey in your gift planning.