Planned Giving

Catholic Charities Legacy Society honors those who include Catholic Charities of the Diocese of Monterey in their estate planning. Let us know if you remembered Catholic Charities of the Diocese of Monterey in your Will or Trust or contact us to make a planned gift to Catholic Charities and establish a gift that pays you. There are many opportunities to gain control of your future by updating your estate plan – a plan that is good for you, good for those you love, and good for those less fortunate.

The most common way to include Catholic Charities of the Diocese of Monterey in a will or living trust is through a charitable bequest. Instead of rewriting your current documents, you simply add an amendment (called a codicil) to your will or living trust.

Completed Bequests

If you have a completed bequest, please let us know! You may contact us by calling (831) 393-3110.

Your bequest is entirely under your control during life and becomes irrevocable only at death. If you have questions about bequests to Catholic Charities of the Diocese of Monterey, call the Development Office at (831) 920-4760.

A designation in your IRA or other retirement plan may be a very cost-effective way of making a gift to Catholic Charities. If you leave your retirement plan to your children, they will have to pay income tax on either a lump sum distribution or the income stream from the plan. Catholic Charities does not pay this tax. Here’s an example of what this can mean to your heirs:

 

A widower died a few years ago. He left his $300,000 house to charity and his $300,000 retirement plan to his relatives. He should have done just the opposite. The relatives had to pay income tax on the $300,000 in the retirement plan, an $80,000 cost to them. If they had received the home, and the charity had received the retirement plan payment, no one would have paid income tax.

 

For more information on the advantages of retirement gifts to Catholic Charities, call your financial advisor or attorney

A charitable life estate agreement allows you to give a personal residence or farm to Catholic Charities of the Diocese of Monterey while retaining the right to live there for life. Donors who enter a life estate agreement receive an immediate income tax deduction. The deduction is based on the present value of the home discounted by the estimated length of time the charity must wait to receive the home. To put it simply, a person age 70 will receive a larger deduction than will a person age 50, all other things being equal.

The IRS grants the deduction even though the donor continues to enjoy full use of the home. But the IRS also expects the owner to have full responsibility for the care and maintenance of the home. That’s why life tenancy agreements simply continue things as they are currently, with the donor dealing with maintenance, property taxes, insurance and the like. The major benefits to the donor, then, are continued use of the home, an immediate charitable income tax deduction, the avoidance of probate, the avoidance of estate tax on the property, and the satisfaction of making a substantial gift to Catholic Charities during one’s lifetime.

For more information on the advantages of giving your home, contact your financial advisor or attorney.

Donors who want income for life, bypass of capital gains tax on stock or real estate, reduced taxes, and the satisfaction of providing for a good cause like Catholic Charities of the Diocese of Monterey.

Anything you place in a charitable trust–cash, stock, real estate–is invested by the trustee to pay you income for the rest of your life and, if you wish, pay your heirs for life or for a term of years. After the death of all income beneficiaries, what remains in the trust passes to Catholic Charities.

Your trust may provide you with some important tax benefits:

  1. An immediate income tax deduction for a percentage of your gift.
  2. No tax on the sale of appreciated property. From the donor’s point of view, this is often the most important tax benefit. Sometimes thousands of dollars that would have gone in capital gains taxes remain in the trust generating income to the income beneficiaries.
  3. The trust principal is not subject to estate tax. Property that might otherwise be subject to federal estate tax, which can be has high as 45%, is preserved from estate tax entirely.

Contact your financial advisor or your attorney for more detailed information on these, and other, benefits.

Why Catholic Charities

Catholic Charities of the Diocese of Monterey has been working to reduce poverty and promote social justice on California’s Central Coast since 1984. Your gift will:

  • Strengthen our ability to serve those in need
  • Cultivate collaborations with other non-profit service providers
  • Expand and strengthen our agency for the future, ensuring adequate funding for quality programs to address community needs

Catholic Charities helps to stabilize and provide a step up out of poverty for the poor and the working poor in our four-county service area: Santa Cruz; Monterey; San Luis Obispo; and San Benito.  The agency provides homeless prevention services and financial stability programs, and assists with access to food and health care for low income families and individuals.

Mental health, grief and pre-marital counseling services are available, with a primary focus on helping those with limited income or access to professional counseling.

The agency offers tattoo removal for those committed to eliminating ink markings which prevent them from moving forward with different life choices, achieving new work goals and realizing personal dreams.

Catholic Charities is considered a safe haven by those seeking legal pathways to immigration, citizenship and family reunification, including victims of domestic violence, human trafficking and other crimes.  The agency also offers classes for those studying to attain U.S. citizenship.

Catholic Charities provides programs that help lift people out of poverty to become self-sufficient, contributing members of our communities.

Your gift will help transform lives.

Planned Giving Inquiry

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