Remember the Shrine of St. Jude Thaddeus in Your Estate Plans
Extend your legacy of devotion to St. Jude by listing the Shrine as a beneficiary in your will, trust, or retirement documents.
Planning your estate is more than just crunching numbers. It’s about having a lasting impact on the people and places you care about.
With a planned gift to the Shrine, you can share the beauty of your Catholic faith and devotion to St. Jude for generations to come, and help advance the mission of the Shrine of St. Jude Thaddeus to be a ministry of prayer and hope for many. And it may be easier than you think!
Often times, all that’s needed to make a gift through your will, trust, retirement, or life insurance policy is to request a change of beneficiary form from your attorney or plan adviser. Use the form to designate the “Shrine of St. Jude Thaddeus” as a beneficiary.
Please consider the following options, and consult with your attorney or financial adviser on the options that may be best for you.
GIVE THROUGH WILLS AND TRUSTS
One of the easiest planned gifts to make is a bequest. Upon your passing, all (or a portion) of your estate or trust can be donated to the Shrine of St. Jude. 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 family’s tax obligations upon your death.
For your convenience, sample bequest language is given below. Always consult your professional financial adviser before making charitable decisions.
SAMPLE BEQUEST LANGUAGE
Bequest of Cash
I give to the 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 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 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 that 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 not required, it is helpful to have a copy of the page of relevant provisions from your will or trust showing the Shrine of St. Jude Thaddeus as a beneficiary.
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:
- Avoid income and estate taxes levied on the assets left in your plan.
- Use the charitable deduction of the gift to offset other taxes.
- At 70 1/2, use a gift from the plan to meet the minimum withdrawal requirement.
- Can continue to make withdrawals from the plan during your lifetime.
Ask your plan adviser for a change of beneficiary form, and make the “Shrine of St. Jude Thaddeus” a beneficiary. At your death, all (or a portion) of the assets left in your plan pass to the Shrine of St. Jude.
GIFTS OF LIFE INSURANCE
You can make a deferred gift to the 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 Dominicans.
TYPES OF INSURANCE
Term Life Insurance is rarely used to make a charitable gift as the policy doesn’t provide an internal cash buildup or any benefits other than payment of the face value upon death.
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 Province of the Most Holy Name, Inc. the owner of your policy, you may be eligible for an income tax deduction for the gift of the policy. And any annual gifts made to the province to pay future premiums will 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 Province immediately, or held to receive the benefits at a later date.
Life Insurance policy gifts can be transformational, used for major projects, advancing important programs, or starting endowments.
BENEFITS
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 Shrine of St. Jude Thaddeus a beneficiary or owner of your life insurance policy.
GIFTS OF REAL ESTATE
Before making a gift of real estate, please contact the Shrine Office at info@stjude-shrine.org or 415-931-5919. Unfortunately, not all property can be accepted, and due diligence is required to protect the donor and the Shrine.
For thousands of years, the gift of land has made possible some of the Church’s most inspiring places of worship and study. Similarly, the funds from property sales have also advanced the mission of our Dominican Order in profound ways. Your gift of real estate can continue that great tradition.
Real estate can be donated even while you continue to use it, and can offer significant savings on your taxable estate. Appraisals are needed, and unfortunately, not all property can be accepted.
Real estate can also be transferred through what’s called a “Bargain Sale.”
HOW A BARGAIN SALE WORKS
- You sell the Shrine of St. Jude Thaddeus your property for a price less than fair market value.
- You receive the cash from the sale and a charitable deduction for the difference between the fair market value and bargain sale price.
- While you may owe some tax on the amount you receive from the sale, the charitable deduction from your gift could offset your taxes this year.
BENEFITS OF A BARGAIN SALE
If you are considering selling your property, a bargain sale will help you meet your goals. Bargains sales can:
- Avoid capital gains tax on your charitable gift.
- The deduction from your gift will give you valuable tax savings that may reduce your tax bill this year.
- With the cash received from the sale, you may then reinvest to create more income for your future.
- You’ll be helping to advance the mission of the Shrine of St. Jude!
DUE DILIGENCE FOR REAL ESTATE GIFTS
With gifts of real estate, the Shrine of St. Jude Thaddeus, through the Province of the Holy Name, Inc. performs 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 an assessment of the property’s marketability, outstanding mortgages, liens, or presence of hazardous materials or dangerous conditions.
The Shrine and the Province will always work transparently with donors to understand the process and discuss any actions needed to make the property acceptable for transfer.
MAKE AN IN-KIND GIFT
The treasures you have today could help advance the mission of the Shrine of St. Jude tomorrow.
Gifts-in-kind are appreciated, and can supply the Shrine, or, if we cannot use them, our Dominican Province and student friars, with important equipment, tools, supplies, and valuables, such as computers, cameras, art or books, quality vehicles, and other materials helpful to our mission of preaching and promoting St. Jude and educating our young friars in formation.
As we are unable to accept all items, please contact the Shrine of St. Jude Thaddeus at info@stjude-shrine.org or to inquire about the options available to you.
BASIC ACCEPTANCE POLICY
All gifts-in-kind are reviewed, accepted and officially acknowledged. Prior to acceptance, the gift is reviewed to see if it meets Shrine or Province needs. The 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 Shrine 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.
APPRAISAL GUIDELINES
The Shrine 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. Shrine employees and volunteers are not qualified appraisers, and federal regulations do not permit us or any friar to give appraisals or estimates of value.
For taxation details, see IRS Publication 526.
Disclaimer: Neither the Shrine of St. Jude Thaddeus nor the Western Dominican Province can 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 express or implied. You are encouraged to seek professional tax advice for personal income tax questions and assistance.
