Thank you for considering the National Shrine of Blessed Francis Xavier Seelos for inclusion in your estate plan. Donor gifts provide the assistance needed at the Shrine to offer the many pilgrims a sanctuary for prayer, hope and healing. Charitable gifts also make it possible for the Shrine to promote the canonization cause of Blessed Francis Seelos through vital ministry carried on in his name.
The Basics of estate planning
A Will is a legal document which contains specific instructions to the Probate Court as to how your property is to be administered and distributed after your death. A Will can only go into effect after you die and cannot provide any protection during life in case of your incapacity. Because a Will is a matter of public record, it is more easily challenged by disgruntled heirs. With a Will, a separate probate proceeding is normally required in each state where property is located.
A Living Trust is similar to a Will except that with a Living Trust, you place all of your assets into the Trust with instructions for the management and distribution of the assets upon your incapacity or death. If you designate yourself as Trustee, you can continue to manage and invest the Trust assets as you wish – and with complete freedom to withdraw assets as needs arise. A Living Trust avoids the potentially time-consuming and costly public Probate Court process. It has been called the most flexible planning device available.
Retained Life Estate
Retained Life Estate is an attractive option for those who would like to donate their residence to charity while remaining in their home. By accelerating the transfer and retaining a life estate, the donor retains the benefits of the property while obtaining a current charitable income tax deduction. The property also passes free of federal estate tax. If the donor ever wants to vacate the property, it is then rented and the income passes to the donor.
Options for Giving
There are several options for including the Shrine in your estate plan. Below are brief summaries about the most common giving options. Please fill out the form below to request more detailed information about the options of your choice.
- Increased income, tax benefits
- An annuity is a guaranteed transfer of a fixed sum of money each year for a fixed number of years. It allows you to transfer your assets (cash, securities, etc.) to the Seelos trust while enjoying guaranteed periodic payments for your lifetime. The payment amount is determined by the age of the annuitant when the annuity is initially funded. Once determined, this amount remains fixed for the annuitant’s life. This can be on two lives. Also ask about our deferred rates.
Example: a couple, one who is 66 years old and the other who is 63 years old, wish to create a Charitable Annuity. They are going to fund it with $10,000 of appreciated assets and want a 7% annual return.
- Rate is 7% guaranteed for life
- Return is $700 each year
- Only about 50% taxed
- Their charitable deductions are estimated based on life expectancy.
- Increased income, tax benefits, multiple charities, you may be the Trustee
- A Charitable Remainder Trust (CRT) is an arrangement in which you transfer assets to a trust and retain for yourself an income interest for a term of years, with the remainder of the assets passing to the Seelos trust and any other charities you choose upon termination of the income interest.
- Leveraged gift, large gift for small payment, federal and estate tax savings
- For a relatively small sum of money (the premium), you can provide the Seelos Shrine with a large gift (the policy proceeds payable at death). The policy can be set up so that after a period of time (normally 10 years), the dividends earned will offset the need for future premium payments. When the Shrine is named as the irrevocable owner and beneficiary of the policy, your premium payments are a charitable income tax deduction. No amount of the policy proceeds received by the charity are included in your Estate for estate tax purposes. Your Gift of Life Insurance policy may be newly issued or an existing policy.
- Retain the right to advise the Shrine on the distribution of your funds, memorialize loved ones, designate funds for specific areas of concern
- CASH: The most common way that memorial gifts are made is in the form of cash. Often it is a memorial fund created by family members to which many can donate. A cash memorial gift goes to work immediately to help the Shrine. It is the simplest gift you can make, and it allows the largest number of people to participate.
- MEMORIAL BEQUEST: A bequest in your will is a fixed dollar amount or percentage of your estate gifted in memory of you, your loved one, or a specific cause in your name.
- GIFT OF PROPERTY: A gift of stock, real estate, jewelry, antiques, art, life insurance or other property offers an excellent way to memorialize a loved one. You may deduct up to 30% of your adjusted gross income for gifts of securities or real estate.
For More INformation
Thank you for your consideration. Any donation or gift is greatly appreciated, and will go directly toward furthering the mission of the National Shrine of Blessed Francis Xavier Seelos. Please fill out the form below to receive more information about charitable giving.
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This information is presented to help you give serious consideration to the stewardship of the gifts you have received. It is not intended to be construed or interpreted as offering legal advice for any specific situation. Please consult your attorney when considering legal matters.