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Blessing of Ten
Building a Firm Foundation for Our Future: Leaving a Legacy Gift
Dear Parishioners, Friends, and Benefactors,
We are glad to have a program we have developed called the "Blessing of Ten: Leaving a Legacy Gift". Our Lady of the Immaculate Conception Parish has thrived as a community of faith since the year 1938. Our parishioners, brothers and sisters, both those who came before us, and those who are with us now, have contributed greatly to make us what we are today. Blessing of Ten Leaving a Legacy Gift program will help to sustain and grow this parish that we have inherited and love. It is designed to incorporate 10% of the wealth that we leave or inherit from wills , IRAs, life insurance policies, etc., as a gift to our parish.
As you develop these financial instruments with the help of of your lawyer, financial planner or professional, remember your loved ones first and take care of them. Remember your parish last, but please do remember it. This of Immaculate Conception as your spiritual family and lave it a gift of 10% or more if you wish.
Blessing of Ten Leaving a Legacy Gift is about the future - how YOU can change it, mold it or inspire it. Our parish will continue to grow in different ways. Moreover, newer needs will arise from the new challenges that we encounter. In the proud tradition of Immaculate Conception Parish, or work and ministry will continue to address our challenges and needs. The Blessing of Ten program and the Blessing of Ten Leaving a Legacy Gift program will build our parish ministries and address the challenges of the future. In this pamphlet you will find information on how to participate in the Blessing of Ten Leaving a Legacy Gift program. To assist you in your planing this pamphlet offers suggestions and common methods of gift giving.
Thank you for your generous support in the past. May the legacy we leave today, no matter how great or small, help us to move forward into the future.
Sincerely in Christ,
Fr. Satish A. Joseph, Pastor
What is Blessing of Ten?
The Blessing of Ten is an invitation to share ten percent of our extraordinary gifts with God. There is something blessed and holy in taking a portion of the gifts God gives us and offering it back.
What are "extraordinary gifts?"
They are the proceeds we receive throughout the year that we do not consider part of our regular income. It may be proceeds from a garage sale, a winning lottery ticket, an inheritance, tax refund or gift.
Why should I share 10% of my extraordinary gifts with God?
Blessings from such generosity are attested to in the scriptures. Malachi 3:10 suggests to such people the lord will open the "window of heave." In Luke 6:38 Jesus reminds us, "Give and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you." Blessing of Ten is an act of faith.
How will the generous gift from the Blessing of Ten be used?
This faith initiative will first address our parish's debt. Moving forward, the Blessing of Ten will allow our parish ministries to include more options for youth and young adults, enhance our established programs, and keep our parish on a firm spiritual and financial foundation.
How do I participate?
We invite you to share your extraordinary gifts at weekend services using the tan envelopes in the pews and placing it in the repository at the foot of the sanctuary. Or you may mail your gift to the Parish Office. And now you can share your legacy gift as described in this pamphlet.
Leaving a Legacy Gift : Making an investment in your Parish
The Blessing of Ten program began as an idea to give back to God, through the parish, 10% of the extraordinary financial gifts that we receive, such as proceeds from lottery winnings, tax refund, or gifts. Blessing of Ten Legacy is an expansion of that idea to give 10% to the parish in wills, life insurance plans, IRAs and other instruments of financial planning. A gift made through your will, for instance, can leave a lasting effect on your parish community for years to come.
To remember your parish please consult with experienced professionals - accountants, attorneys, trust officers, foundations, financial planners - to advise you on the most effective way to make a gift or leave a bequest for the Blessing of Ten Program. These specialists can demonstrate how a legacy gift may generate tax savings and /or an income stream for you, a spouse, or children. Additionally, planning ahead may lessen the tax paid by you and your beneficiaries. These tax favored donations range from gifts of life insurance, property, securities, and various types of trusts.
What you can do today to leave a Blessing of Ten Legacy:
Will - Have a will prepared. Leave a gift of 10% of your will to Immaculate Conception Parish.
Memorial Gift - Remember deceased loved ones with a memorial gift of 10% of your inheritance from them to Immaculate Conception Parish.
IRA or Pension Plan - When identifying beneficiaries, name Immaculate Conception Parish as the beneficiary of 10% of your IRA or pension plan.
Life Insurance - Name Immaculate Conception Parish as the beneficiary of 10% of a like insurance policy pr as the owner of the policy. If Immaculate Conception Parish is named as the owner and beneficiary, you might be entitled to an income tax deduction limited to the lower of either the value of the policy or your cost basis in the contract. In addition, if you continue to pay premiums on a policy that we own, you may be able to deduct the premium payments.
Property - Give a gift of property - both real estate and personal property, such as antiques, jewelry, artwork, coin collections or other collectibles. If you won real estate that is not subject to mortgage and has appreciated in value, a charitable gift may be an attractive option. You might be able to claim an income tax deduction based upon capital gains tax and remove that asset from your taxable estate. Or, you can transfer the property now and continue to use the property for life. A qualified appraisal will be required to establish the fair market value of the property.
Security - Give a gift of securities, such as stocks, bonds or mutual funds. Upon the contribution of the security to the parish, any appreciation that has occurred over time may not be taxable. the best stocks to donate are those that have greatly increased ion value, particularly those producing a low yield. In order to preserve tax advantages, you must transfer the physical securities rather than the proceeds of the sale.
- Appreciated Securities:
- If you donate a security that has risen in value and that you've held for more than one year, you might be able to pay no capitol gains tax on the transaction and are entitled to a charitable deduction for the full fair market value of the stock.
- Depreciated Securities:
- If you have stock losses, generally you should now contribute the stock, but rather sell the stock yourself to realize the loss for tax purposes. You can then contribute the cash and take a charitable deduction.
Charitable Lead Trust - A charitable lead trust can be structured to provide significant income, gift, and estate tax benefits by the transfer of income producing property to a trust for a certain number of years. The property reverts back to you, your family members, or other beneficiaries. The trust income would be paid to Immaculate Conception Parish during the term of the trust. As with all complex matters, please contact a professional or an attorney.
Charitable Remainder Unitrust - A charitable remainder unitrust is an arrangement in which you irrevocable place money or property with a trustee with instructions to pay someone (yourself or others) income generally for life. The income will be a set percentage of the trust's value, which may change from year to year. When the person recieving the income dies, the property remaining can pass as a legacy gift to Immaculate Conception Parish.
By designating Immaculate Conception Parish as the remainder beneficiary, you might be able to get an income tax charitable deduction for the discounted present value of the amount placed in the trust. Depending upon your individual needs, you can also arrange for:
- Increased income for your family
- Capitol gains tax avoidance
- Tax-free income
- Increased income at retirement
- Diversion of income to a family member in a low tax bracket
- Estate tax savings
- Avoidance of gift tax
- Professional investment of your funds
- A hedge against inflation
- Reduced estate settlement costs
The unitrust is a proven, time tested way for you to provide a legacy gift to Immaculate Conception Parish, Blessing of Ten while you satisfy your personal and family needs.
To obtain more information or to make arrangements on leaving a Legacy Gift Please call the rectory at (937) 252-9919.