Please contact the Catherine Scalera in our Office of Planned Giving at 646-350-0156 or via email to firstname.lastname@example.org for more information. We are happy to assist you at any time so that you can make well informed decisions about your charitable gift planning.
What is legacy or planned giving?
What are the benefits?
A planned gift can help you steward well your financial future. It can give you excellent tax advantages, and you may be able to make a larger gift than you otherwise could to support the mission of the Dominican Friars. In this way, you can maximize your gift and minimize the impact on your estate.
May I designate my gift to a specific purpose or ministry of the Dominican Friars?
Yes. Your gift may be designated for any project or purpose (ie. formation and education, care of elderly friars, preaching initiatives) of the Dominican Friars. We would be happy to discuss your designation preferences and options with you, so feel free to contact Catherine Scalera at the Office of Planned Giving at (646) 350-0156, or email at email@example.com.
What are the common misperceptions about planned gifts?
Donors often think they have to make a seven-figure gift. You don’t. You can use stock or other appreciated assets to fund a gift that provides you income for life. For example, a gift annuity can provide you with fixed income for your life. They also think that they have to be over the age of 65 to take advantage of these vehicles, which is not the case.
What is the best asset for me to use to fund a gift to the Dominican Friars?
Your financial situation, your income objectives, and your charitable goals will all determine the best asset for you to give. Donors frequently think their only option is to make an outright gift of cash. While this is a positive way to make charitable gifts, there are a number of other ways to donate, such as gifts of securities, corporate matching gifts, and the Saint Dominic Legacy Society. Planning your gifts allows you to take advantage of the tax, financial, and estate planning benefits of charitable giving.
How do I know which gift plan is right for me?
Choosing a gift plan that is right for you requires a great deal of consideration, including discussions with family members, your financial and legal advisers, and the Office of Planned Giving staff at the Dominican Foundation. We will be happy to provide you with information to get you started.
A planned gift can be made in almost any form: cash, stocks, bonds, mutual funds, royalties. Please contact the Office of Planned Giving if you have questions about a possible donation at 646.350.0156 or email Catherine Scalera at firstname.lastname@example.org.
Can I make a gift to the Dominican Friars that provides lifetime income to me? If so, what type of gifts could generate an income stream for me?
Yes, it is possible to receive payments from your gift to the Dominican Friars. These “life income” gifts most often are referred to as a Charitable Gift Annuity (minimum gift amount of $10,000) or a Charitable Remainder Trust (minimum gift amount of $100,000).
How do these life income gifts work, and what are the benefits for me?
Once you make a gift (of either type), the Dominican Friars will invest the funds to pay you, and up to one other beneficiary, payments for life or, in some cases, for a term of years. Payments may start immediately, or may be deferred for one or more years. At the termination of the agreement, the Friars receive the remainder in the account. In most cases, you would receive an income tax deduction in the year of your gift equal to a portion of the gift amount, and you would avoid the capital gains tax for gifts of appreciated property such as stock, mutual funds, and real estate.
Will I receive a charitable deduction for my life income gift?
Yes. You will receive a deduction that is equivalent to the present value of the Dominican Friars’ remainder interest in your gift. (The present value of the Friars’ remainder interest in your gift is calculated at today’s value of the principal that will remain and be disbursed to the Friars once the gift matures.)
Why would I establish a legacy gift?
A legacy gift can help you accomplish many personal, financial and charitable goals. You can set up a gift that will increase your retirement income or provide income to a spouse or loved one. Most importantly a legacy gift’s primary purpose is to align your own legacy with that which is most important to you. If you support the Dominican Friars, you will provide crucial support for future generations of Friars, helping to ensure they carry out their mission of preaching Jesus Christ today and far into the future. Therefore, a planned gift should not be viewed simply as an investment strategy.
Is it possible to make a gift to the Dominican Friars through my will, and do the Friars want a gift like this?
Yes and yes. A bequest is the most common type of legacy gift. Bequests from wills or other estate planning documents often are the easiest gifts to make and result in significant contributions to support future generations of Friars. We can provide you or your advisors with suggested language for your will or other estate planning documents.
What is the language that I should use to make the Dominican Friars beneficiaries of my estate plans?
“I give, devise, and bequeath $___ OR the following asset ___ OR ___% of the residue of my estate to the Dominican Foundation of Dominican Friars Province of St. Joseph, Inc., a New York State corporation having corporate EIN 26-3273636. The Dominican Friars shall use this gift for: (examples include) its general purposes, the formation and education of friars, the foreign missions, the care of elderly friars, wherever the need is greatest. Contact us for further sample language.
Is it possible to name the Dominican Friars as a beneficiary of my retirement plan?
Yes. Leaving your retirement plan or IRA (or a portion of it) to the Friars is a tax-wise gift because naming the Friars as the recipient of your retirement plan after your death (or at the death of the survivor of you and your spouse) avoids all estate and income taxes on the plan assets.
To do so, simply notify your plan’s administrator of your wish to change the beneficiary. A “change of beneficiary” form will be required. The Friars/Dominican Foundation can be designated as a full or partial beneficiary of your plan. Depending on the state in which you reside, you may or may not need consent from your spouse if you designate your qualified retirement plan to come directly to the Friars at your death.
If your spouse and children are the beneficiaries of your retirement plan, you can continue to keep them as beneficiaries, and also include the Friars as beneficiaries of a portion of the plan. Upon your death, the plan administrator can “cash out” the Friars’ share of the account without affecting your family’s portion of the account, so that the
Dominican Friars, and your heirs, benefit from your retirement savings.
Can I use my life insurance policy to benefit the Dominican Friars?
Yes. This is an option overlooked by many. You can name the Friars as a primary, partial, or alternate beneficiary of your life insurance policy by filing a “change of beneficiary” form with the insurance company. Furthermore, if you no longer need the policy proceeds in your estate, you can transfer ownership of the policy to the Friars.
What is the Saint Dominic Legacy Society?
The Saint Dominic Legacy Society recognizes our donors who have made planned legacy gifts to the Dominican Friars. Through this giving society, the Friars gratefully honor our faithful friends and benefactors who have aligned their own legacy with that of the 800 year legacy of the Order of Preachers, to help ensure that the Dominican mission of preaching Jesus Christ is carried out faithfully by future generations of Friars.
How can I become a member of the Saint Dominic Legacy Society?
There are several straightforward ways that you can become a member of the Saint Dominic Legacy Society. By naming the Friars in your estate plan or as a designated beneficiary you will not only join the Saint Dominic Legacy Society, but you will also be joining in and helping to further the Dominican preaching mission. Click here to learn more about becoming a member of the Saint Dominic Legacy Society.
Should I tell you if I have already included the Dominican Friars in my will?
Absolutely. We’d like to talk with you about your bequest and make sure we understand how you want your gift to be used. And we would like to recognize and thank you.
How comfortable are people when it comes to discussing their estate plans?
A lot of people welcome the discussion. It’s always interesting and we can really help solve some difficult problems for our donors at all income levels. We can be creative and work things out. It’s a win-win situation. It gives our donors peace of mind, and it’s rewarding to help you plan your legacy.