Gift in Your Will or Trust
A gift through a will or trust allows you to make a substantial impact in support of the Rosary Shrine of Saint Jude without diminishing the assets available to you during your lifetime. Because a charitable donation made through your will is tax deductible for federal estate tax purposes, important estate tax savings can result from this type of gift. A gift in your will may be made of a specific item or dollar amount, a percentage or a residuary of your estate, as an unrestricted gift or for a specific designation. You simply include the following language, depending upon the type of bequest, in your will.
Specific Gifts are those in which you bequeath a specific dollar amount or a specific asset(s). Sample language: I give, devise, and bequeath $_____ (or, the following asset) to the Rosary Shrine of Saint Jude, an apostolate of the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636 for its general purposes. (Real Estate or Property – for specific bequests of these, include this language: My Executor shall, at the request of the Rosary Shrine of Saint Jude, Province of St. Joseph, Inc., liquidate and sell this aforementioned asset, i.e. real estate and property, before making distribution.)
Percentage Gifts are those where you bequeath a percentage of your estate. Sample language: I give, devise, and bequeath to the Rosary Shrine of Saint Jude, an apostolate of the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636 an amount equal to ______ per cent (__%) of my adjusted gross estate as finally determined for federal estate tax purposes for its general purposes.
Residuary Gifts are those where one bequeaths all or a percentage of the remainder of the estate after other gifts, debts, taxes, and expenses. Sample language: I give, devise, and bequeath all (or a percentage) of the rest, residue and remainder of my estate, both real and personal and wheresoever situated, to the Rosary Shrine of Saint Jude, an apostolate of the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636 for its general purposes.
Contingent Gifts are received by the Shrine only if your primary beneficiaries are not surviving at the time of death. Sample language: If (primary beneficiary) does not survive me, I give, devise, and bequeath such beneficiary’s share of my estate (or trust) to the Rosary Shrine of Saint Jude, an apostolate of the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation, having EIN 26-3273636, for its general purposes.
Restricted Gifts are those where you bequeath a gift to be used for a specific purpose. Sample language: I give, devise, and bequeath to the Rosary Shrine of Saint Jude, an apostolate of the Dominican Foundation of Dominican Friars, Province of St. Joseph, Inc., a NY STATE corporation having EIN 26-3273636, (the sum of $______) (the following asset) (___ percent of my adjusted gross estate) or (the rest, residue, and remainder of my estate). This gift shall be used for (state purpose) if and for so long as the Rosary Shrine of Saint Jude, Province of St. Joseph, Inc., determines that the need exists. If the Foundation Board shall determine at the outset or at a later time that the need does not exist, or no longer exists, or for some reason it is not possible (or prudent) for the bequest to be used as originally intended, the Board of Directors may, in its sole and uncontrolled discretion, direct the use of my bequest for a purpose related as closely as possible to that stated above.
It is strongly advised that you, the donor and/or your advisor, discuss restrictions with a representative of the Rosary Shrine of Saint Jude’s Office of Planned Giving before the will or trust is finalized to assure your wishes can be carried out.
When you make a gift to the Rosary Shrine of Saint Jude from your retirement plan, insurance plan, or other assets, you help ensure that the Friars at the Rosary Shrine of Saint Jude will continue to preach the powerful intercession of Saint Jude and Our Lady of the Rosary. Along with gifts through your will or trust, gifts by beneficiary designation are among the easiest gifts to make. It’s as simple as contacting the firm that holds your assets and asking them for a beneficiary form to fill out.
The Saint Jude Legacy Society recognizes donors who have bequeathed gifts to the Rosary Shrine of Saint Jude and the Dominican Friars in their wills. Through this giving society, the Friars gratefully honor our faithful friends and benefactors who have aligned their own legacy with the 800-year tradition of the Order of Preachers. Your support helps ensure that the mission of spreading devotion to Saint Jude is carried out faithfully by future generations of Friars!
If you have remembered the Friars in your will, contact Diana Kilarjian, Director of Planned Giving, at (646) 350-0108 or Diana.Kilarjian@DominicanFriars.org to be enrolled in the Society!
Gift of Retirement Plan and IRA Designations
Many people invest in retirement plans and IRAs. The federal government’s tax structure places a heavy tax burden on these assets at the time of your death, especially if you wish to pass these assets to your children. Often, despite the annual mandatory distributions, retirement plan assets continue to grow. With careful planning, there are ways to maximize support of your family members and charitable gifts while still accessing the funds in your retirement plan account.
Gift of Bank and Investment Accounts and Vehicles
One of the easiest ways to help continue the mission of the Rosary Shrine of Saint Jude is to name the Shrine as a beneficiary of these, whether you have checking, savings or brokerage accounts, CD’s or savings bonds.
Gift of Life Insurance Plan
A gift of life insurance is an easy way to benefit the Rosary Shrine of Saint Jude at a relatively low cost; gifts of new or existing policies may also provide you with tax benefits. A gift of life insurance may be especially attractive for younger donors due to the lower premium expense. For older donors, the reason for having a policy in place may no longer apply. For example, your children may be grown, there may be no mortgage remaining on your family home, or your spouse may have other assets for his or her support. In these situations, donating an existing policy may be a wonderful way for you to support the Shrine.
Gift of Donor Advised Fund
You can name the Rosary Shrine of Saint Jude as beneficiary or ‘successor’ to your account in its entirety or a portion of the account value.
Please note: The Rosary Shrine of Saint Jude does not provide legal, tax or Other Professional advice. As with all gift planning, we encourage you to obtain competent, independent professional advice to assist you in deciding upon the best strategy to achieve the lasting impact you desire through your financial, estate planning and charitable goals for your current income requirements and tax situation.