Special Gifts

NOTE: This is not intended as legal advice. For questions of a specific nature, please consult your attorney or accountant. You are also welcome to consult St. Raphael’s pastor about parish needs. All designated or restricted gifts subject to review by the parish administrative council and pastor.

1. Stock or bonds gifts
Gifts of stock, bonds, and mutual funds that have increased in value since you bought them can result in extra tax savings. You can deduct the full current market value of the stock on your tax return and avoid paying capital gains tax. If your portfolio has incurred losses, you can use those losses to reduce your regular income. We will provide you with all the necessary information and tax-deduction notification. Please contact the parish office or the pastor.

2. Gift of grain
If you are a cash basis taxpayer, are an active farm producer, and make your gift of grain directly to the Church (with the Church selling the grain), then a gift of grain may make sense for you instead of a gift of cash. This gift plan may save you on taxes. Please consult your CPA or tax advisor to see if it may be right for you.

3. Planned gift
For many, utilizing a planned giving method creates an optimal way to exercise the stewardship of treasure, our financial resources.

4. Bequest
Your support of St. Raphael Parish or St. Raphael School can be made through a bequest at the time of your death. By making a bequest through your Last Will and Testament you create a “living legacy” at St. Raphael’s. Such a bequest may provide additional benefit to your estate, as it is fully deductible for federal estate tax purposes. If you wish to include The Church of St. Raphael in your will, the following bequest language may be used by your attorney:

You may make the following types of bequests to St. Raphael’s:

• A specific bequest designates a specific dollar amount or specific asset, such as a parcel of real estate, house, farmland or personal property.

I hereby give to the Church of St. Raphael of Springfield, MN the sum of_____ dollars to be used for its general purposes.

OR

I hereby give to the Church of St. Raphael of Springfield, MN (insert here a description of the specific property you wish to give to St. Raphael’s.)

• A percentage bequest designates a certain percent of your estate to go to St. Raphael’s. This type of gift will automatically adjust depending on the future value of your estate.

I hereby give ____ percent to the Church of St. Raphael of Springfield, MN to be used for its general purposes.

• A residuary bequest designates that the remaining assets in your estate after taxes, debts, expenses and other bequests are satisfied will be given to St. Raphael’s.

I hereby give the residuary of my estate to the Church of St. Raphael of Springfield, MN for general purposes.

• A contingent bequest designates that St. Raphael’s would only receive a gift in the event that a primary beneficiary, such as a spouse or child, has not survived the donor.

If (insert name of person) does not survive me, I give my residuary estate to the Church of St. Raphael of Springfield, MN.

You may wish to designate or restrict what your gift can be used for. It is important to discuss this with the pastor to determine the correct terminology.

5. Other Planned Giving Opportunities

Retirement Plans Today, retirement plan assets, such as IRA’s and 401(k) plans, make up a large portion of a person’s assets. The tax consequences of these assets at death often make these assets an attractive option for gifting to charity. By making St. Raphael’s the beneficiary of part or all of these assets, both income and estate taxes are avoided for the charitable gift portion.

Life Insurance A gift of life insurance, either of the ownership interest in the policy, or by naming St. Raphael’s as the beneficiary of your policy, is another way to support our parish or school.

Charitable Gift Annuity A gift annuity is simply an agreement where the donor purchases an annuity and receives payments of a guaranteed annuity for the donor’s life. Upon the death of the donor, St. Raphael’s would receive the remaining payment.

Gift of Real Estate You may wish to support St. Raphael’s with a current gift of an interest in your primary or vacation home, undeveloped land, farm, or commercial property.

Charitable Remainder Trust You choose a fixed annual income rate or dollar amount typically using appreciated property or securities. Capital gains are avoided and a tax deduction is available based on the charitable remainder.

Life Estate A donor deeds his/her personal residential property to The Church of St. Raphael. While the donor is still living, he/she has a legal interest in the life estate with full rights to live there or to rent or sell those rights. The donor receives an immediate income tax deduction for the future gift to the Church.

Tribute Memorial Gift There are people and events that are of particular importance and significance to each of us. Tribute gifts both honor or memorialize an individual or occasion and support the mission of The Church of St. Raphael. They can be used to recognize: birthdays, weddings, graduations, anniversaries, holidays, or memorials. Please contact the pastor on gifts to honor loved ones.

Various Options to Support

For more details contact the pastor of St. Raphael.

• St. Raphael Parish Endowment
• St. Raphael School Endowment
• Adopt-A-Student Scholarship Fund
• Capital Improvement
• For others contact the pastor