Other Financial Giving Opportunities

As you plan your giving for 2014, consider that there are ways to make revocable or irrevocable planned and deferred gifts to the parish in addition to outright cash. Here are some options to consider.

IRA Rollover

Although Congress provided a clouded window for the 2013 IRA Rollover, we do have clear sailing for 2014’s opportunity. To participate, those over 70 1/2 years may contact their IRA custodian with orders to produce a check (or checks) payable to your parish (or other charities). This gift can be part of your minimum distribution or from your IRA principal (up to $100,000). Whether your gift is $1,000 or $100,000, you will not need to claim that amount as part of your 2014 income.

Making a Provision in Your Will

When you make a bequest (charitable provision) in your will for your parish, please have your attorney word the provision this way: “I give, devise and bequeath to (insert the name and address of your parish or school), a charitable organization, the sum of $___; or ___% of my estate; or ___% of the residue of my estate; or the following property (describe home, real estate, bonds, accounts, insurance policy, etc.) to be used for its general purposes (or indicate specific purpose(s) or restricted use).” For a free brochure entitled “How to Make a Will that Works,” call Paul Stabile at 412-456-3055.

Transfer a Gift of Stock

Call Marilyn Schroeder at 724-935-2104 X221 to facilitate a transfer of stock. Your gift can be restricted for a certain use such as a capital campaign, building fund, scholarship, for parish share, or unrestricted for the parish’s greatest need.

Establish a Named Endowment Fund

Your current donation or future gift through your will, gift annuity, or trust can establish a named fund in the Catholic Foundation that will benefit your parish forever.

Gifts of Life Insurance

You may take out a life insurance policy making the parish the beneficiary. If you make the parish the owner, you may claim the annual premium each year as an income tax deduction. The policy can be whole life, universal, or term. Check with your insurance agent for further information.

A Gift of a Retirement Plan Remainder

Retirement plan remainders (IRA, 403B, 401K, etc.) left to your heirs will be subject to both income and estate taxation after your life. If you leave that remainder to your parish or school, it will be completely tax free. This does not need to be stated in your will. You must designate it by completing a form with your retirement plan custodian (bank, financial planner, insurance company, etc.). Consider leaving after-tax funds to your heirs.

Please remember your parish as you plan your estate. Consult your attorney or tax advisor for more specific advice. For information on any current or deferred gift option, such as trust, insurance policy, will, retirement fund, endowed fund, stock transfer, or bequest intention document, please contact Paul Stabile, Director of Planned Giving, Office for Stewardship at 412-456-3055 or stewardship@diopitt.org.

Catholic Diocese of Pittsburgh  •  111 Boulevard of the Allies  •  Pittsburgh, PA 15222