Legacy Gifts and Planned Giving
Retirement Accounts, Life Insurance & Annuities
Do you know who you’ve named as your primary beneficiary on your IRA or 401k?
How about your contingent (secondary) beneficiary? You should double check!
Retirement accounts are tax-deferred; you don’t pay the taxes until you withdraw the money.
Annuities work in a similar fashion.
Life Insurance is income tax free.
All of these may also be subject to estate taxes if your estate is large enough at your death.
None of these assets flow through your Will or Living Trust, they go directly to your beneficiary.
Please consider naming us, as your primary or contingent (secondary) beneficiary on your retirement accounts, life insurance (even the group life insurance you get at work) and any annuities you may have. By naming SCHOENSTATT MOVEMENT OF AUSTIN as your beneficiary, you control and spend it through your lifetime. You can even name several beneficiaries by stating a percentage amount. Because these accounts each have separate beneficiary forms, you will need to use the form provided by that institution, many of which allow you to make these adjustments on-line, or through your HR Department.
When you pass away, we’ll receive the amount you’ve specified completely TAX FREE!
Here’s how:
Primary Beneficiary: SCHOENSTATT MOVEMENT OF AUSTIN (__%)
or
Contingent Beneficiary: SCHOENSTATT MOVEMENT OF AUSTIN (__%)
Life-Time Gifts from IRAs
If you are 72 or older, you MUST take IRA distributions (except for 2020). And you can give up to $100,000 per year to SCHOENSTATT MOVEMENT OF AUSTIN It is called a Qualified Charitable Distribution or QCD. Please contact SCHOENSTATT MOVEMENT OF AUSTIN for more details on this popular technique!
Wills and Living Trusts
Whether you use an attorney or a computer-generated service like Legal Zoom to prepare your Will or Living Trust, but naming SCHOENSTATT MOVEMENT OF AUSTIN your gift of any amount or percentage helps support our mission far into the future.
Charitable gifts must be made from your estate or living trust with specific language. Here is the suggested bequest language:
“I give and bequeath to SCHOENSTATT MOVEMENT OF AUSTIN $ ____ or ___ %).”
Gifts of Stock
You can also give us stock directly. Your financial advisor can help you this, and you can avoid paying unnecessary taxes too. The process is simple and done through our online account through Stock Donator.
Bank and Investment Accounts
You can also transfer your bank, credit union and regular (Non-IRA) accounts to us. You can do this by putting a POD (Payable on Death) or TOD (Transfer on Death) designation on those accounts to SCHOENSTATT MOVEMENT OF AUSTIN Ask your financial institution for the assistance with this. They will be happy to help, and we’ll be happy for the help!
Gift of Real Estate
With a gift of real estate to SCHOENSTATT MOVEMENT OF AUSTIN you can further our mission and lower taxes too!
You can even donate your house to us now, live there the rest of your life and receive a large income tax deduction.
Before you begin the process of donating real estate, please contact us to make sure we will be able to accept your generous gift.
Gift Annuities and Charitable Trusts
A Charitable Gift Annuity is a way to make a donation to SCHOENSTATT MOVEMENT OF AUSTIN at your death, receive a lifetime of income and get an income tax deduction.
There are also special trusts called a Charitable Remainder Trust which works much like a Gift Annuity but is more suitable for larger gifts.
There are other creative options available. Please let us know if you have any questions.
The Schoenstatt Movement of Austin is a 501(c)3 non-profit religious organization.
Our Tax ID Number is 74-2887441
Thanks for any help you can give us!
This information is not intended to be used as legal or tax advice. Contact your own appropriate advisors to discuss the benefits and effects of any particular charitable & tax strategy.
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