Life is not like navigating through an open field. It is committing oneself to a few of the institutions that were embedded on the ground before you were born and will be here after you die. It is accepting the gifts of the dead, taking on the responsibility of preserving and improving an institution and then transmitting that institution, better, on to the next generation.
David Brooks | The Road to Character
Leave a Lasting Legacy to St. Theresa Catholic Church and School
There are many different ways to support the ministries of St. Theresa, but when you plan a gift as part of your overall estate and financial plans, you will help us build a foundation on which we can continue our work of spreading God’s love to all people for generations to come. In addition, with your gift, you could also receive substantial tax and financial benefits. We hope you will find this site helpful as you learn more about supporting St. Theresa in a way that works for you and your loved ones.
A Gift in Your Will
We hope you'll consider including a gift to St. Theresa Catholic Church and School in your will or living trust. Called a charitable bequest, this type of gift offers these main benefits:
“Father Philip Lloyd, Pastor of St. Theresa Catholic Church and School,
- Simplicity. Just a few sentences in your will or trust are all that is needed. Include the following language in your will:
and his successors in office, for the benefit of _____________________________,
(Parish, or charitable org) _______________________(City), ______________________
- Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
- Versatility. You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to us.
- Tax Relief. If your estate is subject to estate tax, your gift is entitled to an estate tax charitable deduction for the gift's full value.
- Peace of Mind. You can name St. Theresa Catholic Church and School as the executor to carry out the desires expressed in your will.
Gifts of Retirement Plan Assets
Consider leaving a portion of your retirement plan assets to St. Theresa Catholic Church and School. Get the most value from your nest egg protecting your heirs from taxes.
If you die with retirement plan assets in your estate, those assets are subject to income taxes. This can reduce the amount that normally would be passed to heirs by up to 39.6 percent. In contrast, as a nonprofit organization, we are tax-exempt and eligible to receive the full amount and bypass any federal taxes. Income taxes can be eliminated or reduced through a carefully planned charitable gift. Consider these gift options:
- Designate St. Theresa Catholic Church and School as the primary beneficiary for a percentage (1 to 100 percent) of your retirement plan assets.
- Designate a specific amount to be paid to us before the remainder is divided among family beneficiaries.
- Make us the contingent beneficiary to receive the balance only if your loved one, as primary beneficiary, doesn't survive you.
To implement your wishes, simply advise your plan administrator of your decision and sign whatever forms are required.
Gifts of Stock
To transfer a gift of securities submit a completed LETTER OF INTENT form to your broker, and to assure that your gift will be properly identified and applied to your intended purpose please send a copy to St. Theresa Catholic Church and School.
Gifts of Life Insurance Death Benefits
Once a life insurance policy has served its original objective, you might consider giving it a new life with a charitable purpose. Naming St. Theresa Catholic Church and School as beneficiary while retaining ownership of the policy is actually the easiest way to use life insurance to make a future gift to us. Here are your two main options:
- You can name St. Theresa Catholic Church and School either as the sole beneficiary or a partial beneficiary of your policy.
- You can name us as the contingent beneficiary, in which case we receive the death benefits only if your primary beneficiary dies before you do.
The benefits of life insurance left to an individual can be subject to estate taxes, but when you change the beneficiary to a charitable entity such as ours, the benefits are tax-free.
Naming us the beneficiary of your life insurance policy provides you the satisfaction of making a very generous donation and leveraging the full value of your policy. Alternatively, when a life insurance beneficiary is not a qualified charity, the amount your loved ones receive in the end could potentially be less due to estate taxes. But when you name St. Theresa Catholic Church and School as beneficiary, we receive the full amount and estate taxes are eliminated. (With this arrangement, you will not receive a charitable income tax benefit during your lifetime because you are not giving away the policy ownership. Your estate, however, will receive an estate tax charitable deduction.)
We Can Help
Contact Cherie Hernandez at 713-869-3783 or firstname.lastname@example.org with any questions about naming St. Theresa Catholic Church and School in your will or living trust. We're happy to help, without obligation.