Roman Catholic 
Diocese of Ogdensburg

Charitable Gift Annuities

A Charitable Gift Annuity is a legal arrangement which you irrevocably transfer cash or securities to our segregated Gift Annuity fund in exchange for our promise to pay you a fixed amount each year for the rest of your life. The amount you receive is determined by the amount of your gift and your age at your nearest birthday at the time of your gift (Single Life Gift Annuity Rates). The older you are when you make the gift, the higher the rate of return. Once your annuity is established your income remains constant. It is not affected by adverse economic conditions.

You receive an immediate income tax deduction which may be taken on your income tax return the year of the gift or in the following 5 years. A portion of your payments are tax-free, also. Contact our office or fill out the information or for a proposal.

Endowment Fund

An Endowment Fund is the best way for you to provide a perpetual source of revenue for your Parish, School, favorite Ministry or Program of the Diocese or Missionary Projects of the Diocese. The principal of your gift remains on deposit and continues to grow, while every year the Catholic organization you’ve  chosen receives income from your gift forever. An endowment may be opened with a contribution of cash, securities or other property, and may be added to at any time by you or someone else wishes to contribute the same organization.

You, as a donor, may choose to establish a restricted or unrestricted endowment fund, or both. You may assign your gift to your own Parish for its use in any manner you designate, or to any other Catholic organization that you wish. You may also request that your donation simply be used to provide the greatest good to the greatest number, as an unrestricted gift.

Click here to find a list of our current Endowment Funds.

Bequests/Wills

THE NEED FOR A WILL..

Did you know without a Will, the State law decides how to distribute what you took a lifetime to earn?

Naming your own executor, avoiding estate taxes, avoiding probate, keeping peace within the family are just a few reasons and benefits of completing a Will.

Wills offer many donors a way to make gifts which might not have been possible during their lifetime.  You can include a gift for Your Family of Faith in your Will and continue your support. 

HOW TO PROVIDE A BEQUEST:

It may be simplest to designate that Your Family of Faith (beneficiary choices) receive a percentage of your estate. If you wish to know the exact amount of your gift, so as to direct the use to which it will be put, you can also select a specific amount.

After providing for your other heirs, you can leave the remainder of your estate to Your Family of Faith, thus removing the possibility that your property might go to the State if your other heirs do not survive you. 

Contact our office for more information.

Gifts of Real Estate

Since the Diocese of Ogdensburg, your Parish, Catholic School or other Diocesan organizations or programs are qualified charitable organizations, they can sell real estate gifts without incurring tax on the appreciation. There are a number of ways to make a real estate gift. Some examples include:

Give the Entire Property - Example

In 1990, Mr. and Mrs. Smith purchased a piece of land of $10,000. It was recently appraised at $50,000. If they sell it, they will have to pay tax on the appreciation. However, if they give the deed to the Diocese or the beneficiary of their choice, they will be free of tax and also escape the hassles of having to sell the property. They will also receive a charitable income tax deduction for the appraised value of the property.

Give a Portion of the Property

Many people cannot afford to give an entire parcel of real estate, but they can give part of it. A good solution is to give an undivided interest in the property, say 50%. The Diocese then works with you to market and sell the property. A bonus for the donor is that they can use the income tax charitable deduction for the gift portion to help offset any taxes due on the other portion.

Give your Property and Continue to Live There 

Some donors want to make a major gift to the Diocese, their Parish, a Catholic school, Ministries and Programs of the Diocese or Missionary Projects of the Diocese by giving their homes. However, they still need a place to live, so they arrange what is called a life estate gift. This simply means that they give their residence to the Diocese, obtain a charitable income tax deduction and retain the right to live there as long as they want. This arrangement removes the property from their estate and relieves them of their personal representative from having to dispose of the house later.

Advantages of this Giving Vehicle

If you sell real estate you have owned for a number of years, it is likely you will be faced with a sizable capital gains tax, especially if the property is not your residence.   Through an outright gift such as property, a double tax saving is possible. First, in most cases you will receive a charitable income tax deduction for the full value of the property. In addition, since the property was given rather than sold, you will not be liable for capital gains taxes on the transfer.             

When deciding to make a charitable gift in the form of real estate, it is very important to choose property that meets a number of criteria - The property should be readily saleable; the property’s appraised value must equal the amount of the anticipated gift if property is mortgaged, tax and other benefits may still be obtained, but special attention should be paid to the manner in which the property is given.

Stock Gifts

Why Give Securities? Our nation’s tax laws offer special incentives for gifts of non-cash property especially that which has increased in value since it was acquired.

Tax Deductible - Just as cash gifts to qualified charitable organizations and institutions are deductible from federal income tax returns for itemizes, gifts of non-cash property are also deductible. You may be surprised to learn that in most cases the deduction is for the full fair market value of the securities given.  The deductible amount includes both what you paid and your gain. So, you can use the amount of the gain as a tax deduction even though it has never been taxed. This can dramatically reduce the cost of making a charitable gift or increase the amount you can afford to give. Note: To deduct gifts of appreciated securities at their full present value, you must have owned them for at least a year and a day. The gifts are deductible up to 30% of your adjusted gross income in the year of the gift. Any excess may be deducted over the succeeding five tax years.

Make a Stock Gift

Benefits of Stock Gift - Strategies to minimize taxation of capital gains may be a focal point of your financial planning, as it is for many. When you give securities that have increased in value, you will generally not have to pay capital gains tax that would be due if you sold the property. Therefore, the net savings of a gift of securities can be attractive indeed. 

How Do I Make A Stock Gift? Simply click on the Make A Stock Gift below for instructions to make a stock gift to the Diocese, your Parish, your Catholic School, a Ministry or Missionary Projects of the Diocese.

Gifts through Tributes or Memorials

We all know someone special, someone we have admired, respected and loved. Relationships like these are priceless and honoring (tribute) or memorializing (memorials) these people can be especially gratifying.

There are a variety of ways you can honor or memorialize a family member, your Pastor or even leave a legacy in your own name which can benefit your Parish, Catholic School, favorite Ministry, the Diocese or Missionary Projects of the Diocese. For more information on this, please contact the Development Office.

Life Insurance

Advantages of giving Life Insurance include: Convenience, Ability to give more than otherwise possible, Flexibility, & Simplicity.

Ways to give Life Insurance

Give a Paid-Up Policy - A policy that has outlived its original purpose, has been replaced by another policy, or simply is not needed any longer, makes a convenient gift. For instance, a policy bought to provide for a college education that was completed without needing to cash in the insurance policy can be an excellent fit, fully deductible for the cash value.

Buy a New Policy - Some people find they can make a much larger gift than they could otherwise afford by taking out a life insurance policy and name the Diocese, their Parish, Catholic School, favorite Ministry or Missionary Project of the Diocese as their  beneficiary choice. If you name any of the above as owner and beneficiary, the premiums you pay will be deductible on your income tax. It’s a way to make a large gift on the “installment plan.”

Give a Single Premium Policy for Maximum Benefits - Perhaps the best way to help the Diocese, your Parish, Catholic School, favorite Ministry or Missionary Project of the Diocese through the use of life insurance is purchasing and giving a single premium life insurance policy. You purchase this policy by making a premium payment which is entirely tax deductible if the Diocese or other diocesan entity is made the owner of the policy. Interest is earned immediately on the entire investment.

Buy Insurance to Replace a Bequest - While reviewing your estate plans, you might find that you can give an amount of money now that you had planned to bequeath in your will to the Diocese, your Parish, Catholic School or other Diocesan entity, receive the tax benefits of a current gift, and replace the money you had planned to bequeath by buying a life insurance policy for that amount. You can enjoy satisfaction of giving now and receive the tax deduction when you need it most, and still leave the same amount you had planned in your will.

Add a Beneficiary - Regardless of your financial circumstances, almost anyone can name the Diocese, their Parish, Catholic school or other Diocesan entity as secondary or final beneficiary of an existing or new policy. That simply means that if the first beneficiary(ies) predeceases you, the Diocese, your Parish or Diocesan institution or program becomes the beneficiary. This insures that if your own dependents do not need your funds, they will be available to continue the work that you are committed to. Because the gift is not definite, there are no income tax benefits, but if any funds do finally go to the Diocese, your Parish or other Diocesan program, they will be deductible from federal estate taxes.

Savings Bond

Everyone seems to have US Savings Bonds tucked away in a bureau drawer or safe deposit box. They’re a savings tool used by millions of Americans – in part because of favorable tax advantages.

Savings bonds are bought at a discount and double in value by maturity. Bonds are always free of state and local income taxes and, in general, the interest accumulates free of federal income tax, as well. Taxation occurs only when the bonds are cashed, reissued to another person or reach final maturity.

But bonds may be subject to heavy federal income taxes and state and federal “death taxes” in a person’s estate. Heirs will owe income tax whenever they cash savings bonds.

You can erase all taxes on savings bonds at death by changing your Will or revocable living trust to specifically leave bonds for the Diocese of Ogdensburg, your Parish, School, Diocesan Ministries and Program or Missionary Projects of the Diocese. Savings bonds that we receive pass 100% free of estate taxes and, as a tax-exempt organization we would owe absolutely no income taxes on the bonds. In other words, every dollar we receive from redeeming the bonds could be used, in comparison to the shrunken after-tax amount that would be available to other beneficiaries. These tax benefits may allow you to do more for the Church’s future than you might have thought possible.