Many Ways to Give, Many Reasons to Give!
Bishop Provost is calling on the entire diocese to make a gift to the Return to the Lord Capital Campaign which will support our priests, parishes and ministries. Your support to this capital campaign, through your choice of payment options, will impact the future of the Diocese of Lake Charles for years to come. Pledges are commitments made in good faith, but are not legally binding. Your commitment can be fulfi lled through monthly, quarterly, semiannual or annual installments. You may benefi t from such gifts with a charitable deduction on your tax return.
Cash or Check
The most common method of making a pledge is to contribute with cash or check payments. Checks should be made payable to Diocese of Lake Charles with Return to the Lord or Capital Campaign in the memo line.
Credit Card or Electronic Fund Transfer (EFT)
The second most common method of making a pledge is to contribute through automatic payments by credit card or allowing the diocese to withdraw funds directly from your checking or savings account. Much like paying your utilities and other monthly bills online, this makes it easy on you by saving you time and postage. Additionally, when you pay with credit card you may also receive “reward points” for your charitable giving, depending on your credit card. Please include a voided check with your pledge card if paying by EFT.
Other Ways to Give
There are many other ways of giving which can accommodate your current circumstances. Please discuss with your family and fi nancial advisor on a plan that is best for you.
Some examples include:
Leave a Gift in Your Will
A quick and easy way to make a lasting impact is to leave a gift to the diocese for the Return to the Lord Capital Campaign in your will. You can even choose a specific program or area to be funded by your gift, such as priest retirement or support for Camp Karol. One popular method of planned giving is to think of the church as an additional heir. For example, if a donor has four children, they would divide their estate in five parts, one each for the children and the church.
Donate Stocks, Bonds or Mutual Funds
Charitable gifts of appreciated stocks, bonds or mutual funds that have been held for at least one year offer special tax advantages. Donors can receive a tax deduction for the full market value of the gift while avoiding capital gains tax on the appreciation. If a donor sells stock that has depreciated in value and gifts it to the campaign, he or she may receive a tax deduction for the charitable gift and a deduction for the capital loss.
Donate Real Estate
Donations of appreciated land or homes are entitled to an income tax deduction equal to the full value of the property, and the donor avoids being taxed on the capital gains. If debt-free property is donated, the gift is deductible at the property’s appraised value. It may even be possible for a donor to gift property now, but still maintain the right to use the property. The benefit to making a donation now, rather than later in your will, is that you can realize an immediate income tax deduction for the gift.
We have been blessed, and we feel this campaign is the right opportunity to give back.
The Honorable Kent & Pat Savoie
Donate Life Insurance You No Longer Need
If you no longer need a policy for your estate or family’s protection, you can make a gift now by assigning your policy to the diocese for the Return to the Lord Capital Campaign. Donors would be entitled to an income tax deduction for the replacement value of the policy, or the net amount of premiums you have paid, whichever is less. You also will be entitled to an income tax deduction for any premiums you pay on the policy after you assign it to the church. Moreover, you will have removed the death benefit proceeds from your estate that may otherwise be subject to estate tax.
Donate a Retirement Plan You No Longer Need
Naming the diocese for the Return to the Lord Capital Campaign as a primary or contingent beneficiary of a retirement plan, such as an IRA or 401(k), allows the diocese to carry out its mission and offers tax benefits to a donor’s estate. Your plan administrator can help you designate the Diocese of Lake Charles as a beneficiary of your unused retirement plan.
Unlike cash, commodity contributions (such as donations of rice, soybeans or crawfish) can save income and self-employment taxes. The cost of raising the commodities is deducted on the Schedule F form, and income is not recognized on the donated commodity.
Planned giving is the process of carefully selecting the best method and asset for making a charitable gift. Such a gift can enable you to take full advantage of the tax laws to accomplish your financial and charitable goals. Planned gifts can be made in the following ways:
- Bequests by will or living trust
- Charitable Remainder Trusts
- Charitable Gift Annuities
- Charitable Lead Trusts
- Beneficiary benefits from IRAs, pensions, or financial accounts