Planned Giving is a way of supporting St. Henry Catholic Church or School by arranging a gift in the present to be distributed at a future date. Although Planned Giving commonly involves financial or estate planning, it is not a practice reserved only for the wealthy. It is a means by which almost anyone can make considered choices about the ultimate disposition of their life’s accumulated personal resources.
Planned Gifts can be designated for the Church and School’s general fund or may be restricted for a specific use such as a particular ministry or for tuition assistance for school families with financial needs. Although not in existence presently, Endowment Funds could be established in the future and the annual returns from the invested funds would be used by the Church or School for the advancement of a specific purpose or to help meet annual operating needs.
Planned Gifts to St. Henry Church or School are usually made through a bequest in a will. Bequests can be a set dollar amount, a percentage of the value of the donor’s estate, or specific assets such as real estate, publicly traded or closely held stock, retirement accounts, or even naming St. Henry Church or School as the beneficiary of a life insurance policy.
Eligible Individual Retirement Account owners who have reached age 70 ½ may be able to make an annual qualified charitable distribution to St. Henry Catholic Church or School without having to pay federal income taxes on the amount withdrawn and distributed.
Before undertaking any Planned Giving initiatives, please be sure to consult with an Attorney, Certified Public Accountant and /or a Certified Financial Planner.