Plan by Life Stage
At various stages of our lives, we all deal with different issues, financial and otherwise. These stages of life need to be taken into account when planning your gift for the Sisters of St. Dominic.
We’ll help guide you through the financial strategies and possible charitable solutions to the taxing problems you may be facing. To get started, choose the appropriate age category below.
At this stage in life, some of the financial issues you may find yourself dealing with are:
- Accumulating and preserving wealth
- Managing debt
- Prudent asset management
- Discretionary savings programs
- Long-range planning for retirement and emergencies
- Diversifying investments and establishing a growth strategy
- Creating a simple will and estate plan providing for heirs and bequests to charity
- Increasing income; decreasing debt
For the charitably inclined, certain types of gifts can provide solutions to tax issues:
Read more about charitable solutions:
Charitable Bequest
If you would like to make a substantial gift to charity but do not have the current disposable income or assets to do so now, consider a charitable bequest.
Cash, checks, and credit cards
A gift of cash is easy to make, and the gift is not subject to gift or estate tax. A contribution of cash or by a check that is postmarked in December is deductible for that tax year—even if the Sisters of St. Dominic receives it in January—provided the account against which the check was written had sufficient funds to cover it in December. A contribution by credit card must be made by December 31st in order to be deductible for that tax year.
Deferred-payment charitable gift annuity
If you are making the maximum annual contribution to your retirement account but are unsure whether there will be enough income when you retire, consider establishing a deferred-payment charitable gift annuity with the Sisters of St. Dominic.
Charitable remainder unitrust
Provides for annual payments to the designated beneficiary(ies) of a specified percentage—at least 5% of the value of the trust as it is valued each year. Because the value may vary from year to year, the payments may also vary.
At this stage in life, some of the financial issues you may find yourself dealing with are:
- Comprehensive estate- and wealth-transfer planning
- Understanding the transfer-tax system
- Learning about wealth-transfer techniques
- Active financial planning
- Increasing cash flow—charitable gift planning helps minimize taxes
- Shifting to income-producing assets
- Assisting children with debt through annual gifts
- Assisting grandchildren with education expenses
- Concern with the financial future of the next generations
- Using trusts and wealth-transfer strategies to achieve goals
- Taking advantage of charitable trusts to optimize family wealth transfers and maximize tax benefits
For the charitably inclined, certain types of gifts can provide solutions to tax issues:
Read more about charitable solutions:
Charitable Bequest
If you would like to make a substantial gift to charity but you not have the current disposable income or assets to do so now, consider a charitable bequest.
Cash, checks, and credit cards
A gift of cash is easy to make, and the gift is not subject to gift or estate tax. A contribution of cash or by a check that is postmarked in December is deductible for that tax year—even if the Sisters of St. Dominic receives it in January—provided the account against which the check was written had sufficient funds to cover it in December. A contribution by credit card must be made by December 31st in order to be deductible for that tax year.
Charitable gift annuity
In exchange for your gift, the Sisters of St. Dominic will provide payments for life to you or a beneficiary you designate.
Deferred-payment charitable gift annuity
If you are making the maximum annual contribution to your retirement account but are unsure whether there will be enough income when you retire, consider establishing a deferred-payment charitable gift annuity with the Sisters of St. Dominic.
Charitable remainder unitrust
Provides for annual payments to the designated beneficiary(ies) of a specified percentage—at least 5% of the value of the trust as it is valued each year. Since the value may vary from year to year, the payments may also vary.
Charitable remainder annuity trust
Provides for payment of a fixed-dollar amount—annually or at more frequent intervals—to the designated beneficiary(ies). The amount must equal at least 5% of the initial fair-market value of the trust.
Gifts of retirement plans at death
Retirement-plan benefits left to heirs are often more highly taxed than other assets. Consider giving them to the Sisters of St. Dominic instead to make a meaningful gift and leave other assets to heirs.
At this stage in life, some of the financial issues you may find yourself dealing with are:
- Maintaining financial stability
- Anticipating healthcare needs and insurance coverage
- Concern about the financial future of younger members of the family
For the charitably inclined, certain types of gifts can provide solutions to tax issues:
Read more about charitable solutions:
Charitable Bequest
If you would like to make a substantial gift for the Sisters of St. Dominic but do not have the current disposable income or assets to do so now, consider a charitable bequest.
Cash, checks, and credit cards
A gift of cash is easy to make, and the gift is not subject to gift or estate tax. A contribution of cash or by a check that is postmarked in December is deductible for that tax year—even if the Sisters of St. Dominic receives it in January—provided the account against which the check was written had sufficient funds to cover it in December. A contribution by credit card must be made by December 31st in order to be deductible for that tax year.
Charitable gift annuity
Support the Sisters of St. Dominic and receive a fixed income for life. In exchange for your gift, the Sisters of St. Dominic will provide payments for life to you or a beneficiary you designate.
Charitable remainder annuity trust
Provides for payment of a fixed-dollar amount—annually or at more frequent intervals—to the designated beneficiary(ies). The amount must equal at least 5% of the initial fair-market value of the trust.
Real estate—retained life estate
Give property to the Sisters of St. Dominic while retaining the right to occupy the residence or operate the farm.
Gifts of retirement plans at death
Retirement-plan benefits left to heirs are often more highly taxed than other assets. Consider giving them to the Sisters of St. Dominic instead to make a meaningful gift and leave other assets to heirs.