By SHEILA RICKETTS
Special to The Record
Planned giving is the process of arranging a contribution that will be allocated at a future date. Most often, they are granted once the donor has passed away and are usually donated through a will or trust.
Providing a planned gift to a parish, school or other church ministry is a simple way to support the work of Christ and his church. Here are a few commonly asked questions about planned giving.
What is planned giving?
Planned giving is the immediate or future distribution of one’s accumulated assets and wealth through a formal plan, often prepared with professional assistance.
How does planned giving benefit the donor?
Planned giving enables the donor to establish his or her legacy and demonstrate gratitude to God by identifying and providing for the needs of a parish, school or favorite ministry. A well developed plan will provide tax savings for the donor and possibly the donor’s heirs or other beneficiaries.
Is it appropriate for everyone?
Yes. As good stewards, all are called to share their financial wealth and other blessings according to their means. There are numerous ways that people of modest or limited means can make a gift to their parish, school or favorite ministry.
Should young people consider planned giving?
Absolutely. For those without a will or plan, the laws of the state will determine how one’s assets are distributed. Young families with children should certainly have a will that provides for the needs of their minor children.
Are planned gifts only made through wills?
No. There are many different types of planned-gift options: outright gifts, bequests, life insurance, retirement plan/IRA plan, and charitable trusts. You should seek the services of an attorney, accountant or other qualified professional when preparing a will, trust or estate plan.
For more information, contact your parish office or visit the archdiocese’s interactive web page, www.archlou.planmylegacy.org. You may also contact the Office of Mission Advancement at email@example.com or 585-3291.
Sheila Ricketts is the donor support coordinator for the Archdiocese of Louisville’s Office of Mission Advancement.