Planned Giving
Why Plan a Gift?
A planned gift for Saint Sebastian makes great sense. Why?
- Careful estate planning allows you to benefit the people and causes you care about most. As you plan your estate, you can address your concerns for your family and ensure that taxes and administrative costs are kept to a minimum so that they receive your assets intact.
- It only makes sense that you support the organizations that share your values and your history. By supporting Saint Sebastian, you help your parish and alma mater to perpetuate on the values of academic excellence, faith, leadership and service to new generations.
- When you care enough to include Saint Sebastian in your plan, you are giving to one of Milwaukee’s leading parishes, and we will strive to carry out your wishes and your vision. The parish honors the intent of its donors.
- With an estate plan, you can direct the monies that you cannot or do not wish to keep within your family.
There are wonderful financial and tax benefits for a planned gift. Your estate plan may improve your financial and tax situation, possibly right away. For example, life-income planned gifts provide you (and/or another beneficiary, if you wish) with a lifetime income from the investments of the assets you donate.
Any type of asset that you irrevocably donate to Saint Sebastian results in a current income tax deduction. But there may be other tax benefits to your contribution as well.
- Giving cash is the simplest method. But if you contribute long-term appreciated securities, you have the added benefit of eliminating or reducing tax on the gain.
- You can also give tangible personal property (like an art collection or antiques) and take a deduction for its full fair market value if the gift is related to our exempt function.
Giving Opportunities
When St. Sebastian Parish receives a planned gift, the proceeds will be used as the donor indicates.
The St. Sebastian School Foundation
The mission of the School Foundation is to provide a lasting endowment to support the financial needs of the parish school. This support is intended to help the parish provide a quality Catholic education to all parishioners. The Foundation is a separate legal entity from the parish.
The St. Sebastian “School of Excellence”
Alumni Fund was established in 2004 to help support and maintain the school operating expenses.
The St. Sebastian Capital Funding – Debt Elimination
Since 1999 two campaigns totaling approximately $3.4 m have helped to construct the new gathering space, school offices, added elevators and connecting hallways to both the school and church facilities. The 2006 – 2008 Debt Elimination Campaign’s goal is to pay off the balance of the debt of $1.4 m.
Most Needed
Many individuals decide to leave the decision up to the parish leadership, thus allowing the gift to fill a present or urgent need.
How to Give?
Bequest in Will or Trust
A bequest is a common form of deferred giving. When you remember Saint Sebastian through a bequest, you can specify a dollar amount, a percentage of your estate, or the remainder of your estate after providing for others. A bequest can be made in cash, securities, real estate and or personal property. There are income and/or estate tax savings that accrue to the donor.
Life Insurance
This form provides a way for you to make a significant gift with little out of pocket expense. You can gift an old or new life insurance policy with St. Sebastian Parish named as either beneficiary or owner. There are occasions where in the review of your total estate, a life insurance policy may not be needed any more. It provided family protection during the families early growth years, but other assets are available to meet your personal and family needs during life now and at death. Donating a policy like this is valuable to the parish. Again, income and/or estate tax savings are possible.
Charitable Gift Annuities
With a charitable gift annuity, you donate a specific sum of money or appreciated property to St. Sebastian and in return would receive a guaranteed income for you and/or your spouse’s life. The guaranteed income stream is often higher than what you would receive from a certificate of deposit or a US Treasury bond. There may also be other tax savings. The gift when donated becomes irrevocable and you receive a tax deduction that year.
Charitable Remainder Trusts
This is an irrevocable trust that benefits you or other beneficiaries for a term of years or lives as you receive annual payments from the trust. Upon the death of the last beneficiary, the remaining assets pass to Saint Sebastian. There are income tax savings generated by the charitable deduction and through the avoidance of capital gains tax. There is a possibility of estate tax savings.
Real Estate
There may be an immediate income tax charitable deduction for the market value of your gift. A donation of real property may be in full or with a retained life estate. If you chose the latter, you can stay in your home as long as you live, in addition to receiving an immediate tax donation
Stocks, Bonds & Mutual Funds
If your securities have appreciated in value since the time of purchase, you may find it advantageous to donate these assets to St. Sebastian. You will not only be supporting the parish by gifting appreciated securities but may also improve your own financial situation by reducing or eliminating your capital gains tax liability.
What Next?
- You can learn more by attending a seminar hosted by St. Sebastian Parish, in partnership with qualified legal and financial counsel. Attending a seminar does not obligate you in any way.
More Information> - Make an appointment to meet with a member of the St. Sebastian Planned Giving Committee together with your legal, tax or financial advisors. Contact Mary Patricia Voell, Director of Stewardship & Development at 414-453-1061.
The information on this website is offered with the understanding that the publisher, editors, and contributors are not – insofar as this publication is concerned – rendering legal, tax, or financial advice. Please consult a qualified professional.