When planning your estate, it’s natural to focus on how your assets will support your loved ones after you pass. But many also want to leave a lasting impact on the causes and values that matter most to them. Legacy gifts, also known as planned gifts, offer a way to do both.
Whether you’re just beginning your estate planning journey or updating an existing plan, involving your professional advisors, such as your estate attorney, financial planner, or accountant, is essential. These experts can help align your charitable goals with sound financial strategies. Here’s how to start the conversation and how your support of Catholic Charities of New York can become a lasting legacy of faith, compassion, and service.
Why Talk to Your Advisors About Legacy Giving?
Professional advisors play a critical role in helping you structure your legacy in a way that’s both meaningful and tax-efficient. They can help you:
- Ensure your charitable intentions are clearly documented.
- Identify the most effective assets to give (=such as retirement accounts, appreciated stock, life insurance, real estate).
- Maximize potential tax benefits for you and your heirs.
- Maintain flexibility and control over your financial future.
Questions to Ask Your Advisors
To make the most of your charitable giving strategy, come prepared with questions that align your estate plan with your values:
For Your Estate Attorney:
- How can I include a charitable bequest in my will or trust?
- Are there ways to structure a gift that supports Catholic Charities of New York while also benefiting my family?
- What language should I use to ensure my gift is directed correctly?
For Your Financial Planner:
- Which of my assets are most tax-efficient to give?
- Can I name Catholic Charities of New York as a beneficiary of my IRA or life insurance policy?
- How do legacy gifts fit into my overall financial plan and retirement income strategy?
For Your Accountant:
- Will a planned gift reduce the tax burden on my estate or my heirs?
- Are there income tax benefits to making a gift during my lifetime rather than through my will?
- How should I report a charitable gift to ensure it is properly recognized and recorded?
Why Should You Give to Catholic Charities of New York?
For more than a century, Catholic Charities of New York has provided help and created hope for thousands of New Yorkers, regardless of religion, race, or background. From feeding the hungry to sheltering the homeless, from supporting families to advocating for immigrants, our work is made possible by the generosity of people like you. On an annual basis, we provide over 10 million meals, prevent over 12,000 families from falling into homelessness, and provide over 6,500 people with life-changing job training.
Through our Planned Giving Program, you can create a legacy that reflects your Catholic values and ensures that vital services continue for generations to come.
Ways to Make a Legacy Gift
Your advisors can help you explore many ways to give, including:
- Bequests: Designate Catholic Charities of New York in your will or trust.
- Beneficiary Designations: Name us as a beneficiary on your retirement plan, bank account, or life insurance policy.
- Charitable Gift Annuities: Receive income for life while making a future gift.
- Gifts of Stock or Real Estate: Avoid capital gains taxes while supporting a cause you love, like Catholic Charities of New York.
- Donor-Advised Funds or Trusts: Create flexible giving vehicles that support Catholic Charities of New York over time.
A Simple Step with a Lasting Impact
Legacy gifts don’t require great wealth, just a great heart. By talking with your advisors now, you can take a simple but powerful step to ensure your values endure beyond your lifetime.
If you or your advisor would like more information, please contact the Office of Planned Giving at Catholic Charities of New York at 646-794-2018 or visit https://catholiccharitiesny.giftplans.org/.
Together, we can build a future filled with dignity, hope, and compassion for all.
*This article is for informational purposes only and does not constitute legal or financial advice. For such advice, please consult an attorney or tax advisor.
