Planned giving is a meaningful way to leave a lasting legacy that supports causes you care deeply about while also providing financial and tax benefits to you and your loved ones. Whether you’re looking to support your parish, a favorite ministry, or a trusted organization like Catholic Charities of New York, understanding how planned gifts work can help ensure your values endure for generations to come. One of the most accessible and impactful forms of planned giving is a bequest in a will.
What Are Planned Gifts?
Planned gifts are charitable contributions that are arranged for the future, most often through a will or estate plan. These gifts can be simple or complex and may include:
- Bequests in wills or trusts
- Charitable gift annuities
- Beneficiary designations (from life insurance, IRAs, or retirement accounts)
- Charitable remainder trusts
- Real estate or appreciated securities
Each type of planned gift allows donors to support charitable work while often maximizing financial or tax advantages.
Bequests: The Most Common Planned Gift
A bequest is a gift you make to a charity, through your will or living trust. It allows you to retain full control of your assets during your lifetime, while making a meaningful contribution after your passing.
Types of Bequests
There are several ways to structure a bequest:
- Specific Bequest: A particular amount of money or specific asset (“I give $10,000 to Catholic Charities of New York.”)
- Percentage Bequest: A percentage of your total estate (“I give 5% of my estate to Catholic Charities of New York.”)
- Residual Bequest: The remainder of your estate after all other obligations are met (“I give the rest and residue of my estate to Catholic Charities of New York.”)
- Contingent Bequest: A gift that only takes effect if certain conditions are met (for instance, if another beneficiary predeceases you).
How to Set Up a Bequest Properly
Creating a bequest is a relatively simple process when guided by the right professionals. Here’s how to do it:
1. Consult with an estate planning attorney
They will help you draft or amend your will to include a charitable bequest in a way that aligns with your values and legal intentions.
2. Choose the type of bequest
Decide whether you’d like to give a specific amount, a percentage of your estate, or the remainder after other gifts are made.
3. Use the correct legal language
For Catholic Charities of New York, the following language is typically recommended:
“I give [dollar amount, percentage, or description of property] to Catholic Charities of the Archdiocese of New York, located at 488 Madison Avenue, 3rd Floor, New York, NY 10022, for its general purposes (or for a specific program).”
4. Inform the charity of your intention to give
While not required, notifying Catholic Charities of New York of your plans allows us to express gratitude and ensure your gift is used in accordance with your wishes.
Why Choose Catholic Charities of New York for Your Legacy Gift?
For over a century, Catholic Charities of New York has been a beacon of hope for the poor, vulnerable, and marginalized across the Archdiocese of New York. A planned gift ensures that your compassion lives on through vital programs, feeding the hungry, sheltering the homeless, supporting neighbors with vulnerable immigration statuses, and more.
By including Catholic Charities of New York in your estate plan, you become a member of our Legacy Society, joining others who are committed to building a just and compassionate society rooted in Catholic values.
Start Today
Planned giving isn’t just for the wealthy, it’s for anyone who wants to make a lasting impact. A bequest in your will is one of the easiest and most flexible ways to do this.
If you’re considering making a planned gift to Catholic Charities of New York, we’re here to help. Please learn more by visiting https://catholiccharitiesny.giftplans.org/ways-to-give.
