The Sister Mary Dooley Legacy Circle has been created to recognize the generosity of planned giving donors. Planned gifts of all types can offer significant financial benefits to you as a donor. Your attorney or tax advisor can best detail the benefits specific to your gift.
Giving options include:
A simple way to make a lasting gift to the Sisters of St. Joseph is by including the SSJs as a beneficiary in your will. You will need to use our legal name: The Congregation of the Sisters of St. Joseph of Springfield.
In the right circumstances, a charitable trust can increase your income, reduce your taxes, unlock appreciated investments and ultimately provide generous support to organizations you hold dear. We can meet with you and your financial advisor to discuss trust plans that might be right for you.
Most assets can pass to your intended beneficiaries by the terms of your will. Others, such as retirement plans, life insurance and insurance annuities, are not controlled by the terms of your will. Instead they require special forms that must be submitted to the plan's administrator. The beneficiaries of these assets can be easily modified at any time to meet your changing needs and wishes:
• Life insurance policies
• IRAs and retirement plans
• Insurance annuities
Life insurance is a low-cost way to provide a large benefit for someone in need. The beneficiary designation in your policy determines where the proceeds will be distributed. Life insurance can be distributed to a charitable organization such as the SSJ, if we are named as a beneficiary at the time of your passing.
Most retirement plans, including 401(k)s and IRAs, are income tax–deferred, meaning that income tax is not paid until the funds are distributed to you in life, or upon your death. This taxation makes retirement assets among the most costly assets to distribute to loved ones.
Because they are subject to income taxes to your beneficiaries, retirement assets make ideal gifts to tax-exempt charitable organizations such as the SSJ. Otherwise, the income taxes on retirement assets you leave to your loved ones can reach nearly 40 percent. Naming a charity as the beneficiary of retirement assets upon death generates no income taxes.
Insurance annuities, unlike life insurance, carry an income tax burden. Your named beneficiary is responsible for paying the tax due on any growth of the annuity while you owned it. The tax burden makes these assets a popular choice to leave to a charitable organization like Sisters of St. Joseph of Springfield because as the recipient, we can avoid the tax bill.
"Give...for the measure you give will be the measure you get back." Luke 6:38
For more information, please contact:
Sister Mary Ferguson