Create Your Legacy by Supporting Catholic Social Services through your Will or Estate Gift
If you are passionate about helping families and individuals most in need throughout Alaska, consider making a planned gift to Catholic Social Services. Planned giving comes in all sizes and are typically made through your will or estate plans to benefit the organization after you are gone. Some gifts can be made in cash, real estate, stocks, bonds, personal property or life insurance.
Our planned giving team care about your goals and plans. They will work with your attorney or accountant to explain the gift opportunities available to you and the financial advantages of each. Contact Catholic Social Services to learn how confidential, personal financial planning can help you achieve your goals while helping to sustain our life-changing mission.
Bequests by Will
One of the simplest planned gifts is a bequest through your will in which you designate either a specific dollar amount or a percentage of your estate after other disbursements. In addition to supporting Catholic Social Services, it serves as an example to your heirs of the values and ideals you hold dear. A bequest can also reduce the amount of your taxable estate, which may increase the actual amount available to loved ones. To learn what language to use when including Catholic Social Service in your will please see the CSS Bequest Language.
IRA Beneficiary Designation
Most retirement plans, including 401(k) and IRA’s 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 Catholic Social Services. Otherwise, the income taxes on retirement assets you leave to your loved ones can be as high as 39.6 percent. This means that an IRA worth $100,000 will be worth only $60,400 by the time it reaches them.
On the other hand, the naming of a charity as the beneficiary of retirement assets upon death generates no income taxes. The charity is tax-exempt and eligible to receive the full amount and bypass any income taxes. This means that in the above example, Catholic Social Services would receive the full $100,000.
If you are at least 70 1/2 years of age and need to take an IRA Required Minimum Distribution, you can gift it to Catholic Social Services. Consult with your financial adviser and IRA provider for requirements and transfer procedures.
The Catholic Social Services’ taxpayer identification number is: 92-0037322
If you need assistance please call:
Catholic Social Services
3710 East 20th Ave
Anchorage, Alaska 99508