The Need for Help
It is commonly recognized that the Marist Fathers & Brothers are men of unwavering faith, whose shoulders are at the wheel in God’s service, and whose attention is drawn away from themselves and focused clearly on God. In this they follow the example of Mary, whose name they bear. Marists are not naturally inclined to ask for help, especially for money. But they are doing it now with a campaign titled Living Faith.
The Marists need help with the escalating cost of their aging membership, which has reached a median age of 73. They also need assistance in financing the recruitment, formation and housing of tomorrow’s Marist priests.
It has been over 45 years since the Marists have approached their friends with a major fundraising effort. They hope that their plea for help will be heard among those to whom they’ve ministered, and those who share their love of God and devotion to Mary.
There are many ways to make a gift to the Living Faith campaign, each is discussed here.
Ways to Give
Outright gifts ...
Gifts of Cash
Most gifts to the Marists are in the form of cash. All gifts of cash are deductible for federal income tax purposes for donors who itemize their deductions. Thus, the cost to you of making a gift to the Marists is reduced because of your income tax savings.
Gifts of Real Estate
Almost any type of real property, a personal residence, a farm, a vacation home, a commercial building, or an undeveloped parcel of land can be the subject of an important
gift to the Marists. Gifts of real estate may be made in whole or a partial interest may be transferred. Gifts of real estate might be made either outright or through one of the tax advantaged life income methods.
Because of special considerations involved with gifts of real estate, we invite you to contact our development office to assist with the planning of your gift. We are reached at 508.879.7223.
Life Insurance
The gift of a life insurance policy that is no longer needed because it has no financial significance to you, your family or others will provide significant support for the Marists. A gift of an existing policy results in an immediate tax deduction. To make a life insurance
gift the owner must assign all incidents of ownership to the Marists by changing both the beneficiary and the ownership to the Marist’s name. Once received, the Marists may choose to retain the policy, cash the policy in for its current value or continue to pay premiums to maintain the full value of the policy.
Life income gifts ...
Charitable Gift Annuity
A charitable gift annuity is an annuity contract between you and the Marists. There are three annuity plans available to donors: the immediate payment plan, the deferred payment plan and the variable deferred payment plan. To each of these plans you
transfer assets and in return the Marists agree to make regular, fixed, guaranteed lifetime payments to you and/or a beneficiary you select. The transaction is both the purchase of an annuity and a charitable contribution. The payment rate is based on the age of the beneficiary when the agreement is established or when the payments begin. The minimum gift amount for a gift annuity is $5,000.
Charitable Remainder Trust
These are created when you transfer cash, securities, mutual fund shares, or other property interests to an individually designed trust agreement. The trust may be managed by the Marists, a bank, a trust company, or by a trustee chosen by you.
Setting up a charitable trust provides the donor with an immediate income tax deduction while one or more beneficiaries receive payments for life or a set term of years. Payments may be fixed or variable. At the death of the last income beneficiary the remaining assets are transferred to the Marists.
Because it is so flexible, a charitable remainder unit trust or annuity trust may be designed to meet personal, family and financial needs especially unlocking the full value of appreciated but low-yielding assets without incurring any income tax on the capital gains. It also allows for the 100% tax-free diversification of assets when an individual has a concentrated holding of securities and wants to increase their retirement income. The minimum amount to establish a charitable trust is usually $100,000 or more.
Other gift plans ...
Charitable Lead Trusts
These are used by individuals when they want to support a charity with a payment over a specified period of time but have the principal of the trust agreement distributed back to the donor or to the donor’s family. If the property reverts to the donor, the donor receives an immediate tax deduction for the present value of the payments to charity. If the property reverts to the donor’s heirs, the donor receives a gift tax deduction for the present value of the payments to charity. A charitable lead trust is not a tax-exempt trust but may be combined with other estate planning techniques to meet personal and estate objectives.
Gifts plus Asset Replacement Life Insurance
An increasingly popular technique used by donors is to make a gift, either an outright gift or a life-income gift, and replace the value of the gifted assets in the donor’s estate using asset replacement life insurance. This involves two steps. First, the replacement life insurance is secured. Second, a gift in a similar or greater amount is made to the Marists. When a charitable gift is made, the donor receives an income tax deduction. Often, the tax savings generated by the income tax deduction are sufficient to pay all or a large portion of the premium on the policy.
Retirement Plan Beneficiary Designations
Often the simplest method to make a future gift to the Marists is through a beneficiary designation. This is suggested for making a life insurance gift but it also applies to gifts of retirement plan assets. A beneficiary designation does not generate any immediate tax benefits but the value of the assets is received tax-free by the charity upon the death of the account owner and the owner’s estate receives an estate tax charitable deduction for the value.
Bequests
Deciding how to divide your assets among your heirs and charity is usually a matter of the heart. The easiest and most common way is to make a bequest in your will to the Marists. Charitable bequests are an excellent method to provide for the Marists without parting with your assets during your lifetime. Tax laws encourage charitable bequests, so it is an excellent program to provide support and eliminate any potential estate tax burden on your assets. A will is a personal statement about what matters most in your life. We
encourage you to consult with an attorney on this.
There are many ways to structure a bequest. It might be a gift of a specific amount, a percentage of estate assets, a percentage of the residue of an estate after bequests have been made, or a contingent bequest that will take effect only if all other conditions fail.
For more information contact:
Mr. Robert McTiernan or Mr. Paul Carr
Marist Fathers & Brothers of Boston Advancement Office
518 Pleasant Street
Framingham, MA 01701
508.879.7223
E-mail: marist@charter.net
