A Current Will

Why Do You Need a Will?

  • A will allows you to provide for your family

  • A will lets you distribute your assets as you wish

  • A will permits you to leave a legacy without depleting assets now

  • With planning, a will can save a significant amount on estate taxes

Have you written a will yet?  When was the last time you updated your will?  Do you know where or to whom your assets will go?  Do you understand the possible problems your family will encounter if you do not have a will?

These and many other questions need to be addressed to safeguard your assets and provide for your family and friends.

By making a bequest in your will, you may assign any amount to the Congregation of the Sisters of Saint Joseph of Boston free of estate tax..  There are several ways you can accomplish this.  You can designate a dollar amount, a percentage of your estate, with or without restrictions.

A will allows you to remember the people and organizations you care about most.  We recommend that you obtain counsel of professional advisors and an attorney who specializes in estate planning.

Kinds of Gifts

Your Assets, Your Gifts

  • Contributions to the Congregation of the Sisters of Saint Joseph of Boston allow us to continue our mission of unity and reconciliation

  • Gifts of cash create current income tax deductions

  • Donations of securities help provide relief from capital gains

  • Gifts of personal property allow for meaningful donations

Assets irrevocably given to the Congregation of the Sisters of Saint Joseph of Boston result in a current year income tax deduction.

Gifts of cash are the simplest method.  However, gifts of appreciated securities have the added benefit of foregoing tax on the gain.

You can donate tangible property (art, collections, autos, land, buildings, boats, airplanes, antiques, etc.) and take a full fair market value deduction if the gift is related to our tax-exempt function.

These are just a few of the many ways you can make a meaningful contribution to the Congregation of the Sisters of Saint Joseph of Boston.

A Living Trust

Control of Your Assets

  • A living trust allows you to provide for your family

  • You decide who will eventually receive the trust remainder

  • By using a trust you bypass probate, keeping your financial affairs confidential

  • You make the decisions with a professional trustee

A living trust allows you to provide for yourself and your family before and after your death.  A living trust can work very well with your estate plan because of its built-in flexibility.

Wills and trusts are completely revocable.  You can change or terminate them anytime.  However, unlike wills, a living trust can be implemented immediately.

You can make a contribution to the Congregation of the Sisters of Saint Joseph of Boston through a living trust by naming us as the trust’s beneficiary.  You retain complete control of this asset during your lifetime.

Life Insurance

Remembering Those Who Are Important To You

  • You receive a charitable deduction when you name as beneficiary and assign ownership of the policy to the Sisters of Saint Joseph of Boston

  • You can retain ownership but name as beneficiary the Congregation of the Sisters of Saint Joseph of Boston

  • You may name you family and, as contingent beneficiary, the Congregation of the Sisters of Saint Joseph of Boston

  • You can reduce estate taxes because proceeds are removed from your estate

When you first purchased life insurance you probably were trying to protect your loved ones from life’s uncertainties.  However, the coverage you needed then may not be so important today.  A gift of your life insurance could be a generous way to remember the Congregation of the Sisters of Saint Joseph of Boston.

Gifts of life insurance could also be used to replace donated stock.  The tax advantages of donating stock and purchasing life insurance in the amount your heirs would have inherited may be perfect in your situation.

Real Estate

Home, Vacation Home, Commercial Real Estate, Farm, Land

  • When you donate real estate to the Congregation of the Sisters of Saint Joseph of Boston you create an enduring testimonial, allowing us to continue our mission of unity and reconciliation

  • You receive an income tax charitable deduction for the full market value

  • There is no gift tax, and you receive a reduction of your taxable estate

  • There will be no problems resulting from trying to sell the property

  • There are many ways you can make a meaningful contribution of real estate to the Congregation of the Sisters of Saint Joseph of Boston.

If you are contemplating selling land or a building, beware of capital gains taxes!  Currently if you sell your primary residence you can exclude up to $250,000 ($500,000 if you are married) of the capital gain. This tax does not apply to all types of real estate.  There may be better alternatives to consider.

Charitable Remainder Annuity Trust

Income from Making a Donation

  • You receive an immediate charitable tax deduction

  • You receive a fixed dollar income for your lifetime

  • You can increase income from a low-yield holding

  • You can avoid capital gains tax on appreciated assets when they are used to fund the trust

  • You free yourself from investment responsibilities

A charitable remainder annuity trust will pay you a fixed dollar amount every year for the rest of your life.  After your lifetime (and/or the lifetime of a surviving beneficiary if that is your choice) the trust remainder is used to support the mission of unity and reconciliation of the Congregation of the Sisters of Saint Joseph of Boston.

Through a charitable remainder annuity trust you can “give away the tree but still keep the fruit.”  You receive a lifetime income from your donation.

Charitable Remainder Unitrust

Lifetime Income

  • You receive a sizable income tax charitable deduction

  • You can avoid capital gains tax if you donate appreciated securities

  • These assets are professionally managed, freeing you from investment/management worries while providing lifetime income

A charitable remainder unitrust combines the best of a donation and an investment plan.  You place selected assets in a trust and receive a lifetime income for you and/or another beneficiary.  At the end of these lifetimes the remainder goes to the Congregation of the Sisters of Saint Joseph of Boston.

With a unitrust you income is a set percentage of the trust’s value, predetermined annually. You have the option of having a unitrust with a net income plus make-up below the stated percentage, you receive only that amount.  When performance is better, deficiencies are recouped.

This is one of the best options for supplemental retirement income.

Charitable Lead Trust

Pass Assets to your Heirs!

  • A charitable lead trust allows you to provide for your family and can be funded during your lifetime or through your will

  • At the same time, a charitable lead trust can support the Congregation of the Sisters of Saint Joseph of Boston through annual income payouts

  • You can leave a legacy without depleting assets

  • You can reduce your taxable estate and gift taxes

If you are concerned about the tax implications regarding assets you plan to leave to your heirs, this is a way to achieve significant estate tax savings.

These and many other questions need to be addressed to safeguard your assets and provide for your family and friends.

By making a bequest in your will you may pass any amount free of estate tax.  There are many ways you can accomplish this: you may designate a dollar amount or a percentage of your estate, with or without restrictions.

A will allows you to remember the people and organizations you care about most.  We always recommend that you obtain counsel of professional advisors and of an attorney who specializes in estate planning.

Retained Life Estates

Options

  • You and/or another person retain use of your residence throughout your lifetime

  • You receive income tax savings through your charitable donation

  • You can gift partial interest and still receive tax advantages

Imagine donating your home, receiving all the tax advantages and living there for the remainder of your lifetime.  This almost sounds too good to be true.  It is called a retained life estate.

A gift of your home, vacation home, farm or condominium, irrevocably given to the Congregation of the Sisters of Saint Joseph of Boston, can result in a charitable deduction on your income tax.

A retained life estate allows someone other than you or your spouse to have life occupancy without the associated estate tax payments.

There are many ways of making a meaningful contribution to the Congregation of the Sisters of Saint Joseph of Boston.

Closely Held Stocks

Your Business

  • All contributions to the Congregation of the Sisters of Saint Joseph of Boston allow us to continue our mission of unity and reconciliation

  • Gifts of stock in a closely held corporation may create income tax deductions

  • Relief from capital gains is a benefit to the donor on appreciation of the stock

  • You retain control

Assets such as stock in a closely held corporation given to the Congregation of the Sisters of Saint Joseph of Boston may result in an income tax deduction

You retain at least 50% ownership.

The Internal Revenue Service has ruled that a charitable organization has the option whether or not to go through with the redemption at the time the organization receives the shares.

However, the Congregation of the Sisters of Saint Joseph of Boston may independently offer donated stock for redemption.  It is a favorable option which would benefit everyone.  This would be our normal course of action.

It is easy to Include Us In Your Will

First….

Decide what to give.

Many people contribute a dollar amount or specific property.  Still others make a gift of a percentage of the residue of their estate.  Furthermore, there are a number of methods by which you can put your assets in trust for the benefit of a spouse or family member for their lifetimes where all or part of the remainder is given to the Congregation of the Sisters of Saint Joseph of Boston.

Second….

Decide how to give it.

Charitable bequest can be either restricted or unrestricted.  Unrestricted bequests allow the Sisters of Saint Joseph to decide the best use of these assets to further their mission.  However, you may decide to restrict the use of the gift for a specific purpose.  You may make the gift “In Honor Of” or “In Memory Of” your family or a particular individual.  Such gifts would be recognized appropriately.

Third….

Take the time to include us in your will.

A simple codicil to your will donating a dollar amount, a percentage of your estate or specific property is all that it takes.  The legal name of the Congregation is Congregation of the Sisters of Saint Joseph of Boston.

We encourage you to contact us and make your wishes known.  If  we are aware of your plans to include us in your will, we can help you receive the most satisfaction for your gift and show our gratitude for your generosity.

 

 

 


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