Saint John's Abbey Planned Giving

PLANNED

giving

JOIN US IN OUR WORK

TA X ADVANTAGES AND OTHER BENEFITS Benefits of planned gifts to the Abbey include: •

An opportunity to expand the scope of your generosity.

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Income tax savings through a charitable deduction.

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Avoiding the capital gains tax.

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Simplifying the management of your financial resources.

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Reducing costs and time associated with estate settlement.

Your charitable gift to Saint John’s Abbey qualifies as a tax deduction on your federal tax return, and there may also be state income tax advantages.

Check with your financial or legal advisor for the most up-to-date information on charitable gifts.

C H A R ITA B LE R E M A I N D E R A N N U IT Y TR U S T This is an irrevocable trust that pays a fixed income – for life or a specified period of time – based on the value of assets at the time the trust is created.

The assets remaining in the trust are given to Saint John’s. This planned gift has some generous tax advantages, including the avoidance or postponement of capital gains tax or appreciated property and, possibly, lower estate taxes.

ENGAGEMENT IN OUR WORLD

C H A R ITA B LE R E M A I N D E R U N ITR U S T The unitrust is like the annuity trust described above, but it provides a fluctuating income based on a fixed percentage of the trust’s annual value. Tax advantages include avoiding or postponing capital gains tax and possible lower estate taxes.

memorials & tribute gifts

A gift in honor of or in memory of a loved one or friend is a special and wonderful way to show your support of the mission and values of Saint John’s Abbey.

Your gift to the Abbey is a thoughtful remembrance that will further the prayer and work of our Benedictine community of monks, monks who will continue to positively impact the lives of countless others by their service to the Church.

While a memorial gift honors a deceased loved one, friend, or monk, a tribute gift commemorates a special time in someone’s life – perhaps a birthday, anniversary, or other memorable event.

If you wish, a special card acknowledging your memorial or tribute gift will be sent to the family of the person you are remembering or honoring. Unless you would like, the amount of your gift will not be disclosed.

If you have or plan on making a planned gift to Saint John’s University, or Prep School, and wish for the Abbey to be included in that gift, you must specifically note the inclusion of the Abbey in your estate planning and other gift options.

Check with your financial or legal advisor for the most up-to-date information on charitable gifts.

Saint John’s Abbey Taxpayer ID Number (EIN): #41-0693973

annuities

GI V ING THAT GENER ATE S INCOME FOR YOU

Many donors to Saint John’s Abbey have found they can substantially increase their support of our work with a program of planned giving.

By establishing charitable gift annuities and charitable remainder trusts, donors can retain an income from their gifts, realize immediate and deferred tax benefits, and make the gift of a lifetime.

G I F T A N N U IT Y AG R E E M E NT A gift annuity is a donation of cash or other property. You, and/or others, then receive fixed payments for life, with the Abbey receiving the remaining assets. The frequency and rate of payments are determined at the time the gift annuity is funded. Gift annuities provide their donors with generous tax benefits, along with the satisfaction of knowing they have made a meaningful gift. A deferred gift annuity generates an immediate tax deduction and higher lifetime payments after the deferral period (for example, the deferral period might end with retirement, with the higher payments used to supplement retirement income).

PLANNED

giving

FOR WELL OVER 160 Y E ARS the Saint John’s Abbey monastic community has served the church through prayer and ministries. The Abbey has cultivated excellence in education, pastoral and mission sensibility, a spirit of hospitality and a sense of place. Through sharing its Benedictine and Catholic values, its vision with multitudes and providing countless opportunities for seeking God, the Abbey has been true to its watchwords: “In all things may God be glorified (IOGD).”

To ensure the long-term success of the Abbey’s vision, values, and ministry, many of our friends and benefactors help with monetary and planned gifts. We invite you to join us in our work by making a contribution. There are a variety of gift-planning options that give you the opportunity to support Saint John’s and provide a worthwhile legacy in a manner consistent with your values.

On the following pages you’ll find a variety of planned gift arrangements that will meet the needs of your financial situation.

bequests

GI V ING A S PAR T OF YOUR E S TATE PL AN

B E Q U E S T I N YO U R W I LL O R TR U S T The most common, and simplest, way to support the Abbey through planned giving is by naming Saint John’s Abbey as a beneficiary in your will or other estate planning documents. A bequest can be a specified monetary amount or can be your entire estate or percentage of it, after settlement of any obligations. Bequests to Saint John’s generally are deductible for estate and gift tax purposes.

LI F E I N S U R A N C E P O LI C I E S People sometimes find themselves holding life insurance policies that are no longer needed for the objective the policy was initially purchased to secure. Some have given these insurance policies to the Abbey.

This often creates immediate income tax benefits for the donor while producing a very significant opportunity for Saint John’s to conduct its ministry. Giving a life insurance policy often is as easy as changing the owner and/or beneficiary designations through your insurance company.

R ETI R E M E NT P L A N S Like life insurance assets, retirement plan assets sometimes are no longer necessary to ensure a secure and comfortable retirement. Such assets can be significant, tax-efficient gifts to Saint John’s. In fact, with proper planning, retirement plan asset gifts can yield substantial tax savings for you and your heirs.

Again, as with insurance policies, giving retirement plan assets is often as easy as making the appropriate beneficiary designation through the plan ENGAGEMENT IN OUR WORLD administrator.

LI F E E S TATE AG R E E M E NT With this agreement, a donor transfers to the Abbey the title to a residence or farm while retaining the right to reside there and use the property for life.

The donor may be entitled to a current tax deduction equal to the value of the remainder interest.

R EVO C A B LE LI VI N G TR U S T AG R E E M E NT With a revocable living trust, a donor can designate that gifts of real estate, cash or other property be made to Saint John’s Abbey after the donor’s death or some other event. In the meantime, the assets still are available to the donors, allowing them to make a charitable gift without risk to their financial future.

I R A C H A R ITA B LE D I S TR I B UTI O N S Make a tax-free gift to Saint John’s Abbey from an IRA! Individuals who are age 70½ or older can make gifts of up to $100,000 directly from their IRA to one or more qualified charities without paying federal income tax on the withdrawal. This option provides tax savings to donors even if they do not itemize deductions. Here are the specifics: •

Donors must be age 70½ or older at the time the gift is made.

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The funds must be transferred directly to the qualified public charity, which Saint John’s Abbey is. It is important NOT to withdraw the funds before making the gifts.

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Gifts cannot be used to fund a gift annuity or charitable remainder trust.

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Each donor may give up to $100,000 total per year.

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Gifts can be used to satisfy the donor’s required minimum distribution.

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Donors can exclude the distribution from income on their federal tax returns.

If they do, they will not receive a charitable income tax deduction.

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Gifts can be directed to Saint John’s Abbey.

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To qualify for tax-free treatment, donors cannot receive goods, services, or a personal benefit in return for the IRA charitable distribution.

Create a legacy consistent with your values.

For more information about bequests, annuities, memorial, or tribute gifts, contact us.

Saint John’s Abbey • Abbey Development Office Box 2015 • Collegeville MN 56321-2015 320.363.2085 • saintjohnsabbey.org • abbeydev@csbsju.edu Produced using ecologically responsible paper and vegetable-based inks.

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