Estate Planning Considerations

PLANNED GIVING

Planning a gift with The Congregation of the Oratory is both a judicious way to make a lasting difference and useful tool to help you accomplish your financial and philanthropic goals.  A planned gift will help The Congregation of the Oratory in its long-term budgeting as well as provide the Oratory community with unique opportunities to improve or expand its outreach in the Spirit of St. Philip.  In addition to sustaining The Congregation of the Oratory’s mission, with a planned gift, you may provide yourself and your family (or other beneficiaries) significant tax benefits.  Aside from outright, tax-deductible cash gifts, there are a myriad of creative and rewarding avenues through which to give. These include:

  •  A bequest in your Will
  • A beneficiary designation on a retirement plan, annuity or life insurance policy
  • Gifts of stock or other assets
  • Charitable Lead Trusts

These instruments may provide you the opportunity to make a significant charitable impact and should be discussed with your financial advisor on what is most suitable for your objectives.

CHARITABLE BEQUESTS PROVIDED IN YOUR WILL

One of the simplest ways to provide an enduring gift of support to The Congregation of the Oratory is through your Will or Revocable Living Trust. By including The Congregation of the Oratory in your estate plans, you may specify that either a percentage or a fixed dollar amount of your assets go towards fulfilling the mission of the Oratory after your lifetime.  With a bequest, you do not have to part with any of your assets during your lifetime and your estate can take a charitable deduction for the amount of your bequest, reducing or eliminating potential estate taxes.

If you do name the Oratory in your will, please let us know so that we can provide any information your attorney may need.

Those who choose to make their plans know are invited to join the Kindly Light Society.  The Society has an annual luncheon with the Oratory community and receive a quarterly update from the Provost on the activities of the Congregation.

BENEFICIARY DESIGNATIONS ON YOUR RETIREMENT PLAN, ANNUITY OR LIFE INSURANCE POLICY

Naming The Congregation of the Oratory as beneficiary of your retirement plan, annuity or life insurance can provide a lump sum contribution to support the future vitality of the Oratory.  By designating The Congregation of the Oratory as the beneficiary of your plan, it will remove the value of the retirement assets from your gross taxable estate. Because the Congregation of the Oratory is a non-profit organization, this contribution will go in toto to support the work of the Congregation without being impacted by taxes.

You may name The Congregation of the Oratory as primary beneficiary of your life insurance policy, or a contingent beneficiary, should your other beneficiaries not survive you.  After your lifetime, the benefits from your policy would pass to The Congregation of the Oratory tax-free.

To establish this type of gift, you can request a “Change in Beneficiary Designation” form from your insurance agent.

GIFTS OF STOCK OR OTHER ASSETS

Gifts of long-term appreciated stock, mutual funds, or real estate offer an easy and tax-efficient way to make a lasting contribution, costing you less than the benefit that it delivers to The Congregation of the Oratory.  Your gift will help to sustain the mission of The Congregation of the Oratory while avoiding or reducing capital gain tax. To ensure you are entitled to receive the most beneficial tax treatment, it is important to contact your financial advisor and to alert the Congregation to the potential transfer before you liquidate stocks or other securities.

CHARITABLE LEAD TRUSTS

A Charitable Lead Trust provides a stream of income to The Congregation of the Oratory for a term of years, after which the trust assets, including any appreciation, revert back to you or are passed to the beneficiaries of your choice.  If you have a sizable estate and wish to avoid taxes, and your family members or heirs are taken care of for the foreseeable future, yet you wish to provide them with a substantial inheritance after your lifetime, a Charitable Lead Trust may be the right option for you.  A Charitable Lead Trust is an excellent way to give an immediate gift to The Congregation of the Oratory while ultimately transferring assets to your loved ones — often with significantly reduced gift transfer and estate taxes.

FOR MORE INFORMATION

If you have any questions regarding the above giving options or if you would like to receive more information on planned giving, please contact OratoryLegacy@gmail.com