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Planned Giving

 

What is Planned Giving?

Great news! There are ways to support Bishop Grady Villas that do not affect your current lifestyle or your family’s financial security.

Planned giving enables philanthropic individuals to make larger gifts than they could make from ordinary income. Some planned gifts provide life-long income to donors, while other gifts use estate and tax planning to provide in ways that maximize its impact on the donor’s estate.

Whether a donor uses cash, appreciated securities/stock, real estate, personal property, life insurance, a retirement plan, etc., the benefits of funding a planned gift make this type of charitable giving an attractive option in a donor’s personal philanthropy plan.

Choosing the right planned gift depends on the donor’s personal circumstances and financial goals.

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What are the Three Types Of Planned Gifts? 

 
 
  • Bequests & Estate Plan Gifts

    You may make a bequest through your estate by including a provision in your will or living trust, or by naming Bishop Grady Villas as a beneficiary of a retirement plan or life insurance policy. The amount left to Bishop Grady Villas can be expressed as a dollar amount or as a percentage of the assets to be given.

  • Life Income Gifts

    A life income gift allows you to give assets to Bishop Grady Villas while providing yourself or others with income for a period of time before BGV is permitted to use your gift. You may make a life income gift by transferring securities, cash, or other property to Bishop Grady Villas or a trustee.

    BGV (Through the Diocese of Orlando) or the trustee then manages the investment of the assets and pays an income to you, your designated beneficiaries, or both. Income payments continue for the beneficiaries’ lives or, in some cases, for a term of up to 20 years.

  • Other

    If you are looking for a way to pass on some of your assets to your family while reducing or eliminating gift or estate taxes, a charitable lead trust is an excellent option.

 
 

 
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Charitable Gift Annuity

 

One gift that allows you to support Bishop Grady Villas while receiving fixed payments for life is through a charitable gift annuity. Not only does this gift provide you with regular payments and allows us to further our work, but when you create a charitable gift annuity with Bishop Grady Villas you can receive a variety of tax benefits, including a federal income tax charitable deduction. A CGA is an extremely flexible way to make a gift and can be created with gifts of relatively modest amounts.

For as little as $10,000, you can create a charitable gift annuity with Bishop Grady Villas. Here’s how it works:

 
 
 

Step 1

You transfer cash or other assets to Bishop Grady Villas and complete a simple gift agreement. This gift is then set aside in a reserve account and invested by the Diocese of Orlando.

Step 2

You will receive generous fixed payments annually (or more frequently if desired) that will never vary in amount. The amount of your payment is a percentage of your gift determined by your age at the time your gift is made.

Step 3

You will be entitled to an immediate income tax charitable deduction. Also, part of each annual payment is tax-free for the period of time equal to your life expectancy.

Step 4

If you wish, you can also choose to name another person to receive payments instead of you or following your lifetime for the remainder of his or her life (all annuitants must be 65 for immediate payment of gift annuities)

Step 5

At the end of your life, Bishop Grady Villas will receive the remainder of your gift.
 
 

As rate charts reveal, gift annuity rates are higher for older individuals and are therefore generally most attractive to retired individuals.

If you are 55 or older and are planning for your retirement, you may want to consider a deferred gift annuity as part of your retirement planning. With a DEFERRED GIFT ANNUITY, you transfer funds to Bishop Grady Villas today and receive an immediate income tax charitable deduction while payments to you actually begin at a future date you specify.

 

Charitable Remainder Trust

 
 

If you have built up a sizable estate and are looking for ways to receive reliable payments, a charitable remainder trust is a great way to support our mission and vision. Trusts are very flexible planning tools that can be used to accomplish a wide range of goals. A CRT is an irrevocable trust and offers a way to arrange a meaningful gift to Bishop Grady Villas while first providing income for yourself and/or others beneficiaries.

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For a gift of six figures or more, here is how a charitable remainder trust works:

 
 

Step 1

You, as the donor, create a trust drafted by an appropriate professional advisor with the input of Bishop Grady Villas if so desired

Step 2

Cash or other property is transferred to the trust to be managed by you or another person or other entity you choose as trustee. The trustee manages the property for you or the beneficiaries you choose.

Step 3

Each year payments are made from the trust to you and/or other beneficiaries.

 
 

Step 4

You receive an income tax charitable deduction and may enjoy a capital gain tax savings in the year you create the trust

Step 5

Per the IRS, the annual annuity must be at least 5% but no more than 50% of the trust’s assets

Step 6

Payments continue until the trust ends. The trust document specifies the time when this is to occur, such as the death of the last beneficiary or after a stated period of time (not to exceed 20 years)

 
 

Final Step:

When the trust terminates, its assets become a gift to further the mission and vision of Bishop Grady Villas. The gift portion is known as the charitable remainder.

 
 

Charitable Lead Trust

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A charitable lead trust is an irrevocable trust designed to provide financial support to Bishop Grady Villas for a period of time, with the remaining assets eventually going to family members or other beneficiaries.

 
 

A charitable lead trust works in the following way:

 

Step 1

The donor makes a contribution to fund the tryst, which is created to operate for a fixed term as for a set number of years or the life of one or more people. Depending on the type of charitable lead trust you select, you may be eligible to take an immediate partial tax deduction with cash contributions

Step 2

Payments from the trust are disbursed to Bishop Grady Villas as either a fixed annuity payment or percentage of the trust. There is no required minimum or maximum payment to Bishop Grady Villas so long as payments are made annually

Step 3

At the end the term, the remaining assets are distributed to non-charitable beneficiaries, usually family members in a manner that can minimize or even eliminate transfer taxes

Bequests, Wills, and Living Trusts

 

By including Bishop Grady Villas in your estate plans, you are ensuring the future stability of Bishop Grady Villas and helping us sustain a long term, consistent funding stream.

A gift made by will or living trust is simple to arrange. A provision or amendment prepared by your attorney at the time you make or update your will or trust is all that is necessary.

Ways to give through wills and trusts:

  • Give only the remainder of your estate. That is, what remains after all other bequests to friends and loved ones are fulfilled

  • Designate that a percentage of your estate be given through your will or living trust

  • Leave a specific dollar amount designated for general use or earmarked doe a special purpose that you have discussed with Bishop Grady Villas

  • Provide for a gift of specific property. Real estate, stocks, life insurance policies, and other items of value are examples of properties that Bishop Grady Villas receives as gifts

  • Name Bishop Grady Villas to receive a contingent bequest in the event other heirs are unable to receive their legacies

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Bequest Language

 

In order to make a bequest to Bishop Grady Villas, you should speak with your attorney. We have provided some basic bequest language to assist you and your attorney.

1. Specific Bequest

If you are considering making an outright bequest to Bishop Grady Villas to use where most needed, we recommend the following language:

Bequest of a Specific Dollar Amount

I hereby give, devise, and bequeath to John Noonan, Bishop of the Catholic Diocese of Orlando, a corporation sole, and to his successors and assigns, the following: $___ for the benefit of Bishop Grady Villas, St. Cloud, FL. Tax ID # 59-3598427.

Bequest of Specific Personal Property

I hereby give, devise, and bequeath to John Noonan, Bishop of the Catholic Diocese of Orlando, a corporation sole, and to his successors and assigns, the following: (description of property), for the benefit of Bishop Grady Villas, St. Cloud, FL. Tax ID # 59-3598427.

Bequest of Specific Real Estate

I hereby give, devise and bequeath to John Noonan, Bishop of the Catholic Diocese of Orlando, a corporation sole, and to his successors and assigns, the following: (address or description of property), for the benefit of Bishop Grady Villas, St. Cloud, FL. Tax ID # 59-3598427.

2. Percentage Bequest

If you are considering making a bequest of a percentage of your estate we recommend the following language:

I hereby give, devise, and bequeath to John Noonan, Bishop of the Catholic Diocese of Orlando, a corporation sole, and to his successors and assigns, the following: _ percent (%) of my total estate, determined as of the date of my death for the benefit of Bishop Grady Villas, St. Cloud, FL. Tax ID # 59-3598427

3. Residual Bequest

I hereby give, devise, and bequeath to John Noonan, Bishop of the Catholic Diocese of Orlando, a corporation sole, and to his successors and assigns, the following: ALL OR A PERCENTAGE of the rest, residue and remainder of my estate for the benefit of Bishop Grady Villas, St. Cloud, FL. Tax ID # 59-3598427.

4. Contigent Bequest

If (primary beneficiary) does not survive me, then I hereby give, devise, and bequeath to John Noonan, Bishop of the Diocese of Orlando, a corporation sole, and to his successors and assigns, the following: (amount, percentage, remainder, or other specific asset), for the benefit of Bishop Grady Villas, ST. Cloud, FL. Tax ID # 59-3598427.

5. Restricted Bequest

If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.

If you are making a restricted bequest, we recommend that your attorney include the following provision to give Bishop Grady Villas’ flexibility should it no longer be possible for us to use your gift as you originally intended:

If, in the judgment of the Bishop of the Catholic Diocese of Orlando Florida, it shall become impossible for Bishop Grady Villas to use this bequest to accomplish the specific purposes of this bequest, Bishop Grady Villas may use the income and principal of this gift for such purpose or purposes as they determine is most closely related to the restricted purpose of my bequest.

 
 

 

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