Making a planned gift is a wonderful way to show your support for the Sisters of St. Dominic of Amityville while accommodating your personal, financial, estate-planning, and philanthropic goals.
With smart planning, you may actually increase the size of your estate and reduce the tax burden on your heirs while making a meaningful contribution to the Sisters of St. Dominic.
If you have already included the Sisters of St. Dominic in your estate plan, we invite you to join our Veritas Society. Please let us know so we can acknowledge your thoughtful generosity.
Giving options provides exceptional planning strategies and flexibility and may minimize tax implications:
- Reduce your income taxes
- Avoid capital-gain tax
- Increase your spendable income
- Retain payments for life
- Achieve no-cost, worry-free asset management
Types of Giving Include:
Gifts by Will
Make a gift that costs nothing now.
Gifts That Pay You Income
Do you want to support the Sisters of St. Dominic but worry about having enough income for yourself and your loved ones? Life-income gifts, such as gift annuities and charitable remainder trusts, can provide donors with an income stream, significant tax savings, and the satisfaction of supplying the Sisters of St. Dominic with vital long-term resources.
The Charitable Lead Trust
Transferring property to the Sisters of St. Dominic and individuals you wish to benefit is not always an either/or proposition. With careful planning, you may be able to arrange your transfers to accomplish more than one objective. For example, if you have assets that are appreciating, children who may want to start a business in the future, and a desire to assist the Sisters of St. Dominic, you may wish to consider creating a charitable lead trust.
Gifts from Retirement Plans
You may consider using retirement plan benefits to make a significant gift that will support the Sisters of St. Dominic. Because of the estate- and income-tax treatment of retirement-plan benefits, the cost of your gift to your estate and heirs is often relatively small.
You may make a charitable gift to the Sisters of St. Dominic after your lifetime without revising your current will or estate plans. An estate note is an irrevocable pledge or debt against the donor’s estate.
Estate gifts are usually reserved for those closest to us, starting with our families. When donors include the Sisters of St. Dominic in this privileged inner circle, we are so grateful and invite you to join The Veritas Society.
The Veritas Society recognizes our generous donors at an annual luncheon and at events at the Motherhouse throughout the year. To learn more, please contact Mary Fuchs, Director of Advancement, at (631) 842-6000 ext. 241 or email@example.com
Gifts of Assets
The simplest way to support the Sisters of St. Dominic is through cash gifts. However creative gifts of assets can include stocks, bonds, and property (real estate and personal property such as artwork). These can not only provide you with charitable deductions but can also offer additional tax savings.
The simplest way to support the Sisters of St. Dominic is through cash gifts. However creative gifts of assets can include stocks, bonds, and property (real estate and personal property such as artwork). These provide you with charitable deductions and can offer additional tax savings as well.
What to Give:
Cash, Checks, and Credit Cards
A gift of cash is easy to make, and the gift is not subject to gift or estate taxation.
Gifts of Appreciated Securities: Stocks, Bonds, Mutual Funds, and Other Assets
Smart gift planning combines charitable intent with cost-efficient planning techniques.
Almost any type of real estate may be donated including undeveloped land, farms, vacation homes, or your residence.
Tangible Personal Property: Artwork, Collectibles, and Other Items
Tangible property contributions provide charitable donations based on a standard of “related use.”
Life insurance may directly fund a gift or may be used to replace a previously gifted asset.
Closely Held Business Stock
Business owners contributing closely held stock are allowed a charitable deduction for the fair market value of the stock.
A bequest—a gift in your will—is simple and convenient. You can create a legacy through a bequest.
Your bequest can be a specific dollar amount or a percentage of your estate. You can designate your bequest for general use, or you can restrict its use. Many individuals establish endowments that honor the memory of a family member, a Sister who taught them, or a loved one. These endowments live forever, since only the portion of the fund available for spending each year is paid out annually.
Examples of various types of bequests:
Specific bequests are used to make a gift of a specific dollar amount or specific asset (such as securities, real estate, or personal property).
Residuary bequests are used to give all or a portion of the remainder of your estate after payment of expenses and any specific amounts designated to other beneficiaries.
Including the Sisters of St. Dominic of Amityville in your will:
The following includes several examples of suggested bequest wording to benefit the Sisters of St. Dominic of Amityville. Each individual situation is unique; therefore, these examples include only some of the possible gift opportunities. We encourage you to discuss your intentions with us at the Sisters of St. Dominic of Amityville to ensure that your wishes will be properly followed and recognized.
Because a will is an important legal document, you should seek an attorney’s help. To assist you with this important process, we offer the suggested wording below.
Percentage of estate for unrestricted purposes:
“I give to the Sisters of St. Dominic of Amityville, N.Y., a nonprofit organization located in Amityville, N.Y., _____ percent (%) of the remainder of my estate for its general charitable purposes.”
Percentage of estate to establish an endowed fund:
“I give to the Sisters of St. Dominic of Amityville, N.Y., a nonprofit organization located in Amityville, N.Y., _____ percent (%) of the remainder of my estate to establish the ________ Endowed Fund. The portion of this fund available for spending each year shall be used to ___________________________. Contributions may be added to the Fund at any time.
“If changed circumstances should at some future time make it impractical to continue administering the Fund for the purpose designated, then the Sisters of St. Dominic of Amityville, N.Y., Leadership Team may designate another purpose, provided that the terms adhere as closely as possible to the original intent.”
Specific amount for unrestricted purposes:
“I give to the Sisters of St. Dominic of Amityville, N.Y., a nonprofit organization located in Amityville, N.Y., the sum of $_______ in cash (or ________ shares of ________stock) to be used for its general charitable purposes.”
Specific amount for specific purposes:
“I give, devise, and bequeath to the Sisters of St. Dominic of Amityville, N.Y., a nonprofit organization located in Amityville, N.Y., the sum of $_______ in cash or in-kind (or ________ shares of ________stock) to be used for __________________________________________ at the Sisters of St. Dominic of Amityville, N.Y.”
The discussion herein is general in nature and may not apply to all individuals. Prospective donors are urged to consult their personal tax and financial advisors concerning the specific consequences of making gifts to the Sisters of St. Dominic. We would be pleased to discuss, in confidence, ways in which you may support the Sisters of St. Dominic. These measures may also have an impact on your estate planning.