Gift Planning

Planned gifts are a variety of charitable giving methods that allow you to express your personal values by merging your family, financial, and charitable goals. Planned gifts can be made with cash, but many are made by donating assets such as stocks, real estate, art pieces, or business interests—the possibilities are endless.

Planned gifts can provide valuable tax benefits and/or lifetime income for you, your spouse or other loved ones. The most frequently-made planned gifts are bequests to charities, made through your will. Other popular planned gifts include charitable trusts and charitable gift annuities.

Making a planned gift usually requires the assistance of the charity’s development professional and/or a knowledgeable advisor such as an attorney, financial planner, or CPA to help structure the gift. Catholic Charities is able to offer the services of a professional estate planning specialist at no cost to you. We provide advice and complete in-depth information for your charitable tax and financial planning, and work directly with your lawyer, accountant, or estate planner, if necessary.

Gift of Life Insurance

As you review your financial situation, remember that a life insurance policy is a unique way to give.  To qualify for a tax deduction, a charity must be named owner and beneficiary.  If your policy is paid up, your deduction will equal the policy’s replacement value.  If your policy requires on-going premiums, you will receive a deduction for the premiums you pay.

Gifts that provide Lifetime Income

Perhaps you would like to give more during your lifetime, but cannot because of your present needs.  By considering gifts that provide income, you may be able to achieve your charitable goals and still meet your own needs.  Through the use of a charitable remainder trust, you can receive income for the rest of your life, receive an income tax deduction, and eliminate capital gains tax.  A charitable gift annuity can also provide you with guaranteed lifetime income and a valuable tax deduction.

Gifts of Retirement Plans

Naming a charity as beneficiary of some or all your retirement account at death has unique benefits. When a child or heir is named as a beneficiary of the retirement account, they must pay income taxes on those funds received. Because charities are tax-exempt, when they are named as a beneficiary, there are no taxes paid on the funds received - all the funds can be used to advance the charity’s mission.

Gifts of Stock or Real Estate

A gift of appreciated property, such as stock or real estate, can be one of the most advantageous ways of giving.  If you have held the property for more than one year, you can avoid capital gains tax and receive a tax deduction for the market value of the property on the date of the gift.

Example:  John plans to sell stock worth $1,000 that he bought for $400 and give the money to charity.  If John sells the stock, he will have to pay capital gains tax on the $600.  Instead, John gives the stock directly to a charity.  As a result, he avoids the capital gains tax and receives a $1,000 tax deduction.

Gifts through a Revocable Living Trust

Probate is the legal process that changes asset ownership from your name to your heirs using the courts.  Unfortunately, if you have a will, your assets must still go through probate.  To avoid probate costs, delays, and invasion of privacy, you may want to consider a revocable living trust. A revocable living trust (or a “living trust”) is a legal entity that, like a will, provides a list of instructions for distributing your assets at death.  But, unlike a will, a revocable living trust avoids probate.

Gifts through a Charitable Gift Annuity

A charitable gift annuity is an agreement between you and a charitable organization.  You agree to make a gift of cash, stock, or other marketable property.  In exchange, the charity agrees to pay you income payments for the rest of your life.  At your death, the balance goes towards fulfilling the charity’s mission. By making this kind of gift, you will receive a charitable income tax deduction based upon your age and gift amount. Your annuity payments will be partially tax-free and depending upon the type of property you contribute, you may be able to save your money from capital gains tax.

The Caritas Christi Society was established to recognize and show gratitude to people who choose to include Catholic Charities in their estate plans.

Catholic Charities has been blessed with estate gifts from caring people in years’ past. One of those gifts was from Lucy Clark Brown, a woman we didn’t know, who left her estate to serve the poor at our Catholic Charities. She remembered visiting a Catholic Charities with her father when she was a little girl and her family was struggling and in need of food and emergency assistance. Years later, she decided to help others in need. After her death our Catholic Charities was surprised with a $2 million gift. The funds were invested until we could follow her wishes and build the building named in her honor and memory at our Tulsa campus. Thousands of families in need visit The Market at Catholic Charities to receive groceries each year.

Other compassionate people have made bequests or planned gifts that are invested with our endowment. The annual distribution from these investments provides much-needed funding for our programs and services that help more than 60,000 people each year.  The funds also help us maintain our facilities, equipment, and grounds. The gift amounts and the percentage of estates vary, and every gift helps Catholic Charities carry out our mission.

How do I join the Caritas Christi Society?

You can inform us in writing that you have included Catholic Charities in your estate plans and/or provide us with one of these:

• A completed signed Caritas Christi Society form
• A copy of the pertinent information regarding Catholic Charities in your will or trust
• A copy of the life insurance policy that names Catholic Charities of Eastern Oklahoma as a beneficiary
• A letter from your attorney stating that you have included Catholic Charities in your estate plans
• Or contact Deacon Kevin Sartorius – Chief Executive Officer at (918) 508-7111 or kevin@cceok.org or Laurie Gero – Chief Development Officer at (918) 508-7116 or lgero@cceok.org

Your information will be kept confidential. If you give your permission, your name(s) will be listed with other Society members.

It is important that we know of your intention so we can be prepared to honor your intentions. You will also be helping Catholic Charities to prepare for the future.

We appreciate you for considering including Catholic Charities of Eastern Oklahoma in your financial planning.

If you would like more information about making a planned gift, we invite you to contact Laurie Gero, Chief Development Officer, at lgero@cceok.org or (918) 508-7116.