Leaving a Legacy
Legacy Gift Planning
The Legacy Council exists to inspire parishioners to bless future generations of Our Lady of Lourdes with a legacy gift by wills, trusts and other planned giving options.
The goal of Our Lady of Lourdes Legacy Council is twofold:
- To emphasize the importance of Life Planning
- To inspire interest in leaving legacy gifts
The Legacy Council seeks to provide access to educational and relevant information that
- Focuses on the necessity for Life Planning, including estate planning, health care and end-of-life issues
- Contributes to an awareness of the benefits the parish receives from Legacy Gifts
- Recognizes the importance of Legacy Gifts to the future of the parish
The Tribunal Office of the Diocese of St. Petersburg administers all diocesan estates and trusts in accordance with diocesan policy and procedures. As corporation sole and in accordance with canon law, the bishop is the recipient and administrator of all bequests made to the diocese and any diocesan entities.
There can be many advantages to leaving a gift in this way. Naming a parish, school or diocesan entity in your will, trust or as a beneficiary on a life insurance policy is a way for any parishioner to bless future generations through a legacy gift and support the ministry of the church. The parish, school or diocesan entity also benefit immensely by getting more money than they would otherwise if tax deductions had to be taken into consideration. This gift is a living reminder left by individuals and/or families that will continue to support the causes they believe in for years to come. Any donor can plan a legacy gift regardless of current assets or income.
Mission Statement
To honor the generosity of those who have gone before us and secure the future growth and mission of our parish family.
What to Give
Gifts of Stocks and Bonds
Donating appreciated securities, including stocks or bonds, is an easy and tax-effective way for you to make a gift to Our Lady of Lourdes Parish.
Benefits of gifts of stocks and bonds
- Avoid paying capital gains tax on the sale of appreciated stock
- Receive a charitable income tax deduction
- Further our mission today
How to make a gift of stocks and bonds
By electronic transfer – Please contact us for instructions on how you can transfer stock or bonds from your brokerage or investment account to Our Lady of Lourdes.
By certified mail – If you hold securities in certificate form, you will need to mail two envelopes separately to complete your gift. In the first envelope, place the unsigned stock certificate(s). In the other envelope, include a signed stock power for each certificate. You may obtain this power from your broker or bank. Please remember to use certified mail.
More on gifts of stocks and bonds
There are special rules for valuing a gift of stock. The value of a charitable gift of stock is determined by taking the mean between the high and low stock price on the date of the gift. Mutual fund shares are valued using the closing price for the fund on the date of the gift.
DOWNLOAD the Stocks & Bonds Donation form
Gifts of Real Estate
Donating appreciated real estate, such as a home, vacation property, undeveloped land, farmland, ranch or commercial property can make a great gift to Our Lady of Lourdes Parish.
Benefits of gifts of real estate
- Avoid paying capital gains tax on the sale of the real estate
- Receive a charitable income tax deduction based on the value of the gift
- Leave a lasting legacy to your parish
How to make a gift of real estate
Your real property may be given to Our Lady of Lourdes by executing or signing a deed transferring ownership. You may deed part or all of your real property to Our Lady of Lourdes. Your gift will generally be based on the property’s fair market value, which must be established by an independent appraisal.
Gifts of Retirement Assets
Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to your parish.
If you are like most people, you probably will not use all of your retirement assets during your lifetime. You can make a gift of your unused retirement assets to help further our mission.
Benefits of gifts of retirement assets
- Avoid potential estate tax on retirement assets
- Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis
- Receive potential estate tax savings from an estate tax deduction
How to make a gift of retirement assets
To leave your retirement assets to Our Lady of Lourdes, you will need to complete a beneficiary designation form provided by your retirement plan custodian. If you designate Our Lady of Lourdes Parish as beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death. Your estate will benefit from an estate tax charitable deduction for the gift.
More on gifts of retirement assets
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to Our Lady of Lourdes. As a charity, we are not taxed upon receiving an IRA or other retirement plan assets.
DOWNLOAD IRA Donation form
Gifts of Cash
A donation of cash is a simple and easy way for you to make a gift.
Benefits of gifts of cash
- You can make an immediate impact on our mission
- You can take a charitable income tax deduction
How to make a gift of cash
Mailing a gift of cash – You can send us a check or money order. Please let us know if you want your gift used for a specific purpose by indicating that purpose either in the memo line or in a letter to us.
More on gifts of cash
Did you know that you can mail a check on December 31st and, even if the check is not received and cashed by Our Lady of Lourdes until after the new year, the IRS will allow you to take a deduction in the year the check was mailed? Keep this in mind for year-end tax planning!
Gifts of Insurance
A gift of your life insurance policy is an excellent way to make a gift to your parish. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Our Lady of Lourdes Parish. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of gifts of life insurance
- Receive a charitable income tax deduction
- If Our Lady of Lourdes Parish retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If Our Lady of Lourdes Parish cashes in the policy, you will be able to see firsthand how your gift supports our charitable work
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to our organization so that we can use the proceeds to further our charitable work
How to make a gift of life insurance
To make a gift of life insurance, please contact your life insurance provider, request a beneficiary designation form from the insurer and include Our Lady of Lourdes Parish as the beneficiary of your policy.
Do you still have questions? Watch a VIDEO to learn more.
If you have any questions about any of these gifts, please contact a member of Our Lady of Lourdes Legacy Council. We would be happy to assist you and answer any questions that you have.
How to Give
Giving to your parish can be done either directly or through a gift model that can provide tax benefits and even income. See below to learn more.
Bequest
A charitable bequest is one of the easiest and most flexible ways that you can leave a gift to Our Lady of Lourdes Parish that will make a lasting impact.
Benefits of a bequest
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to charity
How a bequest works
A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends or Our Lady of Lourdes as part of your estate plan, or you can make a bequest using a beneficiary designation form.
Here are some of the ways to leave a bequest to Our Lady of Lourdes
- Include a bequest to Our Lady of Lourdes in your will or revocable trust
- Designate Our Lady of Lourdes as a full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b) or pension)
- Name Our Lady of Lourdes as a beneficiary of your life insurance policy
A bequest may be made in several ways
- Percentage bequest – make a gift of a percentage of your estate
- Specific bequest – make a gift of a specific dollar amount or a specific asset
- Residual bequest – make a gift from the balance or residue of your estate
IRA Rollover
You may be looking for a way to make a big difference to help further our mission. If you are 70½ or older you may also be interested in a way to lower the income and taxes from your IRA withdrawals. An IRA charitable rollover is a way you can help continue our work and benefit this year.
Benefits of an IRA charitable rollover
- Avoid taxes on transfers of up to $100,000 from your IRA to your parish
- May satisfy your required minimum distribution (RMD) for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the deduction limits on charitable gifts
- Help further the work and mission of our organization
How an IRA charitable rollover gift works
- Contact your IRA plan administrator to make a gift from your IRA to us.
- Your IRA funds will be directly transferred to your parish to help continue our important work.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
- Please contact us if you wish for your gift to be used for a specific purpose.
Beneficiary Designation Gifts
A beneficiary designation gift is a simple and affordable way to make a gift to support Our Lady of Lourdes Parish. You can designate us as a beneficiary of a retirement, investment or bank account or your life insurance policy.
Benefits of a beneficiary designation gift
- Support the causes that you care about
- Continue to use your account as long as you need to
- Simplify your planning and avoid expensive legal fees
- Reduce the burden of taxes on your family
- Receive an estate tax charitable deduction
How a beneficiary designation gift works
- To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker or insurance agent.
- Ask them to send you a new beneficiary designation form.
- Complete the form, sign it and mail it back to your broker, banker or agent.
- When you pass away, your account or insurance policy will be paid or transferred to Our Lady of Lourdes, consistent with the beneficiary designation.
Important considerations for your future
If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.
Charitable Gift Annuity
You may be tired of living at the mercy of the fluctuating stock and real estate markets. A charitable gift annuity is a gift made to our organization that can provide you with a secure source of fixed payments for life.
Benefits of a charitable gift annuity
- Receive fixed payments to you or another annuitant you designate for life
- Receive a charitable income tax deduction for the charitable gift portion of the annuity
- Benefit from payments that may be partially tax-free
- Further the charitable work of The Catholic Foundation, Diocese of St. Petersburg with your gift
How a charitable gift annuity works
A charitable gift annuity is a way to make a gift to support Our Lady of Lourdes Parish.
- You transfer cash or property to Our Lady of Lourdes.
- In exchange, we promise to pay fixed payments to you for life. The payment can be quite high depending on your age, and a portion of each payment may even be tax-free.
- You will receive a charitable income tax deduction for the gift portion of the annuity.
- You also receive satisfaction, knowing that you will be helping further our mission.
If you decide to fund your gift annuity with cash, a significant portion of the annuity payment will be tax-free. You may also make a gift of appreciated securities to fund a gift annuity and avoid a portion of the capital gains tax. Please contact us to inquire about other assets that you might be able to use to fund a charitable gift annuity.
Charitable Remainder Unitrust
You may be concerned about the high cost of capital gains tax with the sale of an appreciated asset. Perhaps you recently sold property and are looking for a way to save on taxes this year and plan for retirement. A charitable remainder unitrust might offer the solutions you need!
Benefits of a charitable remainder unitrust
- Receive income for life, for a term of up to 20 years or life plus a term of up to 20 years
- Avoid capital gains on the sale of your appreciated assets
- Receive an immediate charitable income tax deduction for the charitable portion of the trust
- Establish a future legacy gift to our organization
How a charitable remainder unitrust works
- You transfer cash or assets to fund a charitable remainder unitrust.
- In the case of a trust funded with appreciated assets, the trust will then sell the assets tax-free.
- The trust is invested to pay income to you or any other trust beneficiaries you select based on a life, lives, a term of up to 20 years or a life plus a term of up to 20 years.
- You receive an income tax deduction in the year you transfer assets to the trust.
- Our organization benefits from what remains in the trust after all the trust payments have been made.
Charitable Remainder Annuity Trust
You may be looking for a way to receive fixed income for life or a number of years. You may be concerned about the high cost of capital gains tax with the sale of an appreciated asset. Perhaps you recently sold property and are looking for a way to save on taxes and plan for retirement. A charitable remainder annuity trust may offer the solutions you need.
Benefits of a charitable remainder annuity trust
- Receive fixed income for life or a term of up to 20 years
- Avoid capital gains tax on the sale of your appreciated assets
- Receive an immediate charitable income tax deduction for the charitable remainder portion of your gift to The Catholic Foundation, Diocese of St. Petersburg
How a charitable remainder annuity trust works
- You transfer cash or assets to fund a charitable remainder annuity trust.
- In the case of a trust funded with appreciated assets, the trust will then sell the assets tax-free.
- The trust is invested to pay fixed income to you or any other trust beneficiaries you select based on a life, lives or a term of up to 20 years.
- You receive an income tax deduction in the year you transfer assets to the trust.
- Our organization benefits from what remains in the trust after all the trust payments have been made.
More on charitable remainder annuity trusts
If you are tired of the fluctuating stock market and want to receive fixed payments, a charitable remainder annuity trust may provide you with the stability you desire. A charitable remainder annuity trust pays a fixed amount each year based on the value of the property at the time the trust is funded.
Charitable Lead Trust (for Family)
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.
Benefits of a charitable lead trust
- Receive a gift or estate tax charitable deduction
- Pass inheritance on to family at a reduced or zero cost
- Establish a vehicle from which you can make annual gifts to charity
How a charitable lead trust works
- You make a contribution of your property to fund a trust that pays Our Lady of Lourdes Parish income for a number of years.
- You receive a gift or estate tax deduction at the time of your gift.
- After a period of time, your family receives the trust assets plus any additional growth in value.
Do you still have questions? Watch a VIDEO to learn more.
If you have any questions about how to give, please contact a member of the Our Lady of Lourdes Legacy Society. We would be happy to assist you.
Language for Wills
To observe the best method for naming a parish and or school in your will or trust, please ask your attorney to use the following terminology:
“I give devise, and bequeath (amount, article, stock, etc.) to Gregory L. Parkes, as Bishop of the Diocese of St. Petersburg, and his successors in office, a Corporation Sole, for the use of Our Lady of Lourdes Church (or School), 750 San Salvador Drive, Dunedin, Florida 34698.”
Our Lady of Lourdes Legacy Council
The Legacy Council exists to inspire parishioners to bless future generations of Our Lady of Lourdes Parish Family with legacy gifts such as wills, trusts and other planned-giving options. Our goal is to help parishioners realize the importance of Life Planning and the benefits of planning both for them and the parish.
The Council directs parishioners to the wealth of information that is available to guide them through the process of making a life plan and to help them realize the benefits of planning both for them and the parish.
Our Legacy Council members are parishioners dedicated to supporting the mission of Our Lady of Lourdes Parish Family. They are available to answer your questions about life planning and, if you are interested, in creating a legacy gift that is right for you.
It is never too early nor too late to start thinking about the future – both for yourself, your family and your parish. Please do not hesitate to call upon Council members for information and help.
Kathy Cormier
Kathy Cormier is a CPA with over 25 years of experience in accounting, taxes, and finance and business Management.
Kathy has been a parishioner since 2005. She is a partner at Cormier & Rabb, CPAs, PA and is available to help with legacy and tax issues.
Contact: (727) 796-2459 or EMAIL
Ellen Ficarrotta
Ellen Ficarrotta is a retired educator who taught in the Diocese of St. Petersburg for 35 years at Our Lady of Lourdes and Clearwater Central Catholic High School. She has been in the parish since 1961 and her three children attended OLL School and graduated from CCC. Se is active in parish ministry and coordinates the schedules for Extraordinary Ministers of Holy Communion.
Contact: (727) 687-7784 or EMAIL
Andrew Gracy
Andrew Gracy is an attorney with Peebles & Gracy, PA, Dunedin Andrew’s firm focuses on Elder Law issues such as Wills, Trusts & Estate Planning, Real Property, and Probate. His firm has been serving the Dunedin area since 1926. He is very involved in our local community and parish.
Contact: (727) 736-1411 or EMAIL
Rob Kelly
Rob Kelly is an attorney with Kelly & Kelly, LLP, Dunedin. Rob has been a practicing attorney and parishioner since 1977. His law practice focuses on Wills, Trusts & Estate Planning, Probate and Trust Administration, Real Property, and Business Law. He provides counsel to several charitable organizations and has lectured at various seminars on Estate Planning, Real Property and End-of-Life issues.
Contact: (727) 733-0468 or EMAIL
Frank M. Massotto
Frank Massotto is the Account Vice President for UBS Financial Services in Clearwater. Frank has garnered over 40 years of financial services experience. He works closely with his clients to craft and provide custom wealth preservation and estate planning strategies. He has been a resident of Dunedin and parishioner since 1972.
Contact: (727) 507-2545 or EMAIL
David Worobec
David Worobec is a financial advisor affiliated with Northwestern Mutual. His mission is to inspire clients to execute a written comprehensive financial plan for their families and businesses that aligns with their goals. He leads with his values of faith, family and courage while embracing integrity, a passion for making a difference and a commitment to excellence. Dave has been a parishioner for 12 years and two of his children attend our parish school.
Contact: (727) 725-7131 or EMAIL