Monday, October 26, 2020 at 12:30 PM
For an important Covid-19 update, please see Monsignor Joe's letter to the parish below. En EspaƱol
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Gift Planning

'For we brought nothing into the world, just as we shall not be able to take anything out of it.'  1 Timothy 6:7

CARES (Coronavirus Aid, Relief, and Economic Security ActAct update

The impact of the COVID 19 pandemic may have its consequences in terms of your financial and personal health and that this may impact your situation in terms of methods and ability to give to Saint Bede. Several parishioners have had questions about the CARES act so so here is some general guidance that you might find helpful:

Required minimum distributions waived in 2020RMD’s for individuals over age 70 ½ are suspended until 2021 (even though the age was scheduled to move to 72). This includes distributions from defined benefit pension plans and 457 (deferred compensation) plans. The RMD is still an attractive way for donors to make a significant charitable gift directly from their IRA to a charity through a qualified charitable contribution (QCD) while avoiding taxable income. The suspension of the RMD may diminish the immediate incentive for a donor who makes a gift from their IRA to count toward that minimum. However, the tax benefit of the QCD remains. 

Bottom line - donors directing a QCD to charity this year (up to $100,000 per individual) will still reduce their taxable IRA balance. This allows all taxpayers, both itemizers and non-itemizers, to make gifts from their IRA to charities in a tax efficient manner. 

New Deduction Opportunity: The bill makes a new deduction available for up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is particularly beneficial to people who take the standard deduction when filing their taxes (taxpayers who do not itemize). It is calculated by subtracting the amount of the donation from your gross income. It is an “above the line” adjustment to income that will reduce your AGI, and thereby reduce taxable income.

To qualify, you would have to give a donation to a qualified charity. If you have already made your donation after January 1, 2020, that contribution counts toward the $300 cap. A donation to a donor-advised fund (DAF) does not qualify for this new deduction.

New Charitable Deduction Limits: Also part of the bill, individuals and corporations that itemize with AGI’s over $2 million can deduct much greater amounts of their contributions.

Individuals can elect to deduct cash contributions, up to 100% of their 2020 adjusted gross income, on itemized 2020 tax returns. This is up from the previous limit of 60%. 

Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%.

The new deduction is only for cash gifts that go to a public charity. The old deduction rules apply to gifts to private foundations. You will not get the higher deduction for donating cash to your DAF. These new limits do not apply to gifts of appreciated stock.

If you have already made the decision to include Saint Bede in your QCD, here is a draft letter you can share with your IRA provider.

For more information contact Sam Samorian our Director of Development at 757-229-3631 ext. 2315

Make a Gift That Costs You Nothing During Your Lifetime


You can provide for yourself, your family and still leave a permanent legacy for the future of Saint Bede Catholic Church. You can follow in the footsteps of Christ who educated the children by supporting faith formation. Your gift can sustain the presence of the Williamsburg House of Mercy that helps to shelter the homeless, feed the hungry, clothe the naked, and give drink to the thirsty. You can be the hands and feet of Christ!
 

Types of gifts:

  • Bequest through a Will or Revocable Living Trust

  • Naming Saint Bede Catholic Church, Catholic Campus Ministry at The College of William and Mary, or the Diocese of Richmond as a beneficiary of an IRA or other retirement plan

  • Assignment of a life insurance policy

  • A ‘life income’ gift such as a charitable gift annuity or a charitable remainder trust

  • Providing for Saint Bede Catholic Church, Catholic Campus Ministry at The College William and Mary, or the Diocese of Richmond through a lead trust, private foundation, donor-advised fund, or supporting organization

  • Remainder interest in a residence or farm

Planned gifts are donations that are paid at a future date. You may be able to increase your cash flow, diversify your investment portfolio without incurring capital gains, and reduce your income and estate taxes. Documented planned gifts qualify you for membership in the Lumen Christi Society.

 

We also have several Endowment Funds that ensure the continuation of our mission of growing disciples:

 

  • St. Bede Building Fund
  • St. Bede Church Endowment Fund
  • St. Bede Columbarium Fund
  • St. Bede Contingency Fund

Making an online gift to the Endowment Funds can be done through the Catholic Community Foundation of the Diocese of Richmond who serves as our Fund Manager.

The easiest and most common way of making a planned gift is by leaving a bequest in your Will or Revocable Living Trust. Click here for suggested language to share with your attorney.

Click here for Diocese of Richmond Advance Medical Directive to share with your attorney.

For a confidential meeting to discuss which gift is best for your personal situation, you can contact Director of Development, Harold D. "Sam" Samorian Jr., at 757-229-3631 ext. 2315 or email.  Sam will be pleased to work with you and your professional advisors to help you support our mission to bring Jesus Christ to the world.

 


 


 

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Meet some of our members of The Lumen Christi Society


Joanne and John Gignac

Gail and John Miller

Click here for the Lumen Christi brochure