After years of faithful support, you may wish to plan a gift to Kenrick-Glennon Seminary, legally titled the St. Louis Roman Catholic Theological Seminary, as a personal legacy. When you share God’s blessings with the seminary, you share those blessings with our future priests and all those they will benefit from their priestly ministry. Please ensure that your commitment to our Church extends beyond your lifetime by making a planned gift to the seminary.
What is a Planned Gift?
A planned gift may be an outright gift or a life-benefit gift made during an individual’s lifetime. Such a gift can benefit the donor or the donor’s heirs by postponing or eliminating tax liabilities.
An outright gift is a direct contribution and may be in the form of cash, property, insurance, or other type of financial asset. A life-benefit gift is a type of giving that allows you to retain some benefit such as income or use of your residence while you are living. Upon your death, the Seminary would receive the benefit of your gift. The following is a list of ways in which you can contribute:
- Investments and Property
- Wills and Trusts
- Gift Annuities and Deferred Gift Annuities
- Charitable Remainder Trusts
- Charitable Lead Trusts
- Life Insurance
- IRAs/Qualified Retirement Plans/US Savings Bonds
Investments and Property
Stocks, mutual funds, and other assets can be donated as a planned gift. The donor receives a charitable income tax deduction for the full market value of the investment on the transfer date. The Seminary will arrange to sell the shares and pay any associated brokerage fees so it is a simple process at no cost to the donor.
Wills and Trusts
A bequest is a gift that is designated to a particular charity through a Will or Trust. Making a bequest gives you the satisfaction of knowing that your gift will continue to assist the work of the Church beyond your lifetime. There are three ways that you can remember the Seminary in your Will or Trust:
- A specific gift amount,
- A percentage of your estate, or
- The remainder of your estate after expenses.
Gift Annuities and Deferred Gift Annuities
A Charitable Gift Annuity provides you with payments during your lifetime or the lifetime of your spouse or loved one. The specific rates vary with the highest rates of return available for older individuals. After your death, the Seminary receives the remainder of your original gift.
A Deferred Gift Annuity allows you to defer payment until a later time. This feature is especially attractive to younger individuals who may not need immediate payments and would prefer a larger up-front deduction. This type of annuity has a higher rate of return compared with ordinary gift annuities.
Please visit the Archdiocese of St. Louis’ Gift Annuities webpage for more information.
Charitable Remainder Trusts
This type of gift also provides you with a stream of payments during your lifetime. Upon your death, the remainder of the assets in the Trust is transferred to the Seminary. Two basic types of Trusts are available.
- An Annuity Trust can be used to provide a fixed payment for you and your loved ones.
- A Unitrust uses a fixed rate of return based on the fair market value of the Trust. Payments will vary as the annual value of the Unitrust changes.
A Charitable Lead Trust is the reverse of a Charitable Remainder Trust. It may be set up during your lifetime or at the time of death. During the term of the Trust, a stream of payments is made to the charity specified. When the trust ends, the remaining property including all appreciation, passes to the beneficiaries you choose.
You can name the Seminary as a beneficiary of a life insurance policy. You can also donate a paid-up life insurance policy which enables you to make a charitable gift upon your death, while entitling you to a charitable tax deduction during your lifetime.
IRAs/Qualified Retirement Plans/US Savings Bonds
A tax-deferred account like an IRA or 401(k) may be subject to both estate and income taxes at death. Therefore, a tax-deferred account makes an ideal charitable gift, because the charity is not subject to these taxes. When you designate the Seminary as a beneficiary of a tax-deferred asset, the Seminary receives the full market value. This is also true for gifts of United States Savings Bonds.
Thank you for supporting our seminarians!
For more information, please contact Kate Guyol, our Development Director, at 314-792-7435 or firstname.lastname@example.org. Further information can also be found on the Archdiocese of St. Louis’ Planned Giving webpage.