Leave a Legacy of Caring
With a gift in your will or trust to the Province of Saint Barbara, you can support our friars, and their continued ministry to all in need in our local communities, the western United States, and throughout the world.
Ways to Create Your Legacy of Caring
- Download our complimentary estate planning organizer
- Request a personal legacy gift consultation
- Request information by mail
Why should I consider a legacy gift to the Franciscans?
The Franciscans Friars of the Province of Saint Barbara are beginning their second century of ministry throughout the western United States. Making a gift through your will or trust, or by beneficiary designation, will:
- Provide support for the education and formation of our newest friars, ensuring the future presence of Franciscans in the western United States.
- Recognize and celebrate the years of devoted service by our older friars, by helping us provide for their needs and care in later life.
- Support our mission work, locally, abroad and among the native people in the Southwest. You will be accompanying our friars as they proclaim God’s Gospel of love to peoples of all nations and cultures.
- Allow our friars to take up ministry among the poorest and marginalized in society. Many of these ministries are underfunded, unable to achieve the financial support needed to operate and flourish.
Gifts That Cost You Nothing Now: Simple Gifts in Your Will or Living Trust
The most common legacy gift people make to support the work of the Franciscans is a gift in their will or living trust, also known as a charitable bequest. There is no need to write a check now and your assets remain entirely under your control during your lifetime. To make a charitable bequest, consider adding the following language to your will or living trust:
" I give devise and bequeath to the Franciscan Friars, Province of Saint Barbara (tax I.D. # 94-6064031), located in Oakland, California, [ _____ % of my estate, or description of specific asset including location, or $_____ dollars] for its general use [or the following specific purpose: __________________________________].”
Gifts That Pay You Income: Charitable Gift Annuities & Charitable Trusts
Charitable gift annuities provide donors with guaranteed fixed payments for life and an immediate income tax deduction, while allowing them to make a significant gift to a good cause they care about, like the Franciscans.
Gift annuities are easy to establish and can be funded with a minimum gift of cash or stock of $25,000. The annuity rate is based on your age at the time the annuity is established. Typically, you must be at least 60 when payments begin. Gift annuities can provide lifetime payments to one or two people.
Sample single life annuity rates:
Gift Annuity Example: Mary Richards, age 75, funds a $25,000 charitable gift annuity contract to benefit the Franciscan Friars, Province of Saint Barbara. Her annuity rate is 5.8%, giving her an annual guaranteed payment for life of $1450. $1139 of her payment is tax-free for twelve years. She also receives an immediate income tax deduction of $10,870.
Gifts That Pay You Income: Charitable Trusts
Charitable trusts provide income for life, savings on capital gains tax, an immediate income tax deduction - and the satisfaction of making a significant gift to a good cause like the Franciscan Friars, Province of Saint Barbara.
Any asset placed in a charitable trust (cash, stock, or real estate) is invested by the trustee to pay you income for the rest of your life and, if you wish, pay your heirs for life or for a term of years. When the trust ends, the remainder goes to charity.
Your trust may provide you with important tax benefits:
- An immediate income tax deduction for a percentage of your gift.
- Bypass of capital gains tax on the sale of appreciated property.
- The trust principal is not subject to estate tax.
Appreciated real estate is often an excellent asset to place in a charitable trust. Under ordinary circumstances, owners face substantial capital gains taxes when they sell rental properties or commercial real estate. In some cases, personal residences are also subject to large capital gains taxes even after a $250,000 or $500,000 exclusion has been used. However, because your charitable trust will be selling the property, there will be no capital gains taxes due when the real estate is sold.
Gifts of appreciated stock are ideal for funding a charitable remainder trust because the stock can be reinvested by the trust for greater income while bypassing capital gains taxes at the time of the sale.
There are two basic types of charitable remainder trusts. An annuity trust will pay you a fixed dollar amount for the rest of your life. A unitrust will pay you a fixed percentage of the trust principal each year, so if the value of the trust principal increases over time, your income increases with it.
Finally, your trust must have a trustee. The trustee can be a bank or trust company, an individual with professional experience in trust management, a relative, or yourself.
Gifts That Reduce Taxes: Gifts of Retirement Plan Assets
Naming the Province of Saint Barbara as a beneficiary of your retirement account can be an easy way to make a legacy gift and reduce taxes to your loved ones.
If you leave your retirement plan to your children, they will have to pay income tax on its distribution. The Province of Saint Barbara does not pay this tax, so 100% of your gift will be used to fulfill its mission. Here’s an example of what this can mean to your heirs:
A widower died a few years ago. He left his $300,000 house to charity and his $300,000 retirement plan to his relatives. He should have done just the opposite. The relatives had to pay income tax on the $300,000 in the retirement plan, an $80,000 cost to them. If they had received the home, and the charity had received the retirement plan payment, no one would have paid income tax.
To make a gift of retirement plan assets, simply ask your plan administrator for a beneficiary designation form and name the Franciscan Friars, Province of Saint Barbara as a primary or contingent beneficiary.
Gifts That Reduce Taxes: Charitable Life Estate
A charitable life estate agreement allows you to give a personal residence or farm to the Franciscan Friars, Province of Saint Barbara, while retaining the right to live there for life.
Donors who enter into a life estate agreement receive an immediate income tax deduction even though they continue to enjoy full use of their home. The deduction is based on the present value of the home discounted by the estimated length of time the charity must wait to receive the home. A person age 70 will receive a larger deduction than will a person age 50. Donors carry responsibility for maintenance, property taxes, insurance and other related expenses.
In addition to a tax deduction, charitable life estate agreements provide donors with a way to make a substantial legacy gift to the Franciscans during life while continuing to live in, and enjoy, their home.
Request a Personal Legacy Gift Consultation
The Province of Saint Barbara offers personal consultation, without cost or obligation, to those interested in learning more about legacy gift options. Our legacy giving specialists will be glad to talk with you about your goals and provide you with confidential estimates of the tax and income benefits of specific legacy gifts. Our specialists provide information only. The Province of Saint Barbara recommends you consult with professional advisers before making any gift.
Please Contact Me for a Personal Legacy Gift Consultation:
Request Information by Mail
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Have You Included the Franciscan Friars of the Province of Saint Barbara in Your Will or Trust?
We want to thank you! We would be honored to enroll you in the St. Francis Legacy Circle, so please let us know of your legacy gift:
Fr. Dan Lackie
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