By Heather Kaufman
“Planned giving,” “legacy giving,” “did you leave something to us in your will?” — all are ways of saying a donor has included us in their estate plans and all are equally awkward to discuss. However you state it, these sorts of gifts are impactful and appreciated.
Many friends have chosen to include the Comboni Missionaries in their estate plans. Some have left a specific amount to support a particular project while others leave a percentage of their estate to be used for our most pressing needs. Estate gifts have built boreholes, fed the hungry, supplied medical clinics, and just kept things running when the world shut down during the pandemic. An estate gift is an opportunity to continue to support the causes that mean the most to you while creating a legacy that will have a lasting impact.
For example, did you know in Uganda the doctor to patient ratio is 20:100,000? For reference in the United States it is 370:100,000. In the rural areas the ratio is even more drastic. To combat this problem, the Comboni Missionaries established a West Nile Medical Students Scholarship program. At a cost of $2,000 per year for medical school—a price out of reach for most living in the area—a legacy gift can allow students to pursue medical careers which in turn transforms healthcare access in underserved communities fostering hope and a healthier future for the region. It is a gift that multiplies over and over.
There are several planned giving devices to assist you with your estate plans. A will allows the donor to bequest cash, securities and personal property to the Comboni Missionaries. It is the most common type of estate gift and is not subject to federal estate tax.
Another option is through life insurance policies. You can designate the Comboni Missionaries as the beneficiary of the life insurance policy. Alternatively, you can choose to make the Comboni Missionaries the owner and beneficiary of a life insurance policy while you are still living. This provides current income tax advantages to you.
In addition, the Comboni Missionaries can be designated as the beneficiary of a profit-sharing plan, IRA, or retirement plan. The income taxes that would normally be owed on these retirement benefits after the donor’s death are avoided.
A charitable remainder trust is another planned giving device. This is an irrevocable trust that provides an annual income to you or another person of your choice, for a certain period of time. When the trust terminates (usually due to the death of the person receiving the annual income) the remainder of the trust goes to the Comboni Missionaries. This is an effective planned giving tool to make a gift while providing tax savings to you as the donor.
Another possible planned giving device is a charitable lead trust. This is a trust that pays income annually to the non-profit (the Comboni Missionaries) for a fixed period of time. When this fixed period of time ends, the trust terminates and the remainder of the trust reverts back to the donor. The trust can be structured and administered so the income paid to the Comboni Missionaries is not taxable to the donor.
Of course, you should always consult your tax advisor when making these decisions. If you would like to discuss including the Comboni Missionaries in your estate plans please contact me at 513-474-4997 or kaufman@combonimissionaries.org. Thoughtful planning is a way for your generosity to make a difference to many around the world for generations to come.
Heather Kaufman is director of development for the Comboni Missionaries, North American Province.
