By: Heather Kaufman
Legacy. A wonderful “deep meaning” of legacy I found online reads, “To leave a legacy is to leave a lasting imprint on the world through accomplishments and character. A legacy is meant to outlast you. It is how you will be celebrated even after you pass. Leaving a legacy means you are impacting future generations.”
Many friends have chosen to include the Comboni Missionaries as part of their legacies. 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. As such, gifts remembered in estate plans have been used to assist the working poor in northern Cincinnati, to funding feeding programs in Ethiopia, to providing care to our aging missionaries. Your estate 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.
There are several planned giving devices to assist you with your estate plans. Consider remembering the Comboni Missionaries in your will or designating us as a beneficiary of a life insurance policy. Other options include purchasing a gift annuity or via charitable trust. If you would like to discuss including the Comboni Missionaries in your estate plans please feel free to contact me at kaufman@combonimissionaries.org or 513-474-4997.
Thoughtful planning can provide an opportunity to invest in our mission — a way for your generosity to make a difference to many around the world for generations to come.
Planned Giving Devices
Will: Providing in the donor’s will a bequest of cash, securities, or personal property to the Comboni Missionaries is the most common type of estate gift. Such gifts are not subject to federal estate tax.
Life Insurance or Retirement Benefits: The Comboni Missionaries may be designated as the beneficiary of a life insurance policy. Alternatively, the donor could choose to make the Comboni Missionaries the owner and beneficiary of a life insurance policy while he/she are living, in which case there would be current income tax advantages available to the donor. In addition the donor can designate the Comboni Missionaries as the beneficiary of a profit-sharing plan, IRA or retirement plan; the income taxes which would otherwise be payable due to distribution after donor’s death on qualified retirement benefits, are completely avoided if such benefits are payable to the Comboni Missionaries.
Gift Annuities: A charitable gift annuity and deferred payment gift annuity are similar to remainder trusts. These tools do not require the establishment of a separate trust and are especially suited for smaller gifts.
Charitable Remainder Trusts: Establishing an irrevocable trust provides an annual income to the donor or another person for a certain period of time. It is an effective way to make a gift while providing tax savings. Such trusts may also be set up by the donor’s will, directing the income to another person for life or a period of years, followed by the principal coming to the Comboni Missionaries.
Charitable Lead Trust: A donor may set up a trust that pays income annually to the Comboni Missionaries for a fixed period of years. After that time, the principal of the trust reverts to the donor or to another person, such as his/her children or grandchildren. The trust can be structured to produce significant tax savings for the donor’s estate. In addition, the trust can be structured and administered so the income paid to the Comboni Missionaries is not taxable to the donor.
