Planned Giving Boosts Archdiocese Parishes

kobexielite 𝕯𝖎𝖌𝖎𝖙𝖆𝖑 𝕸𝖊𝖉𝖎𝖆

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Post on Jan 31, 2025

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Planned Giving Boosts Archdiocese Parishes

Planned giving is a powerful tool for strengthening the financial health of Catholic parishes within the Archdiocese. By encouraging parishioners to incorporate charitable giving into their long-term financial plans, parishes can secure a stable stream of funding for vital ministries and infrastructure improvements. This strategy not only benefits the church today but ensures its continued vitality for generations to come.

Understanding Planned Giving

Planned giving encompasses a variety of charitable gifting strategies that allow individuals to support their parish while also achieving their personal financial goals. These strategies often offer significant tax advantages, making them an attractive option for both the donor and the church. Some common methods include:

Will Bequests:

This is the most straightforward approach. A bequest in a will designates a specific sum of money or a percentage of an estate to the parish upon the donor's death. This is a simple yet effective way to leave a lasting legacy.

Beneficiary Designations:

Designating the parish as a beneficiary of retirement accounts (IRAs, 401(k)s), life insurance policies, or other assets allows for tax-advantaged transfers. This can significantly reduce the tax burden on the estate and maximize the amount received by the parish.

Charitable Gift Annuities:

These annuities provide the donor with a fixed income stream for life, with a portion of the remaining assets going to the parish upon their death. This is a win-win situation, providing both income for the donor and a significant gift for the church.

Charitable Remainder Trusts:

These trusts offer a more complex but potentially lucrative option. They allow donors to transfer assets to a trust, receive income from the trust during their lifetime, and leave the remaining assets to the parish upon their death. This strategy can minimize capital gains taxes and generate significant tax savings.

The Benefits of Planned Giving for Parishes

The benefits of implementing a robust planned giving program extend far beyond immediate financial gains. These include:

• Long-Term Financial Stability: Planned gifts provide a predictable stream of funding, reducing reliance on annual fundraising efforts. This stability allows parishes to plan for long-term investments and initiatives.
• Enhanced Stewardship: Engaging parishioners in planned giving fosters a deeper sense of stewardship and connection to the parish. It encourages active participation in the parish's future.
• Support for Vital Ministries: The funding secured through planned giving can be used to support a wide range of vital parish ministries, including youth programs, outreach initiatives, and building maintenance.
• Legacy Building: Planned giving allows donors to leave a lasting legacy that extends beyond their lifetime, inspiring future generations to contribute to the parish's mission.

Implementing a Successful Planned Giving Program

To effectively implement a planned giving program, parishes need to:

• Educate Parishioners: Clearly communicate the benefits of planned giving through sermons, bulletins, workshops, and one-on-one meetings.
• Develop Marketing Materials: Create brochures, website content, and other materials that explain the various planned giving options in a clear and concise manner.
• Partner with Financial Advisors: Collaborate with financial advisors to provide parishioners with professional guidance on planned giving strategies.
• Build Relationships: Develop strong relationships with parishioners, understanding their financial situations and guiding them towards the options that best suit their needs.
• Track and Acknowledge Gifts: Maintain meticulous records of planned gifts and express sincere gratitude to donors for their generosity.

Planned giving is not just about securing funds; it's about cultivating relationships, fostering a deeper sense of community, and ensuring the future vitality of the Archdiocese's parishes. By embracing this strategic approach, parishes can safeguard their ministries and continue to serve their communities for generations to come.