Ways to Give
Ways to Give
There are several different methods of making a contribution to Our Lady of Mt. Carmel Parish and/or Schools. Each method provides you, the donor, with attractive tax benefits and is suited to varying financial situations. The following will be helpful as you consider the best way to make your gift to Our Lady of Mt. Carmel. We will be pleased to provide you with more information and assist you in making your gifts.
We always encourage prospective donors to seek the advice of professional counsel concerning the best giving option for them.
Gifts of Cash
There is no easier way to garner a charitable deduction and support Our Lady of Mt. Carmel at the same time than by simply writing a check. The donor in the form of cash, through a check, writes most gifts made to Our Lady of Mt. Carmel.
Gifts of Stock
It is almost always more tax-wise to donate stock rather than cash (if you have stock) because a gift of appreciated stock normally offers a two-fold tax saving. The donor not only receives a charitable gift tax reduction for the fair market value of the security, but also avoids the capital gains tax on the appreciation.
Your gift can be doubled or tripled if you or your spouse's employer matches charitable donations. Please contact your Human Resources Department to ask whether yours is a participating matching gifts company. If so, simply request a matching gift form, complete and forward it to the Development Office at Our Lady of Mt. Carmel.
Scheduled payments over several months allow you to increase the amount of support to Our Lady of Mt. Carmel.
If your employer participates in a United Way Campaign, Maryland Charities Campaign and/or any Federal or City Campaign, you can write in Our Lady of Mt. Carmel to receive your gift. Our United Way designation number is 4593.
Gifts of Insurance
A gift of life insurance is one way you can make a major contribution to Our Lady of Mt. Carmel at a relatively low cost. Gifts of life insurance can be made to Our Lady of Mt. Carmel to benefit the Church, the Elementary School or the High School; you can even name a particular ministry with the church if you so choose. There are several possible ways to give the gift of insurance:
- Donate an existing paid-up policy- Name Our Lady of Mt. Carmel as the permanent owner and beneficiary of the policy. You can deduct the "terminal interest reserve" (IRS language that means "approximately the cash surrender value") as a charitable contribution for income tax purposes.
- Purchase a new policy- Our Lady of Mt. Carmel Church or School can be applicant, owner and beneficiary of the policy. You make annual contributions to the Church or School that equal the premium cost. The designee then pays the premium. Your annual contributions are charitable contributions for income tax purposes.
- Name Our Lady of Mt. Carmel Church or School as beneficiary; retain the other rights of ownership- While you receive no income tax benefit, the parish and/or school ultimately receives the death benefit, and, while the insurance benefits will be included in your estate, your estate will be entitled to an estate tax charitable deduction for that amount.
- Name Our Lady of Mt. Carmel Church and/or School as contingent beneficiary- We receive funds should your primary beneficiary die before you.
We are proud to announce the formation of Our Lady of Mt. Carmel Legacy League. Planned gifts help perpetuate the ministry of Our Lady of Mt. Carmel Community. The following are brief explanations of some of the various ways you can make a legacy gift to Our Lady of Mt. Carmel Church and/or Schools.
Bequests are the most frequent form of legacy giving. They are made part of a standard type of Will or can be added to an existing Will by means of a Codicil. Bequests can be made to the Church and/or Schools for as little as several hundred dollars or as much as several million dollars. You can either make a bequest for a specific dollar amount or leave a residuary portion of your estate-after all other distributions are made. This usually takes the form of a percentage ranging from 10% to 100% of the residual (leftover) estate.
The following is a sample codicil that you can use in preparing your Will:
I bequeath the sum of $_____ (or ___% of the residue of my estate) to Our Lady of Mt. Carmel Roman Catholic Congregation, Inc., whose principle office is located at 1704 Old Eastern Avenue, Baltimore, MD 21221, for the benefit of (you name the specific ministry).
Charitable Gift Annuity
Charitable Gift Annuities have been a popular way to leave a legacy to the charity of your choice. Gift Annuities provide a guaranteed income stream for either one or two lifetimes (in the case of a spouse). Income can be received either immediately or on a deferred basis. Compared to CDs or low dividend stocks, it is possible to increase your income, get a charitable deduction, and make a wonderful legacy gift to Our Lady of Mt. Carmel.
Catholic Community Foundation Trust Fund
One of the most interesting ways to leave a legacy is by setting up a trust fund in your name or family's name. This process has been made easier with the newly established "Catholic Community Foundation." Your trust is professionally managed by a permanent endowment trust and distributions are made in accord with your designation instructions. The minimum required is much lower than setting up your own private trust fund - $1,000 at account set-up and $25,000 either in the form of a bequest, gift annuity or some other means during your lifetime. You name the fund and the beneficiary, and, receive a tax deduction for the full value of the contributions.
There are other forms of legacy giving: Charitable Remainder Trust, Charitable Lead Trust, Unitrust, Qualified Retirement/IRA plans, and more
We would like to repeat the importance of using professional counsel to advise you on the best options for your personal situation. Your tax accountant or financial advisor will be able to explain all benefits that may apply to your gifts to Our Lady of Mt. Carmel.