As a simple definition, Planned Giving is the means of creating charitable gifts for you to realize your philanthropic objectives and simultaneously minimize your after-tax costs. These type of gifts to the Society of St. Vincent de Paul Long Island will help safeguard the enduring work that has helped millions for over 75 years.
Many faith-based and secular non-profits have found that Planned Giving is one of the surest ways to ensure the on-going success of their mission and programs. Planned Giving can be the financial “safety net” we at the Society of St. Vincent de Paul Long Island (SVDPLI) need to provide food, clothing, financial support and other services to our impoverished Long Island neighbors—wherever there is a need, SVDPLI can help, regardless of religion or background. On a more practical level, Planned Gifts help to sustain our organization during lesser periods of support. Planned Giving will help SVDPLI preserve the global organization’s 178-year-old foundational mission, that of, “…building a more just world through personal relationships with and service to people in need,” for decades to come. By deciding to be a “planned giver,” you will be helping multitudes of people in need, and you will also be named a founding member of The Vincentian Legacy Society. Please consider leaving your legacy by including us in your estate plans. Working with your financial advisor, accountant or attorney is the best way to achieve your planning goals. Thank you and God bless you always!
THE MOST COMMON TYPES OF PLANNED GIFTS:
- Bequests Through Will or Trust: Designate SVDPLI as a beneficiary of a bequest or gift by the terms of the donor’s will. Gifts of up to $105,000 directly from your IRA to a qualified charity such as SVDPLI can be given without having to pay taxes on the money if you have reached 70.5 years of age. These are called Qualified Charitable Distributions or QCDs & offer older Americans an easy way to give to a charity before year end & save on taxes. QCD’s count toward your RMD (see below) if you are 73 or older.
- Required Minimum Distribution (RMD): As you reach age 73, you must start taking withdrawals from your IRA or other retirement accounts. The RMD is the minimum you must withdraw from your accounts each year & can be used to provide gifts to SVDPLI and further minimize tax burdens.
- Life Insurance: You may elect to name SVDPLI as the owner & beneficiary of a policy.
- Securities & Real Estate: Gifts of appreciated property such as securities (i.e.: stock transfers) & real estate are popular alternatives to cash gifts & can generate a double tax benefit. To download the SVDPLI Stock Donation Form, please click on the link at the bottomof this page. For more info, contact Joseph Geraci, Director of Development at jgeraci@svdpli.org or by calling 516-822-3132 x106.
- Retirement Plan Assets: Retirement plans owned by the donor may be gifted to SVDPLI upon the donor’s passing. These might include Individual Retirement Accounts (IRA), 401(k), 403(b), & defined contribution plans.
- Charitable Gift Annuities: A charitable gift annuity is a contract between you, the donor & a qualified charity, in this case the Society for St. Vincent de Paul Long Island, in which the donor makes a gift to the charity. In exchange, SVDPLI assumes a legal obligation to provide the donor with a fixed amount of monthly income until death. By definition, a charitable gift annuity is referred to as a “split gift.” Part of your gift will be used by SVDPLI immediately for its charitable purposes & part of the gift is set aside in a reserve account to be invested to support future income payments. These payments include earnings on the reserve account along with a return of a part of the principal in the reserve account. The proportion of these payments (the % that is considered as a return of principal vs. earnings) depend upon your age.
- For more information on how to support SVDPLI through Estate or Planned Gifts that can benefit you and our organization, please contact : Joseph Geraci, Director of Development at jgeraci@svdpli.org (P) 516.822.3132 x106