Charitable Options

Charitable Options

After your death, what will become of the “acorns,” those things you have acquired during your lifetime?  As your life ever grows and expands glorifying God in eternity, your life of faith can continue and grow here on earth, doing good from heaven.

St. Emma Monastery can trace its “genealogy” of giftedness to the women who used their means to help sustain Jesus and the Apostles!  Paul names individuals who used their means — however modest, average or extraordinary — to help further the Gospel by providing a sustenance to the Apostles.

Benefactors showed their love for God and neighbor by their charity.  We are a living testament of the

generosity of the benefactors before us helping establish the Benedictine Nuns of St. Emma Monastery.  Your donation helps sustain this spiritual oasis, this God-centered location that many people experience as a touchstone to God.  Your donation

If you would like someone to contact you about Charitable Options, click here.

Your life’s work will perdure and continue to you please consider helping this monastery perdure for future generations as part of our own personal legacy

By choosing one (or more) of these Charitable Options, you are like this acorn that continues you like St. Therese, continue to do good on earth”

Will

A Will is a legal document which contains specific instructions to the Probate Court as to how your property is to be administered and distributed after your death.  A Will can only go into effect after you die and cannot provide any protection during life in case of your incapacity.  Because a Will is a matter of public record, it is more easily challenged by disgruntled heirs.  With a Will, a separate probate proceeding is normally required in each state where property is located.

Living Trust

A Living Trust is similar to a Will except that with a Living Trust, you place all of your assets into the trust with instructions for the management and distribution of the assets upon your incapacity or death.  If you designate yourself as Trustee, you can continue to manage and invest the Trust assets as you wish — and with complete freedom to withdraw assets as needs arise.  The Successor Trustee you have named in the Trust will take over in case of your incapacitation during life or after your death.  A Living Trust avoids to potentially time-consuming and costly public Probate Court process.  The Wall Street Journal has called the Living Trust the most flexible planning device available.

Click here for comparison between Wills and Living Trusts

Retained Life Estate

Another way of giving a gift and keeping it is through a Life Estate.  This is an attractive option for people who would like to donate their residence to charity, yet remain in the homestead.  By accelerating the transfer and retaining a life estate, the donor retains the benefits of the property while obtaining a current charitable income tax deduction.  The property also passes free of federal estate tax.  If the donor ever wants to vacate the property subject to a retained life estate, the property is rented and the income passes to the donor.

Charitable Gift Annuity

A St. Emma Monastery Annuity allows you to transfer your assets (cash, securities, etc.) to our trust (foundation) while enjoying guaranteed periodic payments for life.  The payment amount is determined by the age of the annuitant when the annuity is initially funded.  Once determined, this amount remains fixed for the annuitant’s life.  This can be on two lives.  Also ask about our deferred rates.

Charitable Remainder Trusts

A Charitable Remainder Trust (or CRT) is an arrangement in which you transfer assets to a trust and retain for yourself an income interest for a term of years (not to exceed 20 years) or for a period measured by your life, with the remainder of the assets passing to a qualified charity on termination of the income interest.  The law provides that a CRT be structured as either an annuity trust or a unitrust.  An annuity trust requires payment of a fixed amount at least annually out of the trust income or principal of not less than 5% of the value of the property initially contributed to the trust.  A unitrust typically requires at least annual payments of a fixed percentage (not less than 5%) of the value of the trust determined annually.  The unitrust is more flexible than an annuity trust because:

  • To the extent of the value of the unitrust property grows, the income payments increase, thereby providing a hedge against inflation.
  • Additional contributions can be made to the unitrust after it is initially set up.
  • The amount of the income payments each year may be limited to the amount of the income earned by the unitrust — and the unitrust may include “makeup” provisions if income in later years exceeds the percent set forth in the unitrust.

Gift of Life Insurance

A Gift of Life Insurance is a leverages gift, meaning that for a relatively small sum of money (the premium), you can provide the charity with a large gift (the policy proceeds payable at death).  The policy can be set up so that after a period of time (normally 10 years), the dividends earned will offset the need for future premium payments, while retaining the gift to the charity.  When the charity is named as the irrevocable owner and beneficiary on the policy, your premium payments are a charitable income tax deduction.  No amount of the policy proceeds received by the charity are included in your Estate for estate income tax purposes.  Your gift of life insurance may be a newly issued policy or an existing policy on your life.  If you are married and desire to further leverage your contribution, you may consider a “second to die” policy which would provide proceeds to the charity only after the death of both you and your spouse.

This information is presented to help you give serious consideration to the stewardship of the gifts you have received — and the gift you can continue to give.  It is not intended to be construed or interpreted as offering legal advice for any specific situation.