Planned Giving Opportunities

Bequests Sustain the Church’s Ministries: Your Investment in a Catholic Future

Through a bequest, a donor may leave to the church a specific dollar amount or may reserve for the church all or a certain percentage of the estate after provisions for family members and other beneficiaries have been made. The donor may stipulate whether the bequest is for the general support of the church, or for specific purposes - such as the parish building improvement fund. A bequest may also be made in honor or memory of another individual.

In addition to cash and securities, bequests to the parish may include real estate, IRA’s, life insurance and personal property. All outright bequests to the parish are exempt from federal estate taxes, and there is no limitation on the size of the gift.

Please notify your parish when you have made estate provisions for the church. We would like to thank you by enrolling you as a member of our Parish Legacy Society.

The following illustrations are for educational purposes only and are intended to provide information based on certain assumptions. The Catholic Diocese of Pittsburgh Foundation is pleased to provide you with this material, but we encourage you to consult your financial advisers before entering into a planned or deferred gift arrangement.

Suggested Forms of Bequest
When making or revising a will, a donor should obtain the assistance of an attorney. Staff members of the Catholic Diocese of Pittsburgh Foundation will be pleased to work with you and your attorney to design an estate plan specifically tailored to your wishes. The following are suggested forms for making various types of bequests.

I Outright bequest in will
(a) Specific Dollar Amount

"I bequeath the sum of $_____ to [Parish Name & Address], or its canonical successor, for the use of the Roman Catholic Church as deemed appropriate."

(b) Specific Property - Personal Property

"I bequeath (Description of Personal Property) to [Parish Name & Address], or its canonical successor, for the use of the Roman Catholic Church as deemed appropriate."

**(c) Specific Property - Real Estate

"I devise all of my right, title and interest in and to the real estate located at (Description of Property) to [Parish Name & Address], or its canonical successor, for the use of the Roman Catholic Church as deemed appropriate."(d) Share of, or entire residue, of estate

"I devise and bequeath (all/or _____%) of the remainder of my estate to [Parish Name & Address], or its canonical successor, for the use of the Roman Catholic Church as deemed appropriate."

II Conditional Bequest in Will
Insert the conditional language in one or more of the above provisions. For example:

"If my husband/wife does not survive me, I bequeath the sum of $_______ to [Parish Name & Address], o r its canonical successor, for the use of the Roman Catholic Church as deemed appropriate."

If the gift to the parish is for a purpose other than the Church’s unrestricted use, insert the restriction in place of the words "to be used as deemed appropriate." For example:

"I bequeath the sum of $_______ to [Parish Name & Address], or its canonical successor, for the following use and purpose: [description of purpose, for example, building improvement fund/capital campaign."

In the event of a gift subject to a restriction, we suggest including the following provision:

"If in the judgment of the parish pastor and diocesan bishop it becomes impossible to accomplish the purposes of this gift, the gift, its income and/or principal, may be used for such related purposes and in such manner as determined by the parish pastor and diocesan bishop."

Special Feature of a Foundation Bequest
Bequests to the Catholic Diocese of Pittsburgh Foundation of $25,000 or more may be used, at the donor’s request, to establish an endowment fund in his/her name. Established at no charge, this name-fund may be in the donor’s name, that of another individual, or anonymous. The net interest from the fund may be designated by the donor for the unrestricted use of the his/her parish, or restricted to specific purposes.

I Creating an Unrestricted Endowment Name-Fund by Bequest
(a)(b)(d) - above

I bequeath to the Catholic Diocese of Pittsburgh Foundation, Pittsburgh, PA 15222-1618, [ the sum of $_______] [personal property of _______]

[all/or _______% of the remainder of my estate]. This bequest shall be known as the [name chosen by donor] Fund. This Fund shall be devoted to the benefit of [Parish Name & Address], or its canonical successor, as deemed appropriate."

*(c) - above

I devise all of my right, title and interest in and to the real estate located at (Description of Property) to the Catholic Diocese of Pittsburgh Foundation, Pittsburgh, PA 15222-1618. This bequest shall be known as the [name chosen by donor] Fund. This Fund shall be devoted to the benefit of [Parish Name & Address], or its canonical successor, as deemed appropriate."

II Creating a Restricted Endowment Name-Fund by Bequest
(a)(b)(c)(d) - Above

Only the final sentence changes:

"This Fund shall be devoted to the support of [name(s) of parish program, for example, building improvement fund/capital campaign and/or other programs if desired] of [Parish Name & Address], or its canonical successor, to share* {*if more than one purpose] equally [or as the donor apportions the income from the Fund to be distributed]."

The following paragraph is added

"If in the judgment of the Catholic Diocese of Pittsburgh Foundation it becomes impossible to accomplish the purposes of this gift, the gift, its income and/or principal, may be used for such related purposes and in such manner as determined by the Foundation Advisory Board and Trustee.

For more information please contact your Parish Office.

**Before a gift of real estate can be accepted from a decedent’s estate, the Diocese or parish must secure a title report indicating that the property is free and clear of liens, encumbrances, and so on, and be satisfied that the parcel is marketable.

Catholics have traditionally demonstrated their love of the Church and their desire to perpetuate its ministry and mission through bequest giving. Generous diocesan donors have found that their bequests to the Catholic Diocese of Pittsburgh Foundation enable them, after their lifetimes, to continue the Church’s work. Bequest giving is also a way to make a gift that might not otherwise be possible. Through the vision of these gracious friends, our diocesan family reaches the lives of future generations.

Through a bequest, a donor may leave to the church a specific dollar amount or may reserve for the church all or a certain percentage of the estate after provisions for family members and other beneficiaries have been made. The donor may stipulate whether the bequest is for the general support of the church, or for specific purposes. A bequest may also be made in honor or memory of another individual.

In addition to cash and securities, bequests to the diocese may include real estate, IRA’s, life insurance and personal property. All outright bequests to the diocese are exempt from federal estate taxes, and there is no limitation on the size of the gift.

The following illustrations are for educational purposes only and are intended to provide information based on certain assumptions. The Catholic Diocese of Pittsburgh Foundation is pleased to provide you with this material, but we encourage you to consult your financial advisors before entering into a planned or deferred gift arrangement.

Suggested Forms of Bequest
When making or revising a will, a donor should obtain the assistance of an attorney. Staff members of the Catholic Diocese of Pittsburgh Foundation will be pleased to work with you and your attorney to design an estate plan specifically tailored to your wishes. The following are suggested forms for making various types of bequests.

Please notify the foundation office when you have made estate provisions for the church. We would like to thank you by enrolling you as a member of our Founders Society.

I Outright bequest in will
(a) Specific Dollar Amount

"I bequeath the sum of $_____ to the Catholic Diocese of Pittsburgh Foundation, Pittsburgh, PA 15222- 1618, for the use of the Roman Catholic Church as deemed appropriate."

(b) Specific Property - Personal Property

"I bequeath (Description of Personal Property) to the Catholic Diocese of Pittsburgh Foundation, Pittsburgh, PA 15222-1618, for the use of the Roman Catholic Church as deemed appropriate."

**(c) Specific Property - Real Estate

"I devise all of my right, title and interest in and to the real estate located at (Description of Property) to the Catholic Diocese of Pittsburgh Foundation, Pittsburgh, PA 15222- 1618 for the use of the Roman Catholic Church as deemed appropriate."

(d) Share of, or entire residue, of estate

"I devise and bequeath (all/or _____%) of the remainder of my estate to the Catholic Diocese of Pittsburgh Foundation, Pittsburgh, PA 15222-1618 for the use of the Roman Catholic Church as deemed appropriate."

II Conditional Bequest in Will
Insert the conditional language in one or more of the above provisions. For example:

"If my husband/wife does not survive me, I bequeath the sum of $_______ to the Catholic Diocese of Pittsburgh Foundation, Pittsburgh, PA 15222- 1618 for the use of the Roman Catholic Church as deemed appropriate."

If the gift to the Catholic Diocese of Pittsburgh Foundation is for a purpose other than the Church’s unrestricted use, insert the restriction in place of the words "to be used as deemed appropriate." For example:

"I bequeath the sum of $_______ to the Catholic Diocese of Pittsburgh Foundation, Pittsburgh, PA 15222- 1618 for the use of the Roman Catholic Church for the following use and purpose: (description of purpose - for example, The Bishop’s Education Fund )."

In the event of a gift subject to a restriction, we suggest including the following provision:

"If in the judgment of the bishop and Advisory Board of the Catholic Diocese of Pittsburgh Foundation it becomes impossible to accomplish the purposes of this gift, the income and/or principal may be used for such related purposes and in such manner as determined by the bishop and Foundation Advisory Board."

Special Feature of a Foundation Bequest
Bequests to the foundation of $25,000 or more may be used, at the donor’s request, to establish an endowment fund in his/her name. Established at no charge, this name-fund may be in the donor’s name, that of another individual, family or anonymous. A portion of the net interest from the fund is designated by the donor for the unrestricted use of the Roman Catholic Church, or restricted to specific purposes.

I Creating an Unrestricted Name-Endowment Fund by Bequest
(a)(b)(d) - above

"I bequeath to the Catholic Diocese of Pittsburgh Foundation, Pittsburgh, PA 15222-1618, [ the sum of $_______] [personal property of _______]

[all/or _______% of the remainder of my estate]. This bequest shall be known as the [name chosen by donor] Fund. This Fund shall be devoted to the charitable purposes of the Roman Catholic Church as deemed appropriate."

**(c) - above

"I devise all of my right, title and interest in and to the real estate located at (Description of Property) to the Catholic Diocese of Pittsburgh Foundation, Pittsburgh, PA 15222-1618. This bequest shall be known as the [name chosen by donor] Fund. This Fund shall be devoted to the charitable purposes of the Roman Catholic Church as deemed appropriate."

II Creating a Restricted Purpose Name-Endowment Fund by Bequest
Forms I & II

(a)(b)(c)(d) - Above

Form I

Only the final sentence changes:

"This Fund shall be devoted to the support of [names of chosen diocesan programs, parish and so on] to share* {*if more than one purpose] equally [or as the donor apportions the income from the Fund to be distributed]."

The following paragraph is added:

"If in the judgment of the bishop and Advisory Board of the Catholic Diocese of Pittsburgh Foundation it becomes impossible to accomplish the purposes of this gift, the income and/or principal may be used for such related purposes and in such manner as determined by the bishop and Foundation Advisory Board."

Form II

Only the final sentance changes:

"This Fund shall operate under a prior agreement of understanding between myself and said Foundation." [sample attached]
For more information please contact:

The Catholic Diocese of Pittsburgh Foundation
111 Boulevard of the Allies
Pittsburgh, PA 15222-1618
Telephone (412)456-3085

Please contact the foundation for further information on the need for a will and the idea of creating your legacy for the Church while helping yourself and your family.

**Before a gift of real estate can be accepted from a decedent’s estate, the Diocese must secure a title report indicating that the property is free and clear of liens, encumbrances, and so on, and be satisfied that the parcel is marketable

Catholics have traditionally lived a sharing, generous, accountable way of life. We see the results of this great enterprise of faith all around us in parishes, schools, health care and social service delivery programs. We are each challenged to pass the blessings of discipleship to our families, neighbors and friends and to convey them to future generations of faith. This challenge can be met effectively by charitable planned gifts.

Planned gifts require some forethought and are very popular because they can provide valuable tax benefits as well as income for life.

Whether a contributor uses cash or other assets (securities, real estate, or a business), the benefits of using planned giving methods make this type of charitable giving very attractive for both the contributor and the church.

Your potential benefits may include: 1) increasing current income for the contributor or others, 2) reducing income tax, 3) eliminating capital gains tax, 4) passing assets to family at reduced tax cost, and 5) making a significant gift to the church.

Planned gifts include bequests, trusts, and contracts between a contributor and the church.The most popular planned gifts are bequests, charitable gift annuities, charitable remainder trusts, charitable lead trusts, retained life estates and living trusts.

When a donor decides to leave assets to the church in a will, the person is making a bequest. The donor's estate will receive a charitable estate tax deduction upon the donor's death, when the gift is transferred to the church.

The diocese's popular gift annuity program involves a contract between the church and the contributor. In return for a donation of cash or other assets, the church agrees to pay a fixed yearly amount for life, a portion of which is tax free, to the contributor or to another designated person. The contributor receives a charitable tax-deduction and favorable tax treatment on long-term capital gain assets.

Charitable remainder trusts pay out either a fixed annuity or a yearly percent of trust assets to recipients chosen by the contributor. The contributor may claim a charitable tax-deduction and avoid capital gains tax on appreciated assets. When the trust ends, the church receives the remaining assets.

On the other hand, charitable lead trusts make the initial payout to the church. Similar to a loan, the assets are eventually returned to the contributor or to the heirs so named in the trust. The contributor receives favorable tax advantages.

A contributor may make a gift of a residence to the church through a retained life estate arrangement. Here the contributor retains the right to live in the residence for life and receives an immediate income tax deduction for the gift. Upon the contributor's death, the church may sell the property.

With a living trust, your assets and your gift designations to the church may avoid probate at your death. The successor trustee you name in the trust document carries out your instructions on distributing property.

For information on these unique gift plans and benefits at no obligation, please contact the diocesan Office for Development at (412)456-3085.

“ … Let our people also learn to maintain good works,
to meet pressing needs, so that they may be fruitful.”
- Titus 3:14

Being an effective witness for Christ while juggling mortgage payments, insurance, care for elderly parents and other financial obligations is a daunting undertaking. We live in a culture that seems to discourage spiritual prosperity, and sometimes people become hard-wired to believe that two separate economic systems are operating - the economy of God and the economy of man.

The economy of God has Our Lord at its center, however, and while we can be misled to think that there is happiness in the acquisition of material goods, the only true wealth and contentment comes from being good caretakers, stewards, of each other. If we live as thoughtful stewards and manage our worldly goods with God’s values in mind, we may find lasting peace.

Motivated by true stewardship, many Catholics are looking anew to the biblical concept of tithing as the most effective way to live out God’s plan for sustaining their family, community and church. It takes planning and perseverance to reach the goal of giving 10 percent each year to church ministries and some find that the most effective way to do this is by starting to give $1 for every $1,000 of their income on as many Sundays of the month as possible. For example, if a couple earns $35,000 a year, they would give $35 on as many Sundays of the month as they can. It will take time for some people to do this. Though monthly priorities and budgets have to be set, people who tithe trust that what is left over after they have given God His share will be enough for them; and they often find that this is true. Our forebears in faith knew this, too. Every week, they gave to God first to build the churches, schools and many other fine Catholic institutions that we enjoy today. As the cost and need to sustain vital ministries continues to rise, can we do any less?

In addition to taking steps to tithe, the good steward enacts a financial plan that includes final arrangements for the care of loved ones and the church through an estate plan. Here, a well-crafted will and other documents are essential.

The benefits of financial and gift planning include:

Increasing current income for you and others
Reducing income tax
Eliminating capital gains tax
Passing assets to family at reduced tax cost
Making a significant gift to the church

The gift-planning methods that are often used in a comprehensive financial plan include bequests under will, trusts and contracts between a contributor and the church. The most popular planned gifts are bequests, charitable gift annuities, charitable remainder trusts, charitable lead trusts, retained life estates and living trusts.

Bequests to the church may be of any size and may be directed to ministry needs immediately or over time through your name-endowment fund in our diocesan foundation. Your estate will receive a charitable tax-deduction.

The diocese’s popular gift annuity program involves a contract between the church and the contributor. In return for $5,000 or more in donated assets, the church agrees to pay a fixed yearly amount for life, a portion of which is tax-free. You receive an immediate charitable tax-deduction and favorable tax treatment on long-term capital gain assets. In addition, you may use gift annuities to fund your name-endowment in our diocesan foundation. This is an excellent way to memorialize a loved one in an everlasting way.

Trusts and retained life estates are unique forms of gift planning that are growing in popularity. They allow you to give your assets to those you want, in the way you want, and they can also reduce the income, capital gain, estate and generation-skipping transfer taxes on the assets that you give to loved ones and the church.

To learn about the your gift planning benefits, please contact the diocesan Office for Stewardship & Development at (412)456-3085. There is no fee or obligation.

This article is intended for informational purposes only. The Office for Stewardship & Development encourages you to consult your financial advisers before entering into any planned or deferred gift commitment.