Your gifts will fund our future
The following are various ways that will enable you to continue to use your assets during your lifetime while providing support for the mission of the Sisters of Providence. Deferred gifts also benefit people who are unable to make substatial contributions during their lifetime or who need the income from their assets during their lifetime.
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Types of planned gifts
A Gift by will is also known as a bequest and is the simplest and most common form of charitable giving. A specific amount or a percentage of the estate can be designated. This amount can be assigned without any qualifications by the donor, or it can be restricted by the donor for a specific use by the Sisters of Providence. There is no estate tax due on amounts left to the Sisters of Providence in a will. When naming the Sisters of Providence in your will, please designate: Sisters of Providence of Saint Mary-of-the-Woods, Indiana 47876
A charitable gift annuity benefits the donor as well as the Sisters of Providence. The annuitant receives an income for the duration of his or her life in exchange for a gift of cash or securities. The amount of the annuity payment depends upon the age(s) of the individual(s) receiving the annuity and the amount of the gift. Gift annuities are frequently arranged to provide annuity payments for two persons. The most common type of two-life annuity is the joint-and-survivor annuity. Under such an arrangement, payments are made to both annuitants for their joint lifetime. Upon the death of the first annuitant, the payments are continued for the lifetime of the survivor. The donation is held by the Congregation and invested in government securities. The annuity could also include a second beneficiary. Annuity rates are available upon request.
A deferred charitable gift annuity is similar to the charitable gift annuity, but allows the annuitant to defer income payments for a future time at some date later than one year from the date of the donation. This allows annuity payments to be paid at a time when the annuitant has a greater need for income and is likely to be in a lower tax bracket (e.g. retirement).
The Sisters of Providence do not administer any type of trust. However, naming the Sisters of Providence as a beneficiary to a Charitable Remainder Unitrust, a Charitable Remainder Annuity Trust or a Charitable Lead Trust qualifies as a planned gift and entitles the donor to membership in the Saint Mother Theodore Guerin Foundation.
A charitable remainder unitrust enables the donor irrevocably to contribute money, securities, real estate or other property to a charitable remainder unitrust that will pay the donor and/or anyone else selected by the donor a predetermined percentage of its value each year. The percentage must be at least five percent but can be more. The payment can last for the lifetime of the beneficiary(ies) or for any period of time up to 20 years. When the unitrust ends, the remaining trust assets will be distributed to the Sisters of Providence.
A charitable remainder annuity trust is established and operated the same as a unitrust. Instead of a variable amount, however, the payment is a fixed amount equal to at least five percent of the initial value of the trust.
A revocable charitable remainder trust is appropriate for donors who want to make a contribution upon their death but who are unwilling to irrevocably make a donation during their lifetime. The donor does administer and invest these funds. The donor would NOT receive an income-tax deduction, but his/her estate would receive an estate-tax deduction after the donor’s death.
In a charitable lead trust the income from the trust property is directed to the Sisters of Providence for a period of years. The Sisters of Providence receive the income from the trust during the trust period. At the end of the stated number of years, the trust becomes the property of the individuals named by the donor, such as children, or it can revert to the donor.
A gift of life insurance may be appropriate for some donors who have an existing policy they no longer need or for donors who wish to purchase a new policy with the Sisters of Providence named as the owner and as irrevocable beneficiaries.
A donation of real estate may be accepted as an outright gift, charitable remainder trust, retained life estate, bargain sale or through a bequest. Acceptance of a gift of real estate is contingent upon the approval of the General Council of the Sisters of Providence and must be approved prior to the gift being specified by the donor.
We urge all donors to consult with your financial and legal advisors for a full discussion of implications of any planned gift.
For more information about making a planned gift or to request a FREE brochure on planned giving, contact:
Planned Giving Manager
Office of Congregational Advancement
1 Sisters of Providence
Saint Mary-of-the-Woods, IN 47876
Phone: (812) 535-2811
Fax: (812) 535-1009
Available Brochures include:
- 7 Charitable Tax-Wise Moves You Can Make Now
- Effective Year-End Tax Planning With Charity in Mind
- Ways to Give
- Charitable Planning for Today’s Donor
- Estate and Charitable Planning for Today’s Woman
- 12 Ways a Charitable Gift Annuity May Benefit You
- The Charitable Gift Annuity: Guaranteed Payments for Life
- Augmenting Your Retirement Security: The Deferred-Payment Gift Annuity
- Planning Your Will with Trusts
- Planning Your Will: Insights and Options
- Planning for a Secure Retirement: Charitable Options
- Life Insurance: A Flexible Asset
The Sisters of Providence keep all benefactors, constituents, alumnae/i and companions in daily prayer.