Planned Giving
Consider how you can give of your assets, which could include your retirement plan, IRA, Stocks, Bonds or Mutual Fund Shares. These assets are often given directly to the parish from your financial institution. You can name St. Joseph, St. Augustine, St. Joseph's School or the Endowment in your will or estate. We hope that you will consider making a planned gift to your home parish or St. Joseph Catholic school.
Why Make a Planned Gift
Planned giving is usually done through the help of your financial planner or estate attorney. The Development Office at St. Joseph will help guide where you would like your gift to be directed within our parishes or school. Often income tax can be avoided in many scenarios because the donation is made directly from the financial institution to a charity.
What can I give as a planned gift?
-
Qualified Charitable Distribution from an IRA
-
Stocks, bonds, mutual funds or other securities
-
Donor Advised Fund
-
Naming either church or school in a will or trust
-
Naming either church or school as a beneficiary on a life insurance policy
-
Real property
NEW>SECURE Act 2.0 How does this affect your charitable giving from your IRA?
In late 2022, Congress passed SECURE Act 2.0 which changes a few things that could affect when you decide to make your charitable contributions from an IRA.
-
QCDs: You can begin making a Qualified Charitable Distribution (QCD) from your IRA once you turn age 70 1/2 or anytime thereafter. I've talked to many folks this past year who are opting to make their first QCD from their IRA to St. Joseph's Church, St. Augustine Church, St. Joseph's School or St. Joseph's Endowments. Oftentimes they've just learned about the QCD option and love the tax benefits it provides and they can support their parish without penalty or income tax on that distribution.
-
RMDs: SECURE Act 2.0 has changed when Required Minimum Distributions are made from an IRA. Beginning January 1, 2023, RMDs from an IRA begin once you turn age 73.
-
RMDs will be required at age 73 for people born between 1951 and 1959.
-
RMDs will be required at age 75 for people born 1960 or later.
-
How does this change affect you? Are you wanting to support the church or other charities and you were anticipating that 2023 would be the year you can begin (because you turn age 72)?
The good news is that you can start supporting your charity with a Qualified Charitable Distribution for anyone aged 70 1/2 or older without any penalty and you get to enjoy the tax benefit. Individuals do not need to wait until age 73 to begin supporting their charity of choice with an IRA distribution.
We suggest you talk with your financial advisor to discuss when is the right time for you to make your QCD from your IRA. If you have questions or you are planning to make your first QCD during 2023, you are welcome to contact:
Becky Langenecker, Development Director
218-999-6458 | beckyl@stjosephscatholic.org
Have questions? Our Development Office is happy to help you! Contact Becky Langenecker Monday - Friday