SCN Legacy Society
The Sisters of Charity of Nazareth have been blessed to have received financial support from many who, with deep faith, have chosen as their legacy to share in the SCN mission through their estate planning.
It is through this bond in faith that tireless efforts are being made around the world in Belize, Botswana, India, Nepal, and here in the United States on behalf of those persons who find themselves marginalized and victimized by poverty and social injustices. We are surrounded by so many who are in need. Consider for a moment the following listing of the assets you might use to make charitable gifts as part of your estate plan.
A bequest in your will: You may choose to leave a specific amount to the Sisters of Charity of Nazareth, or name the SCNs as a beneficiary to receive a percentage of your residual estate, once all specific amounts have been paid.
Gift of life insurance: A gift of life insurance can provide a significant charitable deduction. This deduction can be achieved by purchasing a new policy, or donating a policy that you currently own but no longer need. You may also amend an existing life insurance policy by listing the Sisters of Charity of Nazareth as the named owner and irrevocable beneficiary. Please be sure to check with your insurance agent and accountant for these details.
Gifts of life income: If you own stock which is paying low dividends to you, a "life-income" gift may be an appropriate gift. Establishing a "charitable remainder trust" will provide you with an annual return. This income would be paid to you and/or your loved one for life, after which the assets would be distributed outright to the SCNs. At the time you make this type of gift, you would receive an immediate charitable deduction on your income tax (would carry forward for five years) and capital gain is avoided.
Other Forms of Giving
Gifts of cash: Charitable gifts are most often made in the form of cash and checks. When you itemize, you can deduct such gifts in amounts up to 50 percent of your adjusted gross income per year. When cash gifts exceed 50 percent of your adjusted gross income in any one year, the excess may be carried forward for as many as five (5) years.
Gifts of real estate: Some people make charitable gifts with appreciated property and realize significant tax savings. A residence, vacation home, farm, acreage or vacant lot may have appreciated in value so much that its sale would mean a substantial capital gains tax. By making an outright gift of property instead, you avoid the capital gains tax, and, at the same time, receive a charitable deduction for the full fair market appraised value of the property.
Gifts of stock: If you own stock, it is often a more tax-wise asset to contribute than cash. A gift of stock generally offers a two-fold tax savings advantage. First, you avoid paying any capital gains tax on the increase in value of the stock. Second, you receive an income tax deduction for the full fair market value of the stock at the time of the transfer of the gift. In order to qualify for these significant tax advantages, make sure that you have owned the stock for at least 12 months.