Prince of Peace Legacy Giving Program
The Legacy Giving Program is established to provide educational opportunities and assistance to individuals who desire to develop an estate plan, and to facilitate opportunities to generously contribute planned gifts for future use; and to benefit the financial security of the parish in perpetuity.
Get Your Affairs in Order Planning Seminars – Save the Date! Thursday October 10, attendees can choose either 11:00 am or 6:00 pm sessions. Maggie Keenan of the Diocese of Richmond’s Catholic Community Foundation will present a free informational seminar here at Prince of Peace, a summary of the seminar content follows. Click here for additional details.
Make a lasting impression! Take stock of what is most important to you and to consider the kind of legacy you wish to leave on this earth. If you have not done so, now is an ideal time to consider developing an estate plan to protect your assets and those you love. Consider attending a “Get Your Affairs in Order” Planning Seminar, conducted here at Prince of Peace Catholic Church by a financial expert from the Diocese of Richmond. Do you have a will? If so, is it up to date? You will learn how to protect the assets that make up your estate, and ways to protect your loved ones, including use of Wills, Trusts, Advance Medical Directives, Estate Planning, Tax Treatment etc. The Planning Seminars provide details on:
- Estate Planning
- Catholic principles for Advanced Medical Directives
- Catholic Principles for Funeral Planning
- Legal Considerations for Wills, Trusts, and Beneficiary Designations
- How to use the FreeWill program to easily create a legal Will
Create Your Free Will and Legacy: Do you need a Will, or to update your Will? Wills have legal requirements and can be expensive to create. To assist with those requirements, Prince of Peace Catholic Church works through FreeWill, a public benefit corporation. FreeWill’s self-help solutions for common estate planning allow you to create a legal Will and other important estate-planning documents, completely free of charge, no credit card required. Learn more and get started here.
Prince of Peace Catholic Church Legacy Endowment
Our goal is to establish a $1,000,000 endowment for the financial security of the parish, and Legacy Giving is important to that effort. When donations result in $10,000 on hand, the funds will be entrusted to the Catholic Community Foundation to manage the endowment for growth of principal. This fund will be used solely to support the mission and operations of Prince of Peace Catholic Church.
The endowment is funded by Legacy Giving and also donors may make contributions to the Prince of Peace Catholic Church Endowment Fund throughout the year, in any amount. Each donation should indicate in memo form “For Prince of Peace Catholic Church Endowment Fund” (if not so identified, the gift will be placed in the parish operating fund). Donors may consider contributing in another’s honor: as a memorial, to commemorate an anniversary, birthday, or retirement, to acknowledge gratitude, or perhaps as simply a gift to honor a “person who has everything”. Each such contribution will be gratefully acknowledged by notice to the individual or group so honored, and by a thank-you letter to the donor including a copy of the acknowledgment notice to the honoree. The amount of the contribution will not be identified to the honoree unless desired by the donor.
Legacy Endowment Fund Benefits
- Creates an ongoing source of income.
- Offers donors peace of mind knowing that their assets will be available to meet unforeseen expenses.
- Relieves pressure on weekly and annual offertory funding.
- Allows program expansions and capital improvements.
- Offers flexibility for parish leadership to meet new challenges.
- Builds a strong stable future for our parish as legacy gifts come to fruition.
Types of Legacy Gifts
Gift from a Will or Living Trust
A gift from a will or living trust are two of the most common ways to create a legacy gift for the benefit of our parish. A bequest may include cash, specific property, or a share of the estate.
Gifts of Stock and Appreciated Assets
Donating stocks, bonds, or mutual funds directly to Prince of Peace Catholic Church can significantly increase your tax deduction and the amount of income our parish receives.
Gifts from your Retirement Plan
Gifts of retirement assets are another simple way to leave a gift by naming Prince of Peace Catholic Church as beneficiary of a percentage or the full amount of your Individual Retirement Account, 401k or other qualified retirement plan.
Gifts from your Individual Retirement Account – Qualified Charitable Distribution
Gifts from an Individual Retirement Account (IRA), starting at age 70½, may be made as qualified charitable distributions (QCD’s) under IRS rules, provided that a gift is transferred directly from an IRA to Prince of Peace Catholic Church. These gifts reduce the donor’s adjusted gross income, such that the donor is exempt from tax liability on the withdrawn donated amount, up to a maximum of $100,000 per individual per year and, for married couples who meet the age requirements, a maximum of $200,000 per year. Starting at age 73, a QCD counts toward the IRA owner’s Required Minimum Distribution (RMD) amount. A gift under a QCD has the same tax advantages whether or not the donor itemizes deductions, as QCD’s are reported differently than other charitable contributions. Please consult with your tax advisor regarding the gift transfer process and IRS reporting requirements. For additional information please go to Qualified charitable distributions allow eligible IRA owners up to $100,000 in tax-free gifts to charity | Internal Revenue Service (irs.gov).
Gifts of Life Insurance
There are many ways in which life insurance policies can be used to make a contribution, all of which provide tax deductions and the opportunity to make a more substantial gift than otherwise possible. It is easy to name Prince of Peace Catholic Church as the beneficiary of a policy or transfer ownership of a paid-up policy to our parish.
Gifts of Real Estate
Prince of Peace Catholic Church may be named as beneficiary or co-beneficiary to almost any type of personal property or real estate.
Contributors to the Prince of Peace Catholic Church Legacy Giving Program will become members of the Lumen Christi Legacy Society. Through this program, we can each leave a legacy that will help our parish and parishioners keep our faith journey and parish ministries thriving in the future.
Note: Prince of Peace Catholic Church does not provide legal or financial advice to current or prospective donors. Always consult your attorney and/or financial advisor before making any important decisions that may impact your estate.
For more details about Legacy Gifts, view and download the Guide to Legacy Giving Brochure.
Lumen Christi Legacy Society
Lumen Christi means “Light of Christ” which is the light in all things, which gives life to all things. This power is an influence for good in the lives of all people, and members of the Lumen Christi Legacy Society share in this purpose.
Contributors to the Prince of Peace Legacy Giving Program, whether gift designation is by Will with an Intention Form filed with the parish office (the form can be printed and filled out by hand or edited on PC before printing), or by use of the FreeWill process, will become members of the Lumen Christi Legacy Society. Through this program, we can each leave a legacy that will help our parish and parishioners keep our faith journey and parish ministries thriving in the future. The amount of your legacy gift is never publicly disclosed, it is a commitment known only to you, your family and the parish administration.
Members of the Lumen Christi Legacy Society are led by their faith and values to preserve our Catholic heritage and ensure everlasting giving for the future. To express gratitude for this final act of faith and demonstration of love for God and others, its members will receive the following special recognitions:
· A commemorative pin to wear to Mass
· Invitation to The Lumen Christi Legacy Society Annual Mass and Luncheon with the Bishop
· Invitations to the Chrism Mass, Diaconate Ordination Mass, and Priest Ordination Mass
· Access to the Director of Planned Giving for personalized legacy planning consultations
If you have already included our parish in your Will, we would invite you to become our newest Lumen Christi Legacy Society member by completing the Intention Form and filing it with the parish office (the form can be printed and filled out by hand or edited on PC before printing); please call the parish office at (757) 547-0356 or email: [email protected] to be included. We thank you for your support.
Lumen Christi Recognition
Prince of Peace Catholic Church is extremely grateful and wishes to recognize everyone who has joined the Lumen Christi Legacy Society. For those who may choose to remain anonymous, we recognize you in our prayers of thanksgiving. Thank you for your contribution (gift). We celebrate your generosity and commitment to Prince of Peace Catholic Church.
FOR MORE INFORMATION
To learn more about leaving a legacy gift to Prince of Peace Catholic Church, please contact Nick Vacca at the parish office at (757) 547-0356. Thank you for considering a legacy gift and for your generosity to Prince of Peace Catholic Church.
Prince of Peace Catholic Church Legacy Giving Committee Members
Al DeGuzman | Judy Florance | Keith Koon
Tom Lynch | Nick Vacca
