We all know special people.

We have loved ones whom we revere for the joy they've brought to our lives.

We know teachers, priests, doctors and nurses, coaches, and other wonderful men and women, whose moral and spiritual example inspired us in our own journeys to becoming the persons we are. It's natural and right that we look for ways to honor these special individuals.

And one way you may show your love and respect for them is with a Memorial Gift of the Society of the Divine Savior.

You may establish a Memorial Gift to honor a beloved family member, a dear friend, a favorite teacher or pastor, or anyone else, whether living or departed.

Memorial Gifts to the Salvatorians are often directed to the retirement needs of elderly and infirm Salvatorian Fathers and Brothers. Others may be made for the education of priests and seminarians.

On the other hand, with a "stringless" Memorial Gift, you'll have the satisfaction of knowing that your gift is put to work immediately on behalf of all those served by the Salvatorians and their ministries.

You May Give Cash

Cash is the most common, and often the easiest, way to fund a Memorial Gift. And if you file an itemized income tax return, you receive an immediate charitable deduction.

Gifts of cash are deductible for up to 50% of your adjusted gross income in the year the gift is made. And any excess deduction may be "carried over" for an additional five years, according to IRS regulations.

You May Use Stocks & Bonds

A gift of stocks, bonds, or mutual funds may also provide a wonderful way for you to create a lasting testament to someone you love.

Known as securities, such gifts of property may have increased, or appreciated, in value. If a security has appreciated, it is usually best to donate it outright, thereby avoiding any tax on capital gains that might result from its sale. If a security has declined or depreciated in value, however, it is usually more "tax smart" to sell it and donate the proceeds.

Gifts of securities are deductible for up to 30% of the donor's adjusted gross income in the year the gift is made. As with gifts of cash, excess deductions may be carried over for up to five additional years.

You May Use Your IRA

Whether invested in stocks, bonds, mutual funds, or certificates of deposit (CD'S), the assets in your Individual Retirement Account (IRA) may be used to fund a memorial.

Simply transfer the assets in the IRA to the Salvatorians. You could enjoy significant tax benefits from such an arrangement. But first, be sure to consult with your financial advisor.

You May Establish a Memorial Trust

When people talk of money and hear the word "trust," they often think of a very complicated financial instrument. This can be true, sometimes but not always.

For example, charitable lead trusts and charitable remainder trusts involve complex tax regulations and reporting laws. But if a donor wishes to establish a memorial and endow it with a large amount of capital from the start, one of these trusts may prove ideal.

On the other hand, a Totten trust provides a very easy way for someone to create a  memorial trust. With a Totten trust, you serve as trustee of a simple passbook savings account for which the Salvatorians are named as beneficiary. The account remains completely in your control during your lifetime.

You May Fund a Memorial through a Bequest

With a properly crafted and legal Will, you can be sure that the people and causes dear to you during your life are provided for, even after you're gone. A Will guarantees you the "final say" in the disposition of your property and assets. Any and all of the means of giving discussed above may be incorporated in one's Will.

Basically, there are two ways in which a donor may leave a memorial bequest to the Salvatorians. One way is to stipulate a certain amount of money, a specific property, or an exact number of security shares, etc., with wording along these lines: "I herby bequeath to the Society of the Divine Savior_____ to fund a memorial in honor (or memory) of ______."

The other way is to designate a certain percentage of one's estate, or even a percentage of what may still remain of the estate after all other bequests have been satisfied, using language to this effect: "I hereby bequeath to the Society of the Divine Savior __% of the remainder of my estate as a memorial in honor (or memory) of ______."

 

All Memorial Gifts to the Society of the Divine Savior are gratefully acknowledged in our HOPE newsletter.