Bequests: Including St. Sebastian in Your Will or Trust
Many supporters of St. Sebastian Parish make a planned gift through their wills and trusts and name St. Sebastian Parish Foundation as a beneficiary in their wills; we so very appreciate these gifts. These are simple gifts to set up and are deferred to a later date. In general there are three ways you can make a bequest to St. Sebastian Parish:
Specific Bequests leave an outright dollar amount, specific percentage, or specific property to St. Sebastian Parish Foundation. We are happy to consider your gift of an asset, such as cash, stock, bonds, real estate or personal property (e.g. artwork or collectibles) to St. Sebastian Parish Foundation. Your gift can be one lump sum or a percentage of an estate.
If you would like to make a Residual Bequest to St. Sebastian Parish Foundation, your estate will pay all debts, taxes, expenses and Specific Bequests. The remaining amount, or a percentage of that amount – the residue – will be your gift St. Sebastian Parish Foundation.
You may wish to make a bequest to St. Sebastian Parish Foundation only under certain circumstances. For example, you may wish to name St. Sebastian Parish Foundation as a beneficiary of your estate only if there are no surviving close family members. Childless couples sometimes provide for their entire estate to go to the surviving spouse. If the spouse does not survive, only then will the gift go to St. Sebastian Parish Foundation.
A Revocable Trust (also referred to as Revocable Living Trust) is a gift you may alter or terminate during your, the grantor's, lifetime. Since the trust may be altered at any time until the grantor's death, it is considered part of the grantor's estate and is subject to taxation. This type of gift allows you income; throughout the life of the trust all income earned is distributed to you. This type of gift allows you flexibility as you may adjust the provisions of the trust (and earn income), all the while knowing that the estate will be transferred to St. Sebastian Parish Foundation upon your death. The property is passed on to the St. Sebastian Parish Foundation only after the grantor's death, and the revocable trust then becomes Irrevocable.
If you make a gift to St. Sebastian Parish Foundation with an Irrevocable Trust, the trust cannot be changed or canceled once it is set up without the consent of St. Sebastian Parish Foundation, it is irrevocable. When you transfer assets into the trust you are removing you right of ownership to the assets and the trust and contributions cannot be taken out of the trust by the you, the grantor. Irrevocable trusts offer tax advantages that revocable trusts don't, for example by allowing you to give money and assets away even before your death; opposite of revocable trust. This type of trust also removes all incidents of ownership thereby removing the trust's assets from your, the grantor's, taxable estate. You are also relieved of the tax liability on the income generated by the assets during the life of the trust. While the tax rules will vary between jurisdictions, in most cases, the grantor can't receive these benefits if he or she is the trustee of the trust. You can convey any type of property into an irrevocable trust including, but certainly not limited to, cash, stocks, a business, life insurance policies or real estate.