The Full Story
NFCRV appreciates all types of gifts to support our mission. We know that certain donors want to support specific initiatives. If you’d like to make a restricted gift please know that you can designate the terms of your gift.
LEGACY AND PLANNED GIFTS
DESIGNATING YOUR GIFT THROUGH YOUR WILL OR TRUST
Including the National Fund for Catholic Religious Vocations in your estate planning leaves a lasting legacy and helps ensure the fulfillment of our mission for years to come. Please consider designating NFCRV as a beneficiary in your will or trust, with the following language:
I give to the National Fund for Catholic Religious Vocations, a 501 (c)3, (dollar amount or percentage of the residue of the estate) for use and benefit of the National Fund for Catholic Religious Vocations, 5416 S. Cornell Avenue, Chicago, IL 60615.
If you have questions or would like someone to speak with your estate planner, please contact Phil Loftus, Executive Director at 312-318-0180.
TAX-FREE IRA GIFTS
People aged 70½ or older may make tax-favored charitable gifts from traditional and Roth IRA accounts. Recent legislation retroactively extends the charitable IRA rollover from 2015 and makes this provision permanent for future years.
How It Works
If you are 70½ or older, you can give up to $100,000 directly from your IRA to NFCRV free from federal income tax each year.
The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
Your IRA charitable rollover gift can satisfy all or part of your required minimum distribution (RMD) for the year.
Be sure to have the gift distributed directly from an IRA to NFCRV.
DONOR ADVISED FUNDS
A Donor Advised Fund (DAF) is often administered by a financial services company or a community foundation. It allows you to combine the most favorable tax benefits with the flexibility to easily support NFCRV. You can recommend a donation to NFCRV from your donor advised fund (DAF) at any time. The minimum amount of your gift must be $50 or more. You also may designate one or more beneficiaries to receive the remaining contributions in your DAF after your lifetime. We hope you will consider naming NFCRV as one of the final grantees of your fund.
To make a gift to NFCRV from your DAF, you’ll need the following information:
Legal Name: National Fund for Catholic Religious Vocations
Federal Tax ID number: 47-1135935
GIFTS OF LIFE INSURANCE
If you own a whole life insurance policy that has accumulated cash value but is no longer needed, the value of such a policy can be used to make a gift to NFCRV that can provide tax savings today. In addition or as an alternative to a gift by will, giving all or a portion of life insurance proceeds can also result in significant estate tax savings.
To learn more about any of these opportunities for giving, please contact Phil Loftus, Executive Director at 312-318-0180.
The information presented is not intended as legal, tax, or other professional advice. For assistance in charitable estate planning, please consult an attorney for legal advice or seek the services of a qualified professional.