We encourage our friends to help by remembering the Capuchins and our ministries in their estate plans. Many people intend to do so, but they never get around to writing their will. By taking this step now, you can assure that your life's work plays an important part in our lives and ministries well into the future. Our legal name is Capuchin Province of Mid-America, Inc. Special recognition is given to our estate planning benefactors through membership in the distinguished St. Conrad Circle.
Bequests
A charitable bequest (through your will or trust) offers you a means to provide lasting support for the Capuchin Province of Mid-America beyond your own lifetime. You may state your intentions:
• In terms of a percentage of the entire estate
• As the residue (property and assets remaining after all bequests to family and others have been satisfied) or portion thereof
• As a specific dollar amount
• Designated as a memorial to commemorate a family member or particular individual
Our legal title is Capuchin Province of Mid-America, Inc.
See your attorney or contact the Office of Development for more information about creating or updating your will to reflect your wishes.
Life Insurance
Frequently overlooked as a source for donations, life insurance policies that have outlived their original purpose can translate into a significant gift to the Capuchins.
There are a number of ways such policies can be converted to benefit the Capuchins, depending upon your wishes and financial situation. We would be happy to provide more information to you without obligation. Simply contact the Office of Development.
Retirement Funds
Retirement funds have become a major asset in many estates. Qualified retirement plans (i.e. IRA's, pension plans, profit sharing plans, 401(k) and 403(b) plans) that have received "tax-deferred" status at the front end may result in heavy tax burdens at death. Depending upon the size of your estate, these retirement fund assets could be subject to Federal Income Tax as well as Federal Estate Tax and perhaps state inheritance taxes - potentially amounting to over 70% of the assets!
Retirement fund gifts to a child or grandchild often end up being very costly due to gift taxes, income taxes, generation-skipping taxes and penalties.
Congress is currently considering changes to the tax law that would permit tax-free transfer of retirement assets to charitable organizations. Using retirement fund assets to fund a gift to the Capuchin Province of Mid-America can help you preserve these assets and make a significant impact on the future of the Province and its ministries.
Consult with your attorney or financial advisor regarding this method of planned giving or contact the Office of Development for more information without obligation.
Charitable Gift Annuity
This program offers life income to the donor or designated beneficiary while providing funds to support the future ministries of the Capuchin Franciscans.
A Charitable Gift Annuity is a contractual agreement between a donor and the Province whereby the Province agrees to pay the donor (and/or another beneficiary) a fixed annual income for life in exchange for money or assets presently transferred to the Province. The transaction is both a purchase of an annuity and a charitable contribution.
Advantages of the Charitable Gift Annuity for the donor:
• Enables donor to make a significant contribution to the Capuchin Franciscans during his/her lifetime without reducing personal income
• Provides fixed lifetime income payments for one or two lives
• Gift Annuity rates (recommended by American Council on Gift Annuities) are generally higher than money market or passbook rates
• Partial avoidance of capital gains tax when appreciated long-term capital gain property is contributed in exchange for the Gift Annuity
• A charitable income tax deduction for the gift portion of the annuity in the year of the gift (for taxpayers who itemize deductions)
• A portion of the annuity payments is favorably taxed for the life expectancy of the donor (or donors in the case of jointly owned property)
• Assets donated in exchange for the annuity are fully deductible from the donor's taxable estate
• Establishment of a Gift Annuity entitles the annuitant to membership in the Province's distinguished St. Conrad Circle
A Charitable Gift Annuity can be for one person (Single Life Annuity) or two persons (Joint/Survivor Annuity). Donors may also delay receiving annuity payments to future years (Deferred Annuity). The minimum age for participation for a single or joint annuity is 62. Individuals 45 years of age and older may establish deferred annuities.
The annuity rate is based upon the age of the annuitant. The rate will not change during the life of the agreement. Payments may be made on an annual, semi-annual or quarterly basis. The minimum gift amount to establish a Capuchin Province of Mid-America Gift Annuity is $10,000. All gifts in exchange for a Gift Annuity are irrevocable.
A Charitable Gift Annuity may be established by submitting an application form with a cash gift or transfer of other assets. For more information download our application or contact the Development Office.
Our Capuchin brothers serving as foreign missionaries in Papua New Guinea, Puerto Rico and Mexico do not receive salaries for their evangelization efforts. Funds are needed to cover the cost of their health insurance, travel to and from the United States for home leave every three to five years, and other related expenses
Wills & Estate Planning
From the News Blog on the Main Page, you will find links to the province’s various news outlets. The news blog is the primary means of posting information, announcements, and articles relating to the Capuchin Province of Mid-America and the worldwide Capuchin Order. Regular reflections from the Provincial Minister are also posted on the blog.
News Features
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