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Seeing Our Wishes Through

by Mike Hart

Mike and Judy Hart

Mike and Judy Hart

I always knew that I wanted to leave something to benefit the Church at my death. All of that changed in August 2020, when my wife, Judy, passed away.

As my financial needs changed, I concluded it was time to increase my financial support to my church and its ministries rather than waiting until my death.

I also wanted to memorialize three important women in my life: my wife, Judy; my mother, Dorothy Hart, who worked at St. Peters and at the chancery office; and my mother-in-law, Marie Lovitt, who taught kindergarten at St. Richard School.

Each of these women had a strong connection to her Catholic faith. I decided a trust that would provide long-term support was the way to go.

Deciding which ministries to support was an easy decision, and the staff at The Catholic Foundation made the process simple and easy.

First, a trust for seminarian education to help our seminarians focus on their school, not worry about how to pay for their education.

Second, a trust to support Catholic education. With my mother-in-law having taught at St. Richard Catholic School for more years than I can count, this trust will honor her by providing continuing support for the school.

Third, a trust to support the practice of my Catholic faith. Both Judy and I were raised Catholic, and 52 years ago we were married at St. Richard. This trust will support the parish that has given so much to us through the years.

I would encourage others to think about those ministries that you love and how you can leave a lasting legacy by starting a trust with The Catholic Foundation. Your gift will begin to make a difference today and for generations.

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Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

A charitable bequest is one or two sentences in your will or living trust that leave to The Catholic Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I will, give, and bequeath unto The Catholic Foundation Diocese of Jackson in Jackson, Mississippi, (a Mississippi Non-Profit Corporation) with principal offices located at 237 East Amite Street, Jackson, Mississippi, 39201-2168, [1] a specific dollar amount ($________);[2] or a percentage of your entire estate (_______%);[3] or a percentage of your liquid estate only (_____% of the liquid assets of my estate)." to be held in trust by said Catholic Foundation to benefit .

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to The Catholic Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to The Catholic Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to The Catholic Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and The Catholic Foundation where you agree to make a gift to The Catholic Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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