What Is a Planned Gift?

What is a Planned Gift?

A planned gift is a major gift that requires forethought, as it comes from assets or from a will or estate. Many donors also work with a professional to help them with a planned gift. Some donors make a gift (or gifts) during their lifetime to benefit causes they care about now. A gift in your will (also called a bequest) is the easiest way to make sure the things you care about are supported for generations to come. The goal of planned giving is to help you plan your estate and charitable giving in a way that benefits you, your family, and the causes you care most about.
It’s important to think about and review your will regularly, as tax laws and family situations change over the years.  Federal and state estate taxes have been adjusted and may change significantly if you change your state of residency.  For those with large estates, you can currently leave up to $11.58 million to your children with a federal estate tax ($23 million between a couple).  If your assets are greater than $22 million, federal estate taxes could be more than 35%.  The current exclusion of that magnitude sunsets at the end of 2025 and reverts back to $5 million per person (plus inflation).  State estate taxes vary, but in Massachusetts for example, the first $1 million is estate tax free, but taxes on amounts over that can go as high as 16%.  The estate tax threshold in Maine is $5.6 million. If your estate is worth less than that, Maine won’t charge estate tax on it. If it is worth more than that, you’ll owe a percentage of the estate to the government based on a series of progressive rates.  Consult your attorney or financial planner for specifics and guidance on how to set up your estate.  The Catholic Foundation of Maine is not an individual financial advisor.

Who Can Make a Planned Gift?

Anyone can create a legacy through the Catholic Foundation of Maine for causes they care most about. We work confidentially with donors of all levels. You do not have to be wealthy to make a gift in your will. We are also blessed to work with donors who have greater assets and wealth, but who still want their legacy professionally managed.

Why Consider Planned Giving?

We understand the stewardship and spirituality of the faith, and we know you have specific things you care about deeply.  We understand and will respect your desire to provide a legacy reflecting that. You can support the future by making your plans now and the Catholic Foundation of Maine is ready to help you.
You can create your own legacy through a gift in your will. Even a small gift can be joined with others in a permanent endowment fund to make a substantial difference the years to come.
Planned gifts can help you achieve your financial goals by providing tax benefits and the potential for returned income. Many gifts also benefit your children by providing tax and financial benefits.

What Can I Give?

Planned gifts are generally made from outside of one’s discretionary income, enabling you to make a gift far greater than you thought you could. Gifts could come from appreciated assets, real estate, life insurance policies, or businesses.

How Can I Give?

The easiest way to make a planned gift is through a gift in your will. We can help you and ensure that your gift is used the way you intend, in perpetuity. A provision in a will for any of the Catholic Foundation of Maine endowments can create a substantial contribution without diminishing assets during one’s lifetime. A gift can be made through a will or a trust, and both gifts enable you to distribute assets in the amounts of proportions you indicate.

  There are many ways to make gift planning work for you. You may choose to:

• Give a set amount to an endowment of your choice, noted in your will
• Give a percentage of your estate, after your family and other needs are fulfilled
• Create an endowment fund now, using cash, securities, and other assets
• Create a fund now, and complete it with a planned gift in your will
• Adding to an existing fund with a planned gift in your will
• Open a charitable gift annuity, specifying the beneficiary, that will be professionally managed through the Catholic Foundation of Maine.

Please feel welcome to call us at 207-321-7820  or email the Executive Director at info@catholicfoundationmaine.org.

We look forward to helping you find the charitable path that is right for you. You should also seek the advice of your financial or legal advisor. 

If you include the Catholic Foundation of Maine in your plans, please use our legal name and federal 
tax ID.

Legal Name: Catholic Foundation of Maine
Mailing address: PO Box 799, Portland, Maine 04104
Federal Tax ID Number: 77-0612679

Sample Language for gifts:
I hereby give, devise, and bequeath to the Catholic Foundation of Maine, a nonprofit corporation, organized and existing under the laws of the State of Maine, and with a current physical headquarters at 510 Ocean Ave., Portland, ME 04103 and a mailing address of PO Box 799, Portland, ME 04104, Tax ID number 77-0612679, the sum of $_______ or ________% of my estate or _____% of the residue of my estate.