Legacy Giving

The Northern Michigan Catholic Foundation (NMCF) gives you the opportunity to provide lasting charitable support to your parish, school, the local Catholic Community, or other particular Catholic ministries or causes beyond your lifetime.

For more information on Legacy Giving at NMCF, please contact Tom Hardy by phone at 231.922.9070 or by email at [email protected].

View our Planned Giving Brochure here!

  • Bequests

    A charitable bequest of your choosing defines your legacy and creates a permanent statement of your faith and values. A charitable bequest can be considered your final act of stewardship and will ensure that those ministries and activities you supported with your time, talent and treasure during your lifetime will continue to flourish for generations to come.

    Your Bequest-Making a provision in your estate planning documents for the NMCF can be a simple process. However, it is extremely important that you seek legal advice in order to assure that your intentions are clearly expressed.

    Unrestricted Bequest-In this case, the use of your gift is left for the general purposes of the NMCF, and needs throughout the local Catholic Community as they are determined by the NMCF Board of Directors.

    Sample Language: “I [name], of [city, state, ZIP], give, devise and bequeath to the Northern Michigan Catholic Foundation (Tax ID: 30-0210866), [the sum of $_____] for its unrestricted use and purpose.”

    By creating a charitable bequest for the NMCF, the Catholic community in northern Michigan will remember you, your commitment, and the gifts that you have shared throughout your lifetime and will share for generations to come.

  • Start a Charitable Gift Annuity

    If your goal is to maintain a steady income, while also making a gift to the local Catholic Community of northern Michigan, a charitable gift annuity to the Northern Michigan Catholic Foundation (NMCF) would allow you to achieve both goals. You may make a charitable gift annuity by irrevocably transferring securities, money or other assets to the NMCF. In return, the NMCF manages the investment of the assets and pays an income to you, your beneficiary, or both. The creation of life-income gifts benefits both the donor and the NMCF.

    A charitable gift annuity (CGA) is a way to make a gift to a charity, such as the NMCF, and still receive lifetime income payments for yourself or others. The CGA is a simple, contractual agreement between a donor and the NMCF whereby the donor transfers assets to the NMCF in exchange for receiving a fixed annual payment for life. The amount of the annuity payment is determined by the amount of the gift and the age of the person(s) who is to receive the income. The principal remaining at your death would then benefit the NMCF or any parish, school or program that you designate through the NMCF.

    Determining the Annuity Rate
    The American Council on Gift Annuities meets periodically to determine and recommend appropriate annuity rates. The Council takes into account the age of the annuitants and the trends in the investment field. For example, a 65-year-old individual is expected to live longer than an 80-year-old individual; therefore, the recommended annuity rate is higher for the 80-year-old individual. NMCF bases its decisions upon these recommendations. Rates are subject to change; therefore it is important to check with your financial advisor for the current rate available, taking your own circumstances into account. For more information on the American Council on Gift Annuities, click here.

    A Charitable Gift Annuity provides you with:

    • A current and lasting gift to the Catholic Community of northern Michigan
    • Regular, fixed income payments for life
    • Tax savings
    • Removal of assets from your estate for probate and estate tax purposes
    • Satisfaction of a gift provision
  • Create a Charitable Lead Trust

    Interested in preserving an inheritance? Income accrued by the trust is put into a charitable fund at NMCF for a designated number of years. When the trust terminates, the remaining assets transfer to you or your heirs.

  • Establish a Charitable Remainder Trust

    You and a surviving spouse receive an income stream for a term of years or for life, with the reassurance that whatever amount remains will benefit your desired ministry in perpetuity.

  • Donate a portion of your Retirement Assets

    Retirement assets such as your IRA, 401k, 403b, pension, or other tax-deferred plan are an excellent way to make a gift. All that’s required is that you name NMCF a beneficiary.

    For those over the age of 70 1/2 years old, consider sending your annual minimum required distribution directly to NMCF. (Up to $100,000 can be transferred directly to a charity without paying income tax)

  • Designate us as Beneficiary of your Life Insurance

    A life insurance policy through the NMCF ensures your legacy in the Catholic ministries of your choice. Your gift will benefit the ministries closest to your heart for generations to come.

    In addition to the benefits the organization receives because of your gift, there are also benefits to you, the donor. Some advantages of making gifts of life insurance are:

    • The amount specified in the insurance policy will be given to the designated parish, school, ministry or cause through the NMCF.
    • The proceeds will be paid promptly, putting your gift into action, not being diminished by probate costs.
    • Your intentions will be fulfilled as indicated in the insurance policy.
    • The proceeds from the policy often exceed the amount of premiums you paid; therefore your gift is greater.
    • You, as the donor, may receive tax savings from charitable gifting of life insurance. These may be in the form of estate tax savings and/or current income tax savings depending on the structure of the gift. Consult your tax professional to learn how tax savings may apply in your situation.

    Purchasing Insurance Plans As Gifts

    An individual can purchase life insurance policies in order to create a charitable gift. There are many insurance plans available for application to charitable gifting programs. A donor can create a large deferred gift with relatively modest premiums, depending on his/her age and insurability. For more information on making such a gift, contact your insurance agent. Please consult your tax advisor when considering this type of gift.

    Naming the NMCF as the Beneficiary
    Another common method of utilizing life insurance to fund charitable gifts is a testamentary gift, or a gift upon the death of the insured. If you and your heirs no longer need all of the death benefit of your life insurance policy, yet you would like to retain ownership of it, you can designate the NMCF as the beneficiary of the policy. In other words, you retain control of the policy during your lifetime and the NMCF will receive the insurance proceeds at the time of your passing. This is a common situation for donors who would like to maintain flexibility and control of the policy. You can then designate the gift to a particular parish, school or a ministry through the NMCF naming them as:

    • Primary beneficiary-to take the proceeds upon your death.
    • Contingent or secondary beneficiary-to take the proceeds if the primary beneficiary predeceases you.
    • Partial or residual beneficiary-to take the proceeds along with other named beneficiaries. If you would like to make the NMCF the beneficiary of a policy that you already own, simply ask the insurance company or your agent for a change of beneficiary form.

    By naming the NMCF as a beneficiary, but retaining ownership of the policy, you will not be entitled to an income tax charitable contribution deduction. However, your estate will receive an estate tax charitable gift deduction when the NMCF receives the proceeds of the policy.

Northern Michigan Catholic Foundation
PO Box 4121
Traverse City, MI 49685
[email protected]
Copyright © 2024
Northern Michigan Catholic Foundation
All Rights Reserved.

NMCF is an independent, 501(c)(3), non profit organization formed for the purpose of supporting the spiritual, educational, and social needs of the Roman Catholic community in northern Michigan.