Estate Planning

Gifts through Retirement Plans

Making gifts from your IRA, 401(k), 403(b), ESOP, or other qualified plan, can offer you some unique advantages such as:

• Avoid income and estate taxes levied on the assets left in your plan.
• Use the charitable deduction of the gift to offset other taxes.
• Eligible starting at 70 ½ years old.
• At 72, use a gift from the plan to meet the minimum withdrawal requirement.
• Can continue to make withdrawals from the plan during your lifetime.

How to Make a Gift

Ask your plan adviser for a change of beneficiary form, and make the “Province of the Holy Name, Inc.” a beneficiary. Our relevant tax and contact information is here.

Upon your death, all (or a portion) of the assets left in your plan pass to the Dominicans.

Want some extra help? Click here to use FreeWill’s simple and secure online tool to help complete your IRA charitable distribution form. It automatically includes most of the important information your advisor needs, saving you lots of time and hassle.

Start My IRA Gift Form

Gifts of Life Insurance

You can make a deferred gift to the Province of the Most Holy Name, Inc. using life insurance. This may allow you to make a larger contribution than you thought possible.

Benefits may include a current income tax deduction for the gift of the policy, continuing income tax deductions for periodic premium payments,removal of the insurance from your taxable estate, and the satisfaction that comes from making a gift to benefit the Dominicans.

Types of Insurance

Term Life Insurance is rarely used to make a charitable gift as the policy doesn’t provide an internal cash buildup or any benefits other than payment of the face value upon death.

If required premium payments are made, paid-up Whole Life Insurance can make an excellent gift as there is a cash buildup as well as a death benefit.

If you make the Province of the Most Holy Name, Inc. the owner of your policy, you may be eligible for an income tax deduction for the gift of the policy. And any annual gifts made to the province to pay future premiums will qualify for an income tax deduction.

You can also make a gift of a “paid-up” life insurance policy, which can either be cashed in by the Province immediately, or held to receive the benefits at a later date.

Life Insurance policy gifts can be transformational, used for major projects, advancing important programs, or starting endowments.

Benefits

Making a gift of your life insurance policy can:

• Allow you to make a low-cost gift to charity, one that doesn’t adversely affect your cash flow.
• Make a larger gift to charity than you man have thought possible
• Enjoy an immediate income tax deduction for the cash value of a surrendered policy.

How to Make a Gift

Ask your plan adviser for a change of beneficiary form, and make the Province of the Holy Name, Inc. a beneficiary or owner of your life insurance policy.

Gifts of Real Estate

Before making a gift of real estate, please contact the Development Office at development@opwest.org or 510-295-0115.

Unfortunately, not all property can be accepted, and due diligence is required to protect the donor and the province from costly errors.

For thousands of years, the gift of land has made some of the Church’s most inspiring places of worship and study possible.

Similarly, the funds from property sales have also advanced the mission of St. Dominic in profound ways. Your gift of real estate can continue that great tradition.

Real estate can be donated even while you continue to use it (aka "Life Estate"), and can offer significant savings on your taxable estate.

Appraisals are needed, and unfortunately, not all property can be accepted.

Real estate can also be transferred through what’s called a “Bargain Sale”.

How a Bargain Sale Works

1. You sell the Province of the Holy Name, Inc. your property for a price less than fair market value.
2. You receive the cash from the sale and a charitable deduction for the difference between the fair market value and bargain sale price.
3. While you may owe some tax on the amount you receive from the sale, the charitable deduction from your gift could offset your taxes this year.

Benefits of a Bargain Sale

If you are considering selling your property, a bargain sale will help you meet your goals. Bargains sales can:

• Avoid capital gains tax on your charitable gift.
• The deduction from your gift will give you valuable tax savings that may reduce your tax bill this year.
• With the cash received from the sale, you may then reinvest to create more income for your future.
• You’ll be helping to advance the mission of St. Dominic!

Due Diligence for Real Estate Gifts

With gifts of real estate, the Province of the Holy Name, Inc. performs a due diligence evaluation of the property to determine its acceptability.

This evaluation has two purposes: to ensure a meaningful gift will result with real impact for the donor, and to ensure that the province and the donor share an understanding about what will happen with the property.

Due diligence includes an assessment of the property’s marketability, outstanding mortgages, liens, or presence of hazardous materials or dangerous conditions.

The province will always work transparently with donors to understand the process and discuss any actions needed to make the property acceptable for transfer.

To begin this process, please contact our Development Office at 510-295-0115 or development@opwest.org.

Make an In-Kind Gift

The treasures you have today could help advance the mission of St. Dominic tomorrow.

Gifts-in-kind are appreciated, and can supply the friars with important equipment, tools, supplies, and valuables, such as computers, cameras, art or books, quality vehicles, and other materials helpful to our mission of preaching.

As we are unable to accept all items, please contact the Development Office at development@opwest.org or 510-295-0115 to inquire about the options available to you.

Basic Acceptance Policy

All gifts-in-kind are reviewed, accepted and officially acknowledged. Prior to acceptance, the gift is reviewed to see if it meets province needs.

The Province of the Most Holy Name reserves the right to decline any gift that does not further the province’s goals or may involve special maintenance or other conditions the province would be unable to satisfy.

The donor is responsible for making arrangements to deliver the gift. Additional approvals may be required for works of art.

IRS Appraisal Guidelines

The province does not provide gift valuation. In accordance with IRS regulations, the donor is responsible for determining the value of an accepted gift. If the estimated value of the gift exceeds $5,000, then a qualified appraisal is required by the IRS to substantiate a donor’s charitable deduction for gifts-in-kind.

Province employees and volunteers are not qualified appraisers, and federal regulations do not permit the province to give appraisals or estimates of value.

For taxation details, see IRS Publication 526.