Legacy Society

STEWARDSHIP PRAYER

O gracious God, who has generously blessed our lives with goodness and abundance, create in our hearts a deep feeling of gratitude for all that is in our lives spiritually and physically. Inspire us in thanksgiving, to share that abundance and guide us to continue the work of the church in caring for the essential needs of the poor and disenfranchised, promoting a respect for life at all stages, engendering Catholic education in our parochial schools and parish catechism classes, and building strong, supportive, and caring communities through our Vermont parishes. Let us follow in the footsteps of Jesus, sharing our treasures and putting our faith into action every day. Amen.

CREATING A LEGACY IN THE CATHOLIC TRADITION

While many of us think of a legacy as “a gift by will especially of money or other personal property”, it also has a much deeper meaning. We should think about what is important to us, our Christian values, and the legacy we will leave behind to support the work we are guided to do as Catholics – that is God’s work.

Recently, the Diocese of Burlington created the Christ Our Hope Legacy Society to recognize our parishioners and friends who have included the Catholic Church, its schools and ministries in their estate plans. A legacy gift offers future support of the mission of the Vermont Catholic Community Foundation which serves the apostolic activities of the Church in Vermont, provides opportunity for Catholic education, and make grants to nonprofit organizations throughout the Diocese of Burlington that reflect the compassion of Christ in service to the neediest in our community. 

If you have already established a planned gift to support the work of the church, or if you would like to learn more about your giving options, for a confidential conversation please contact Brittany Czekaj, Development and Planned Giving Officer, Vermont Catholic Community Foundation, by email at bczekaj@vermontcatholic.org or by phone at 802-658-6110, extension 1102.

WAYS TO MAKE A LEGACY GIFT

The Vermont Catholic Community Foundation offers a number of creative gift planning options for those wishing to maximize the efficiency of their charitable support of the ministries of the Catholic Church in Vermont.

Whether helping donors establish a simple bequest, life income gifts, charitable trusts to benefit heirs, or gifts of property, the staff of the Vermont Catholic Community Foundation is available to help parishioners to realize their charitable and financial goals.

Common ways to make a legacy gift 

• Gifts by will or trust

One of the simplest ways to make a legacy gift is through a designation in your will. A bequest or testamentary gift won’t affect your cash flow during your lifetime and is easy to change if your financial situation changes. These gifts may take many forms including:

• A specific amount of cash, stock, or other assets from your estate or retirement plan.
• A fixed percentage of your estate or retirement plan.
• A percentage of your residuary estate.

For sample Bequest Language, please click here. 

• Beneficiary Designation

Listing the Vermont Catholic Community Foundation or your parish as a beneficiary of your assets is an easy way to make a planned gift. Simply contact the administrator of the assets, and complete a beneficiary designation form, specifying either an amount or a percentage of the value that you wish the Foundation or parish to receive.

Beneficiary designation applies to:

• Retirement assets such as an IRAs, 401k, or 403b plans
• Life Insurance policies
• Bank Accounts
• Commercial Annuities
• Donor-Advised Funds
• Life Income Gifts

Through Charitable Gift Annuities and Charitable Remainder Trusts, you can support the Vermont Catholic Community Foundation and receive income back from your gift.

• A Charitable Gift Annuity (CGA) is not yet available but is under consideration by the Foundation. It is a contract between a charity and a donor. The donor makes an irrevocable transfer of cash, marketable securities, or other assets acceptable to the charity. In return, the charity agrees to make fixed payments for life to one or two individual annuitants.
• A Charitable Remainder Trust (CRT) allows you, the donor, to place cash, securities, or other marketable assets in trust, and receive a variable payment based on the market value of the asset. At the end of the specified payment period, the Vermont Catholic Community Foundation or parish receives the remaining assets in the trust.
• Charitable Lead Trusts

With a Charitable Lead Trust, assets designated to the trust provide income to the Vermont Catholic Community Foundation or parish for a fixed term of years, and provide you, the donor, with a gift/estate tax deduction. At the end of the term of the trust, the remaining principal is given to your heirs.

• Retained Life Estate

You can make a gift of your home, vacation property, farm or other property to the Vermont Catholic Community Foundation or parish and as the donor, you retain the right to live in the home or use the property for life. By conveying the title of your real estate to the Vermont Catholic Community Foundation or parish, you will be entitled to an income tax deduction for a portion of the property’s fair market value.

• Life Insurance

Life insurance is usually purchased for the protection of one’s family to replace a financial loss of income caused by the death of one or more family members. Whole life insurance can be used as an investment to accumulate capital and can be an attractive asset for a legacy gift. If your financial situation has changed where the life insurance policy is not needed, you can make a gift of life insurance to the Vermont Catholic Community Foundation or your parish by designating either entity as sole owner and beneficiary of the policy.

Any of the above-mentioned planned gifts can be designated as unrestricted in their use, designated to an existing fund at the Foundation, or can be used to establish a future endowed fund.

Establishing an endowed fund is a powerful tool to support and ensure opportunities for accomplishing the work of the Church for years to come. An endowed fund can be established through a legacy gift with a minimum of $10,000. A legacy gift can also be designated to any existing fund under the management of the Vermont Catholic Community Foundation. For a list of over seventy-five existing funds and their purpose, please click on:  https://vtcatholicfoundation.org/funds.

If you or a family member has already made a planned gift in support of the work of the Church, please take a moment to fill out a “Letter of Intent” and email to bczekaj@vermontcatholic.org or mail it to:

Ms. Brittany Czekaj, Development and Planned Giving Officer
Vermont Catholic Community Foundation
55 Joy Drive
South Burlington, VT 05403

Thank you for considering a legacy gift. As with any important decision that affects your personal or family’s future, we recommend consulting a trusted financial advisor, qualified accountant or tax attorney when considering a legacy gift.

IMPACT OF LEGACY GIVING

While you may never know the direct impact of your own legacy gift, you will certainly feel good about making the decision now, knowing you are continuing the work of the church in perpetuity.