Young College Grad Gives Back

Jacob MahoneySupporting the Newman Center through charitable donations is one way Jacob Mahoney is giving back to the Church. As good stewards, each of us plays an important role in preserving and extending our Catholic heritage.

Hi, my name is Jacob Mahoney.

To introduce myself, I recently graduated from Lake Superior State University, and was involved with the Catholic Newman Center group at the university. During these past four years, the Newman Center formed me into a true disciple of Jesus Christ. The Newman Center has not only led me to grow in my faith, but I made lifelong friendships.

I wanted to give to the Newman Center so it could continue its mission in bringing young Catholic college students closer to Christ. The Newman Center, and what it offers, brings me great joy and has led me to become the person I want to be.

I have been reading this book on Blessed Pier Giorgio Frassati. The impact he made with his selfless giving at such a young age is inspiring and I want to do the same. I want to continue to give to the Newman Center so other college students can enjoy what I will treasure as some of the best memories of college.

How Are You Being Called to Support the Church?

To learn about ways you can support our future, contact Terri Gadzinski at (906) 227-9108 or tgadzinski@dioceseofmarquette.org.

A charitable bequest is one or two sentences in your will or living trust that leave to the Catholic Diocese of Marquette 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 give to the Catholic Diocese of Marquette, a nonprofit corporation currently located at 1004 Harbor Hills Drive, Marquette, MI 49855, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

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 Church 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 Church 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 Church 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 Church where you agree to make a gift to the Church 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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