Local Priest Plans Gifts with Cheer and Wisdom

"God loves a cheerful giver!" says Rev. Paul Nomellini. "You can't take it with you!"

A retired priest of the Diocese of Marquette, Father Paul takes his giving very seriously and wants to use his resources wisely. He has 4 or 5 favorite causes that he donates to on a monthly basis. His list of favorites includes local, national and international charities with missions that "put God first" - a charity in Selma, AL that feeds hungry children; a national organization that provides grants to Catholic dioceses in the US where the Church is alive and growing but the resources are scarce; and an organization that forms religious sisters in Haiti.

Father Paul sees his giving as a direct, practical way of putting his Catholic values into action. "I've been so blessed in my life," he said. His charitable choices are a reflection of his life and what is important to him. He seriously evaluates his charitable options, rather than simply tossing money at needs. "We can't help everybody and we shouldn't feel guilty that we're not giving to everything!" he said.

In addition to his monthly giving, Father Paul has designated larger bequest gifts in his will for several causes, including the St. Joseph Association (SJA), which is the pension fund for retired priests of the Diocese of Marquette. Father Paul serves on the SJA board and knows first-hand the essential need to provide financial stability for our retired priests and guarantee future security for our active priests.

Father Paul's gift planning helps him to make financially efficient, tax-effective gifts. He focuses his giving with a 2-part strategy: monthly gifts for immediate needs, and bequests for long-term impact. He gives cheerful witness to stewardship of the Catholic Church. His careful planning ensures that he is getting the most from his giving - for himself, his Church and his favorite charitable causes.

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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