Texas Catholic Letters
November 26, 2008
Mr. and Mrs. Robert Hanson
Dallas, Texas
Dear Jo Ann and Bob,
It was a pleasure to stop by your home to discuss planned giving options available at The Catholic Foundation. There are many choices one can make while estate planning and the prospect of changes in the tax laws as a result of the elections make it a bit more difficult. Beginning now to consider best options for yourselves is excellent thinking.
During our discussion, there were three things that were clear. First, you have a large IRA even after the recent market declines; second is that you would like an instrument that will provide income into the future; and, third, and perhaps foremost, you want to give to The Catholic Foundation because you believe that we use our resources wisely to benefit the entire Catholic community.
The law extending the ability to make charitable gifts of up to $100,000 from one’s IRA was recently extended by Congress. You must be 70 ½ to make such a gift. This gift will reduce impact of taxes on the IRA when it is distributed to your heirs and there are no current year tax consequences to you. So you may want to consider this option before the end of the year. The income option is a charitable gift annuity with The Catholic Foundation. The annuity provides an immediate tax deduction and a tax favored income stream for both of you.
We will be happy to discuss with you the advantages of these types of chartable gifts and we thank you for your confidence in The Catholic Foundation.
I hope you had a wonderful Thanksgiving.Sincerely,
Edwin M. Schaffler
President and Chief Executive Officer