Remembering The Parish In Your Will Or Trust

An important way for members of one generation to have a lasting impact on the parish and its institutions is to make a lump sum bequest, or estate percentage bequest, in one's Will. The legal title of the parish is "Epiphany Roman Catholic Congregation, Normal, Illinois." A bequest may also be made to one or both of our Endowment Funds--"The Epiphany School Endowment Fund" and the "Epiphany Parish Endowment Fund."

A will or trust is an effective tool to direct how your assets will be distributed at your death.  Within your will or trust, you can designate all or a portion of your estate be given to a charity through a charitable bequest. A bequest is a flexible and simple way to achieve your charitable goals. It allows you to maintain control of your assets during your lifetime. In addition, if you make a charitable bequest, your estate may receive a charitable tax deduction for the amount of the bequest.

Types of bequests include:

  • Specific Bequest: You may designate a specific dollar amount or asset, such as stock, real estate, coins, etc, be given to an individual or organization.

  • Residuary Bequest: A residuary request allows you to specify a percentage or the remainder of your estate be given to an individual or organization. The remainder of your estate consists of the balance of your assets after your debts, taxes and other bequests have been paid first.

  • Contingent Bequest: This type of bequest is based on another, specific event occurring prior to the distribution of your assets. For example, you may specify that only if another beneficiary, such as your spouse or child, predeceases you will the contingent beneficiary receive the bequest.

An IRA/401K may also be used for a charitable bequest by naming a charity as a beneficiary of your taxable IRA or 401K. The tax-exempt charitable organization can receive the taxable distribution without paying tax on the amount received.

Please consider including Epiphany in your will or estate plans. The legacy you leave behind will help to ensure they continue to meet the needs of seniors in our community for years to come.

  • Epiphany Catholic church EIN - #37-0893308

  • Epiphany Catholic School EIN - #37-12233287

It is wise to consult with your tax and legal professionals about creating a will or trust. If you have any questions for Epiphany, ask for Angie the Business Manager in the Parish office.

IRA Qualified Charitable Distributions (QCD)

A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year, as long as certain rules are met.

In addition to the benefits of giving to charity, a QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA. Keeping your taxable income lower may reduce the impact to certain tax credits and deductions, including Social Security and Medicare.

Also, QCDs don't require that you itemize, which due to the recent tax law changes, means you may decide to take advantage of the higher standard deduction, but still use a QCD for charitable giving.

If you are 70 ½ years old or older, you can take advantage of this simple way to benefit Epiphany and receive tax benefits in return. As you plan your RMD for this year, consider using your IRA funds as your charitable gift to Epiphany. It is wise to consult with your tax professionals if you are contemplating an IRA QCD. If you have any questions for Epiphany, ask for Angie the Business Manager in the Parish office.