Beneficiary Designation Gifts

Naming a parish, school or diocesan entity including the Catholic Foundation in your will, trust or as a beneficiary on a life insurance policy or IRA is a way for any person to bless future generations through a legacy gift and support the ministry of the Church.  This gift allows generous people to continue to support the causes they believe in and make their last best gift.

How a Beneficiary Designation Gift Works

1. Decide if you want to establish a perpetual fund through the Catholic Foundation or make a simple, one-time last gift through the Diocese of St. Petersburg.

2. Decide which type of beneficiary designation works for you. There are three types most people use residuary, pecuniary (specific) or contingent bequests:

Pecuniary bequests are the more common for most people.  It means that you specify a certain amount that will be given, or you can specify various amounts to be given to several entities.

• To specify this type of bequest, add this statement for Catholic Foundation: “I hereby give, devise and bequeath _________ and No/100 dollars ($DOLLARS) to Emmaus Foundation, Inc. d/b/a The Catholic Foundation, Diocese of St. Petersburg, a nonprofit organization located at 6363 9th Ave., N., St. Petersburg, FL, 33710, Federal Tax ID #59-3519543, for The Catholic Foundation, Diocese of St. Petersburg’s general use and purpose.“
• To specify this type of bequest, add this statement for the Diocese of St. Petersburg: “I give devise, and bequeath (amount, article, stock, etc.) to Gregory L. Parkes, as Bishop of the Diocese of St. Petersburg, and his successors in office, a Corporation Sole, for the use of (insert name and address of the parish, school, etc.).”

Residuary bequests are in many ways the easier to make.  It means that after you have allotted certain amounts to family members and friends, and whoever else you wish to be considered in your will, whatever is left over will go to a stated entity of your choice. 

• To specify this type of bequest, add this statement for Catholic Foundation: “I hereby give, devise and bequeath to Emmaus Foundation, Inc. d/b/a The Catholic Foundation, Diocese of St. Petersburg, a nonprofit organization located at 6363 9th Ave., N., St. Petersburg, FL, 33710, Federal Tax ID #59-3519543, ALL OR A PERCENTAGE of the rest, residue and remainder of my estate to be used for The Catholic Foundation, Diocese of St. Petersburg’s general use and purpose.“
• To specify this type of bequest for the Diocese of St. Petersburg add this statement: “I give devise, and bequeath all/a percentage of the rest, residue and remainder of my estate to Gregory L. Parkes, as Bishop of the Diocese of St. Petersburg, and his successors in office, a Corporation Sole, for the use of (insert name and address of the parish, school, etc.).”

Contingent bequests name a person as the primary beneficiary, but state that if that beneficiary does not survive you, you choose an alternative beneficiary. To specify this type of bequest, add this statement to your will: “If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath…”

• To specify this type of bequest, add this statement for Catholic Foundation: “If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath to Emmaus Foundation, Inc. d/b/a The Catholic Foundation, Diocese of St. Petersburg, a nonprofit organization located at 6363 9th Ave., N., St. Petersburg, FL, 33710, Federal Tax ID #59-3519543, DESCRIPTION OF PROPERTY to be used for The Catholic Foundation, Diocese of St. Petersburg’s general use and purpose.“
• To specify this type of bequest, add this statement for the Diocese of St. Petersburg: “If (primary beneficiary) does not survive me, then I hereby give, devise and bequeath…”

3. To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker or insurance agent. Provide them the appropriate terminology for the type of beneficiary designation you have chosen.

A beneficiary designation gift is a simple and affordable way to make a gift to support The Catholic Foundation, Diocese of St. Petersburg. You can designate us as a beneficiary of a retirement, investment or bank account or your life insurance policy.

Benefits of a Beneficiary Designation Gift

• Support the causes that you care about
• Continue to use your account as long as you need to
• Simplify your planning and avoid expensive legal fees
• Reduce the burden of taxes on your family
• Receive an estate tax charitable deduction

How a Beneficiary Designation Gift works

1. To make your gift, contact the person who helps you with your account or insurance policy, such as your broker, banker or insurance agent.
2. Ask them to send you a new beneficiary designation form.
3. Complete the form, sign it and mail it back to your broker, banker or agent.
4. When you pass away, your account or insurance policy will be paid or transferred to The Catholic Foundation, Diocese of St. Petersburg, consistent with the beneficiary designation.

Important Considerations For Your Future

If you are interested in making a gift but are also concerned about your future needs, keep in mind that beneficiary designation gifts are among the most flexible of all charitable gifts. Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment or bank account and continue to freely use your account. You can also change your mind at any time in the future for any reason, including if you have a loved one who needs your financial help.

If you have already designated us as a beneficiary of an asset or as part of your estate plan, please let us know. We would like to recognize you and your family for your gift.

Please contact us If you have any questions about charitable gift annuities. We would be happy to assist you and answer your questions.