Planned Giving

NEEEEEDS EDITING!!!!!!

While many people support Iona House through one-time, annual, or monthly financial support, there is a growing awareness of the value of providing long-term benefits to Iona House through Planned Giving. Planned Giving offers friends of Iona House the opportunity to participate in accomplishing our Lord’s work in a variety of ways, some of which provide mutual benefits for both the donor and the Abbey.

There are many types of Planned Gifts. You and your financial advisors can select a form of gift that is consistent with your personal values, accomplishes your charitable goals and takes into consideration your overall financial and estate plan. Besides simple will provisions, there are several life income plans available which can sometimes result in larger gifts than originally anticipated while also enhancing your income stream. Some of the ways to provide for the Abbey through Planned Gifts are as follows:

Bequests
Endowments
Life Insurance
Charitable Remainder Trusts

Bequests

Bequests are the most common form of Planned Giving and one of the easiest ways to ensure that your assets are distributed according to your wishes after your death. By including Prince of Peace Abbey in your will, you can leave a lasting legacy that reflects your faith and commitment to our mission. Bequests are flexible and can vary in size and form, making them an accessible option for many supporters.  Sometimes, a simple codicil making provision for the Abbey can be added to an already existing will or adding the Abbey as one of the beneficiaries of an existing Trust.

Endowments

An endowment is a powerful way to provide ongoing support to Prince of Peace Abbey. Often referred to as the “gift that lasts forever,” an endowment allows the principal of your gift to remain intact, with only the income generated being used to support the Abbey’s needs. This creates a stable, long-term source of funding that helps secure the future of our monastic community and its work.  Gifts can be made directly to the Abbey’s account with the Catholic Community Foundation.

Life Insurance

Life insurance offers a unique opportunity to make a significant contribution to Prince of Peace Abbey with little to no out-of-pocket cost. You can donate a paid-up life insurance policy by assigning it to the Abbey and designating us as the beneficiary. This option not only supports our mission but also provides you with potential tax benefits. Another cost-free method of using life insurance is to designate the Abbey as a beneficiary of all or a portion or your personal or workplace-provided life insurance policy.

Charitable Remainder Trusts

Generally, the purpose of a trust is to set aside money or other assets to provide an income for yourself or another person. Charitable trusts have the additional advantage of establishing a tax-deductible gift for non-profit organizations. With a Charitable Remainder Trust, you irrevocably transfer cash and/or appreciated marketable securities to a trust during your lifetime or via your will. If you fund with appreciated securities, you may avoid the payment of capital gains taxes on the appreciation. Since the trust is tax-exempt, it will not have to pay capital gains taxes on the appreciation when it sells. You may designate yourself and another individual to receive income for your life(s) and, at the conclusion of the income payments, the remainder of the trust principal will be paid to the Prince of Peace Abbey. The Charitable Remainder Trust is a flexible instrument that combines charitable giving with personal financial planning and generally requires an attorney who is familiar with this type of arrangement and, possibly, the services of a trustee.