Long Term Gift Program

Overview

The Long Term Gift Program is a financial program wherein participants receive favorable lifetime income and tax benefits, and the Fraternity receives funds to support the education of priests for the third millennium and to accomplish its other apostolic works. There are three basic components to the Long Term Gift Program: the Gift Annuity Program, the Pooled Income Fund, and the Charitable Remainder Trust.

Gift Annuity Program

The Gift Annuity Program provides the benefactor with a fixed lifetime income and an immediate tax deduction. The amount invested in the program can range from small to very large. Cash, bank certificates of deposit, appreciated common stock, art, and real estate are all appropriate items for gifting in this program.

Pooled Income Fund

The Fraternity Pooled Income Fund operates much like a mutual fund. Participants make a contribution to the fund and receive a variable rate income from it in return. The performance of the fund dictates the income benefit to the contributor or designated beneficiary. Like the Gift Annuity Program, the Pooled Income Fund can provide a very competitive lifetime income to the participant.

Charitable Remainder Trust

The Charitable Remainder Trust provides the participant or the designated beneficiary a fixed or variable lifetime income, immediate tax deductions which can be carried forward for up to five years, and relief from capital gains tax on appreciated assets.While the Fraternity does not receive any funds from the trust during the lifetime of the benefactor or the designated beneficiary, whatever amounts remain in the trust at his or her death, or that of the beneficiary, transfers to the Fraternity of St. Peter.

The Charitable Remainder Trust, when combined with other estate planning techniques, can significantly reduce or eliminate the tax that would be paid on the estate. This trust ensures the Fraternity receives a portion of the benefactor’s estate rather than it being consumed by estate taxes.

Tailoring Programs for Specific Individual Needs

While the Gift Annuity Program, the Pooled Income Fund, and the Charitable Remainder Trust are the three most visible elements of the Fraternity Long Term Gift Program, the Fraternity can tailor a specific program to satisfy almost any request or situation. For example, a Charitable Lead Trust could be arranged for a participant who wishes to establish a trust which produces annual income for the Fraternity for a fixed number of years with the principal then returning to the participant or his beneficiary.

How to Proceed

As an initial step, it is recommended that prospective participants contact the Fraternity Long Term Gift Program Administrator to discuss the details of program options and features. Whether a very modest or large estate, the Long Term Gift Program can enable the benefactor to financially support the important work of the Fraternity without reducing any amount left to family members or other beneficiaries.

For More Information:
Mr. Joseph Gardner
119 Griffin Rd.
Elmhurst Twp, PA 18444
(570) 842-4000 ext. 305
email: jgardner@fssp.com

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