Legacy Gifts

It is recommended that every adult have a carefully planned Will. A Will forms the basis of a person’s estate plan, regardless of the value of their assets. A Will is necessary even if other estate plan arrangements, such as a living trust or jointly-titled property, are in place.

A valid Will is a legally binding document that can help guarantee your objectives at the time of your death – your legacy – will be honored.

A Will is written and executed in accordance with the laws of each particular state. The attorney you hire to help prepare your Will should be licensed in the state in which you reside.

You can make a bigger impact than you ever thought possible in the lives of our OST students. We ask for your prayerful consideration in leaving Oblate School of Theology in your Will.

Legal title: Oblate School of Theology

Tax ID: 74-1357323

On Dec. 23, 2022, Congress passed the Consolidated Appropriations Act of 2023 (now signed into law), which includes a package of retirement reform bills including the SECURE 2.0 Act.

SECURE 2.0 encourages taxpayers to use their IRAs to make qualified charitable distributions (QCD’s) that support their favorite charity like the Missionary Oblates of Mary Immaculate. SECURE 2.0 enhances QCDs by providing:

• For tax years beginning in 2023, a one-time opportunity to make a gift of up to $50,000 from an IRA to a charitable gift annuity or charitable remainder trust, provided the income interest is held by the taxpayer or the taxpayer’s spouse, or both.

• Amounts distributed as a QCD can count toward satisfying the taxpayer’s required minimum distribution (“RMD”). Donors must be at least 70½ to utilize the QCD provision.

In addition, rates for a charitable gift annuity increased effective January 1, 2023, as reflected in the rate table below.

*Please note OAT follows the American Council on Gift Annuities and are subject to change.

Use Your IRA to Make Charitable Gifts

When you reach age 70½, you can take advantage of making a qualified charitable distribution from your IRA. An IRA qualified charitable distribution allows you to make a gift up to $100,000 annually from your IRA to Oblate School of Theology and avoid income taxes on the distribution. Even if you don’t itemize on your federal tax return and take the standard deduction, you can still avoid taxes with this type of gift.

Benefits of a Qualified Charitable Distribution

• Distributions made directly to Oblate School of Theology (our legal title) are not included in your gross income, and thus are not taxed at the federal level.

• Even if you don’t itemize your deductions or if you have maxed out your annual charitable deductions, you can still benefit from making this type of gift because distributions from your IRA directly to Oblate School of Theology are not federally taxed.

• You can make qualified distributions up to $100,000 per individual or $200,000 per couple each year to help people in need.

To Make a Qualifying Gift

• You must be at least age 70½ at the time of the gift.

• Transfers must be made directly from a traditional IRA account by your IRA administrator to Oblate School of Theology (You can write a check directly to the Oblate School of Theology if you have an IRA checking account).

• Do not withdraw your funds and send your gift to the Oblate Missionary Society yourself. Funds that are withdrawn by you and then contributed do NOT qualify.

• The IRS will not recognize your qualified transfer to the Oblates as income; therefore you will not be entitled to a federal income tax deduction for your gift. However, each state treats this differently so please consult your tax or financial advisor.

• Gifts from 401k, 403b, SEP and other plans do not qualify. You must first roll these types of retirement funds into an IRA, and then you can direct your administrator to transfer the funds from your IRA directly to Oblate School of Theology.

• Unfortunately transfers like this cannot fund charitable gift annuities, donor-advised funds or charitable remainder trusts.

Funding a Charitable Gift Annuity with your IRA

On Dec. 23, 2022, Congress passed the Consolidated Appropriations Act of 2023 (now signed into law), which includes a package of retirement reform bills including the SECURE 2.0 Act.

SECURE 2.0 encourages taxpayers to use their IRAs to make qualified charitable distributions (QCD’s) that support their favorite charity like the Oblate School of Theology. SECURE 2.0 enhances QCDs by providing:

• For tax years beginning in 2023, a one-time opportunity to make a gift of up to $50,000 from an IRA to a charitable gift annuity or charitable remainder trust, provided the income interest is held by the taxpayer or the taxpayer’s spouse, or both.

• Amounts distributed as a QCD can count toward satisfying the taxpayer’s required minimum distribution (“RMD”). Donors must be at least 70½ to utilize the QCD provision.

In addition, rates for a charitable gift annuity increased effective January 1, 2023.

IRA Beneficiary Designations

Consider leaving a legacy gift from your tax-deferred IRA or 401(k) retirement plan to Oblate School of Theology. These plans are typically pre-tax assets that will be heavily taxed when given to anyone other than a spouse. When you name Oblate School of Theology as beneficiary, they will receive 100% of your gift tax free.

A Donor Advised Fund (DAF) is a simple, flexible and tax-advantaged way you can make charitable donations, so you make the biggest impact. You can quickly and easily designate a grant from your DAF to Oblate School of Theology through your financial institution’s website (such as Fidelity or Schwab Charitable). You can also locate our organization by using our Tax ID 74-1357323.

A donor-advised fund is like a charitable investment account, for the sole purpose of supporting charitable organizations that help people in need, like Oblate School of Theology.

When you contribute cash, securities or other assets to a donor-advised fund at a public charity, like Fidelity or Schwab Charitable, you are generally eligible to take an immediate tax deduction. Then those funds can be invested for tax-free growth and you can recommend grants to an IRS-qualified public charity.

Donor-advised funds are very popular and are the fastest-growing charitable giving vehicle in the United States because they are one of the easiest and most tax-advantageous ways to give to charity.

We prayerfully ask for your consideration in leaving Oblate School of Theology as a beneficiary of your Donor Advised Fund.

Did you know there is a simple, effective way to provide for the future of Oblate School of Theology? Simply name Oblate School of Theology as a beneficiary of one of your assets, such as the following:

• IRAs or Retirement Plan

• Certificate of Deposit

• Checking and Savings Account

• Life Insurance Policy

• Commercial Annuity

It only takes three steps to make these types of gifts. Here is how to name the Oblate School of Theology as a beneficiary:

• Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.

• Decide what percentage (1 to 100) you would like Oblate School of Theology to receive and name us, along with the percentage you chose, on the beneficiary form.

Return the completed form to your plan administrator, insurance company, bank or financial institution.

Gifts of appreciated stock will help you avoid paying all capital gains in this gift – as long as you transfer the stock directly. Stock gifts can be designated toward a specific Oblate mission – or the donation can be used where it is most needed, maximizing the value of the gift. The value of a stock gift is based on the average selling price on the day the gift is received.

To ensure proper acknowledgment of your stock gift please do the following:

1. Please notify our Advancement Office by giving us a call (210) 341-1366

2. Share our account information with your stock broker or financial advisor to ensure your gift is transferred directly to Oblate School of Theology.
   DTC#: 0015
   OST Account#: 045-107509
   Account Name: USP Oblates Charitable Gifts
   Brokerage Firm: Morgan Stanley, 112 E. Pecan Street, Ste. 1500, San Antonio, Texas 78205 Attn: Gerardo S. Gonzalez, CIMA

3. Please instruct your broker to include your name, address and any designation for the gift when your stock transfer is made so we can personally thank you and send a tax receipt.