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Jan and Bob Dilenschneider, Chair-couple of the 2009 Appeal -- “It is time to step up, give back, help others”. Read more...
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The Diocese of Bridgeport has an email newsletter, Living Our Faith, in addition to our periodic e-mail updates on the Appeal and other areas. Sign up for our e-newsletter today!
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Giving to the Appeal:
You Need to Help
“THE CONSEQUENCES of not giving are huge.”(PHOTO BY JOHN GLOVER)
Article Appears in the March 14, 2009 Edition of the Fairfield County Catholic
BY JAN & BOB DILENSCHNEIDER
(Editor’s note: Jan and Bob Dilcenschneider, members of Saint John Parish in Darien, are serving as chair-couple of the 2009 Living Our Faith Annual Bishop’s Appeal)
Some experts fear charitable giving will drop 30-50% this year as the deepening recession starts to drain many generous people of their spirit of altruism at the worst possible time – when the need is greatest.
We cannot let this happen in the Diocese of Bridgeport and in Fairfield County.
It is up to each of us as leaders to step forward.
Despair
The Annual Bishop’s Appeal is more important than ever because poverty and unemployment are causing despair, even in Fairfield County, one of the nation’s most affluent enclaves, where some mistakenly assume these problems never happen.
Sad to say, they exist, sometimes only a few blocks from corporate affluence, and now they’re more widespread and affecting every sector of our society.
The Annual Appeal is critical to schools, Catholic Charities, soup kitchens, food pantries, religious educations programs, and much more.
The consequences of not giving are huge – people will go hungry; students will be shorted in terms of what their potential is; levels of stress will become overwhelming for many.
You need to help.
Can you give cash and securities? Sure. And that is a great way to help.
Charitable Lead Trust
Even during this historic downturn, the experts say there are opportunities for donors to set up what is known as a “charitable lead trust,” which can be used to give to your favorite charities while at the same time sheltering asset growth from taxes and providing for your heirs.
Financial planners believe these trusts are well worth the effort because there is a very low special rate, and each year you may send a payment to a designated charity. The I.R.S. sets what is known as the “hurdle rate” based on the predicted asset growth. And any gains beyond this rate will subsequently pass along tax-free to your heirs.
Because assets are depressed at the present time, there’s a possibility for aggressive appreciation in the coming years, financial planners say.
The trust, which is established for a set number of years, allows you to transfer your assets – securities, cash, or property – to the trust, which every year makes payments to charities.
One way for heirs to avoid paying gift taxes is to arrange the trust so that it “zeroes out,” which means the charitable gifts are set up so that they will equal the original amount of the assets that were put in the trust.
Financial planners say that this is the best time to create a charitable lead trust because assets are depressed and interest rates are low. This, in turn, takes wealth from estates and lets it pass on to the heirs tax-free.
Beyond offering relief to countless recipients of the Annual Bishop’s Appeal, a charitable gift clearly has advantages for you and your heirs and is worth serious consideration.
(To learn more about the 2009 Annual Bishop’s Appeal and to make a secure online donation, visit www.bridgeportdiocese.com)
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