Legacy Gifts

A bequest is the easiest way to provide a future for your favorite charity. To make a gift to The Grotto from your estate, simply create a new will, add a codicil, or draft an amendment to your existing documents.

Through your will, you can permanently secure the ministries of The Grotto with an endowment fund, or create a donor advised fund to be directed by your loved ones. There are many ways to create a charitable legacy.

Your gift may include either a specific amount or a portion of your estate.

Benefits of giving through your will or estate

  • Secure a legacy that ensure the future ministries of The Grotto.
  • Make a gift while retaining control of your assets during your lifetime.
  • You may modify your bequest at any time.
  • You may create a separate fund named for yourself or in the name of someone you wish to honor.
  • A gift from your estate is entirely free from federal & state taxes.

The Bequest Society

Give a specific dollar amount or percentage of your estate. Become a member of the Bequest Society.  If  you’ve already planned a legacy gift to The Grotto, please tell us about your gift by emailing office@thegrotto.org.  As a Bequest Society member, you will receive spiritual benefits as well as others.

Types of Bequests

Cash Bequest

Give a specific dollar amount or percentage of your estate.

Giving appreciated stocks and bonds is a tax-wise way to support The Grotto. For securities held longer than one year, you can deduct their full fair market value, regardless of what you originally paid for them. You also avoid paying capital gains tax.

A security is a tradable financial asset of any kind, which may be classified into the following groups:

  • Debt securities: Treasury bonds, banknotes, corporate bonds, CDs, and debentures
  • Equity securities: Common stocks and mutual funds
  • Derivative securities: Stock options, futures, forwards, and swaps

To transfer appreciated stock to The Grotto:

You will need to work directly with your broker to initiate a transfer of stock to the National Sanctuary of Our Sorrowful Mother (The Grotto).

The Grotto receives a percentage of the remainder of your estate after the payment of any specific bequests and expenses.

A distribution from your retirement plan is treated as ordinary income under federal and state laws. Instead of paying a large tax bill, you can donate your 401(k), IRA, or other qualified pension plan.

Benefits

Avoid the potential double taxation your retirement savings would face if you designated these savings to your heirs.

Continue to take regular lifetime withdrawals.

Maintain flexibility to change beneficiaries if your family’s needs change during your lifetime.

You can direct your annual Qualified Minimum Distribution to The Grotto.

To make this gift :

  • Notify the plan administrator
  • File a “Change of Beneficiary” Form
  • Include beneficiary designation in your estate document

 

Sample beneficiary designation language for a spouse and The Grotto:  The beneficiary is my spouse as long as he/she survives me. The beneficiary of any amount(s) remaining in the plan after the death of my spouse, or of the entire amount in the plan upon my death if my spouse does not survive me, or of any portion thereof that my spouse may disclaim, is the National Sanctuary of Our Sorrowful Mother (The Grotto), 8840 NE Skidmore St., Portland, OR 97220, Tax ID# 93-0386924, for its general charitable purposes.

A Gift of Life Insurance is an easy and convenient way to support The Grotto. This gift can be made without diluting the control of a business or other investments. Assets earmarked for family members can be kept intact.

Life Insurance provides a great giving opportunity in simple ways:

  • Name The Grotto as beneficiary of your policy without changing the policy’s ownership. Your heirs will pay no tax on the asset removed from your estate.
  • Donate your policy to The Grotto and you will be entitled to charitable income tax deduction for the cash surrender value of the policy.
  • Charitable Giving Riders can be placed on your policy.

 

Benefits of giving Life Insurance:

  • Efficient: Gifts of life insurance allow you to make a large impact; one that is not dependent on income or cash flow. Make your greatest gift while receiving a tax deduction.
  • Private: The transaction is confidential.
  • Revocable: You may change your mind in the future if your circumstances change.
  • Meaningful: Allows you to take care of not just the people you love, but the ministries closest to your heart.

 

Once you decide to give the gift of life insurance, contact The Grotto and tell us of your gift.

Tip: The most tax-effective way to donate life insurance is to transfer the policy so that the charity becomes the owner and beneficiary. You are entitled to an immediate charitable deduction for income tax purposes. If you continue to pay the premiums, each payment is also a deductible charitable donation.

Codicil

If you already have a will, draft a codicil to make a change without creating an entirely new document.

Tax ID

The Internal Revenue Service recognizes The National Sanctuary of Our Sorrowful Mother (The Grotto) as a tax-deductible, 501(c) 3 non-profit organization. Our tax identification number is 93-0386924.

Sample Bequest Language

A General Bequest

Name The Grotto as the beneficiary of a life insurance policy. 

 

“I (NAME) give, devise and bequeath to The National Sanctuary of Our Sorrowful Mother (The Grotto), whose current legal address is 8840 NE Skidmore St., Portland, Oregon 97220, ____% of all the rest, residue and remainder of my estate, to be used for its general charitable purposes.”

You can direct that a beneficiary receive all that remains in an estate after payment of funeral costs, debts, taxes, administrative and probate expenses, and specific and general bequests have been honored.

“The beneficiary is my spouse as long as he/she survives me. The beneficiary of any amount(s) remaining in the plan after the death of my spouse, or of the entire amount in the plan upon my death if my spouse does not survive me, or of any portion thereof that my spouse may disclaim, is the National Sanctuary of Our Sorrowful Mother (The Grotto), 8840 NE Skidmore St., Portland, OR 97220, Tax ID# 93-0386924, for its general charitable purposes.”