FAQs
Question: Can I list St. Mary’s as a beneficiary or contingent beneficiary on retirement accounts and/or life insurance?
Answer: Yes, you can list St. Mary’s as a beneficiary or contingent beneficiary on retirement accounts and/or life insurance.
Question: Do I need to do a new will to add a bequest to St. Mary’s?
Answer: There’s no need to write an entirely new will to add a bequest to St. Mary’s. Have your attorney prepare a codicil, which makes the changes you want while reaffirming the remaining provisions of your existing will.
Question: Can my bequest provide for both my church and my family?
Answer: Some people ask if they can set up a gift plan in their will that first pays income to a loved one, then the remaining balance to St. Mary’s. The answer is yes, most definitely! You can create a charitable trust in your will naming your spouse, children, or other loved one as the life income beneficiary(ies). So then, one bequest can take care of loved ones and provide a gift to St Mary, too. We recommend speaking with your financial advisors to establish such a bequest. Your financial advisors can provide projections of the income and tax benefits it can yield.
Question: Can I still do a gift if my advisors suggested a trust, not a will?
Answer: A revocable trust has many unique features, but your advisors will confirm that it works the same as a will in making a gift to St. Mary’s.
Question: Are bequests deductible?
Answer: Charitable bequests are not subject to federal estate tax or state inheritance taxes. A bequest to St. Mary’s can lower the amount of your estate that is subject to the federal estate tax. However, there is no income tax deduction for a charitable bequest.
Question: Can you write a will for me?
Answer: Sorry—no. Our role is to demonstrate to you and your attorney how easy and beneficial an estate-plan gift can be. St. Mary’s cannot give you legal advice.
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Sample Will Bequest Language
Specific Bequest: This transfers a particular sum of money or item of property to St. Mary’s.
Sample Language: “I bequeath all of my shares of Sample Corporation to Protection of the
Holy Mother of God Orthodox Church (St. Mary’s), an Orthodox Christian Church in Falls Church, Virginia.
(Note: If you no longer own this property when you die, your specific bequest cannot be made.)
Residual Bequest: A residual bequest transfers all or a portion of the amount remaining in your estate after debts and taxes have been paid. Many donors find that a residual bequest gives them more flexibility in their long-term planning than a specific bequest, because they are not tied to maintaining certain assets, securities, or sums of money in their portfolios.
Sample Language: “I bequeath twenty-five percent {25%} of the residue of my estate to Protection of the Holy Mother of God Orthodox Church (St. Mary’s), an Orthodox Christian Church in Falls Church, Virginia.”
Contingent Bequest: A very flexible arrangement, which directs a gift to St. Mary’s only if certain life events do not occur.
Sample Language: “If my daughter does not survive me, I bequeath the residue of my estate to Protection of the Holy Mother of God Orthodox Church (St. Mary’s), an Orthodox Christian Church in Falls Church, Virginia.”
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Helpful Links
Top 10 Estate Planning Considerations
25 Documents You Need to Have in One Place
One Big Beautiful Bill: Impact on Charitable Giving | Fidelity Charitable
Legacy Planning: The Pros and Cons of Choosing a Charity as Your Beneficiary | Fulton Bank
Microsoft Word - 5645747 Charitable Remainder Trusts_WM_FINAL_9_2023.docx
If you have questions about leaving a planned gift to St. Mary’s, we would be happy to speak with you. Please email [email protected].
Disclaimer: The information on this website is intended to provide general gift planning information. St. Mary’s is not qualified to provide specific legal, tax, or investment advice, and this website should not be looked to or relied upon as a source for such advice. Consult with your own legal and financial advisors before making any gift.
