Legacy of Hope
What will be your legacy? Including St. Mary’s Food Bank in your estate plan is the best way to Leave a Legacy of Hope.
The poor and struggling will always be with us. Remembering St. Mary’s in your final wishes will help secure our financial future and perpetuate our mission to alleviate hunger in Arizona. Our Development department staff will be happy to address your questions. We strongly suggest you speak to your attorney about your specific situation and wishes.
Here are 3 ways to leave a Legacy of Hope:
Bequest – Remember St. Mary’s Food Bank with a charitable bequest in your will or trust. It is the easiest way you can leave a gift that will have a lasting impact. See sample bequest language for your financial planner or attorney. Please inform St. Mary’s of your decision to help with our recordkeeping and to ensure your wishes are fulfilled by clicking HERE.
Beneficiary Designation – You can support St. Mary’s and continue to use your account as needed.
Life Insurance – Add St. Mary’s Food Bank as a beneficiary of your life insurance policy. Contact your insurance company or agent and ask for a new beneficiary form. Please inform St. Mary’s of your decision to help with our recordkeeping and to ensure your wishes are fulfilled by clicking HERE.
Retirement Investment Accounts – Name St. Mary’s Food Bank partial or full beneficiary of your IRA, 401k, pension, investment, or bank account. Contact your financial planner or banker to change beneficiaries. You can change beneficiaries at any time in the future. Please inform St. Mary’s of your decision to help with our recordkeeping and to ensure your wishes are fulfilled by clicking HERE.
Charitable Gift Annuity ($50,000 gift minimum) – “Buy” a Charitable Gift Annuity with cash or appreciated stock and receive a fixed payment for the rest of your life for you or a dear one (rates based on age).
You will receive quarterly fixed payments for your life or a designated annuitant. These payments are based on current rates depending on your age or the age of your designated annuitant. A portion of these payments may be tax-free if the gift is cash. Gifting appreciated stock may help you avoid a portion of the capital gains tax.
Contact us to be provided with illustrations of possible Charitable Gift Annuity payouts based on the amount of your gift, your age, tax bracket, and some personal information. These illustrations will allow you to make an informed decision on making this type of gift.
- IRA Minimum Required Distribution – From IRS website
- Alert: If you turned age 70 ½ prior to January 1, 2020, your RMDs are based on age 70 ½, not age 72. You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70½. However, changes were made by the Setting Every Community Up for Retirement Enhancement (SECURE) Act which was part of the Further Consolidated Appropriations Act, 2020,P.L. 116-94, signed by the President on December 20, 2019. Due to changes made by the SECURE Act, if your 70th birthday is July 1, 2019 or later, you do not have to take withdrawals until you reach age 72. Roth IRAs do not require withdrawals until after the death of the owner.