How do you want to be remembered? What was meaningful to you during your lifetime? How can you best express those values through your giving?
A planned gift is a special form of support—one that requires more consideration and counsel than other forms of giving. It is a commitment that will be realized in the future, perhaps at the end of your life. While frequently established as estate or legacy bequests, these arrangements can be made at any time. You may wish to make a special contribution to commemorate a major life event, such as an anniversary, the birth of a grandchild, or the remembrance of a beloved relative.
By thinking strategically, and with some advance planning, you can maximize your impact on the institutions that matter to you and serve as a role model to your family, your church, your cathedral, and others.
Types of Planned Gifts
Planned giving can take many forms, including monetary donations, stock transfers, or gifts of property. If you are considering a planned contribution to Saint Mark’s, you are encouraged to consult with the cathedral Dean about your intentions. For estate gifts, you should also consult with a qualified attorney to review your goals and draft a will that reflects your specific wishes.
Bequests through your will are the most common form of legacy support. You may leave a specific dollar amount, a tangible asset, or a percentage of your estate to Saint Mark’s. The wording of a bequest will vary depending upon the type of contribution you intend to make and whether it is restricted to a specific purpose. Consult with a qualified attorney who can review your goals considering applicable federal and state laws and ensure that your will accurately reflects your specific wishes.
Certain parts of your estate can pass directly to the Cathedral simply by designating Saint Mark’s as the beneficiary. You can name Saint Mark’s Cathedral or the Cathedral Foundation as the beneficiary of a life insurance policy, pension, retirement fund, annuity contract, bank account, or brokerage account. Talk with your attorney or financial planner about possible tax benefits from these arrangements.
Some legacy options enable you to support the church while retaining income for the rest of your life. Possibilities include Pooled Income Funds, Charitable Gift Annuities, Charitable Remainder Trusts, and Charitable Lead Trusts. Such life income arrangements for Saint Mark’s must be made through the Episcopal Church Foundation.
An IRA can be a powerful resource for charitable giving. If you are 70 ½ years or older, you can direct up to $108,000 tax free to a charity each year from your traditional IRA. This counts as all or part of your required minimum distribution, effectively reducing your taxable income. If you would like to make such a transfer, please contact your IRA custodian to request direct distribution to Saint Mark’s Cathedral or The Cathedral Foundation.
There are easy ways to gift your stocks, ETFs, mutual funds, bonds—contact Saint Mark's or the Cathedral Foundation to learn more.
Leaving Your Legacy
There are several ways you can leave a legacy at Saint Mark’s Cathedral. Whether you donate to Saint Mark's Cathedral or the Cathedral Foundation, you will be continuing your stewardship of Saint Mark’s and helping to ensure the long-term financial health of the cathedral. To learn more about your options, email giving@saintmarks.org, or contact Erik Donner at 206-323-0300 ext. 217 or edonner@saintmarks.org.
Saint Mark's Cathedral
Planned Gifts to Saint Mark's Cathedral are typically unrestricted donations in support of cathedral programs and ministries.
The Saint Mark's Cathedral Vestry policy:
- During a capital campaign, the Vestry may direct realized bequests it receives during the campaign toward capital projects.
- At other times, realized bequests may be added to the general endowment, from which a portion is allocated annually toward the annual budget.
- Your gift will honor your expressed intent, or, in the absence of expressed intent, the Cathedral Vestry may direct the funds where most needed.
The Cathedral Foundation
Planned Gifts to the Cathedral Foundation of the Diocese of Olympia are used to support the upkeep and improvements of the cathedral's buildings and grounds. Learn more about the Cathedral Foundation here.
The Foundation directs all unrestricted, realized bequests to:
- Capital projects or reserves for use by the cathedral, relating to buildings and grounds.
- The Foundation’s Buildings and Grounds Endowment Fund, from which a portion is allocated annually toward the cathedral’s maintenance budget.
- Your gift will honor your expressed intent, or, in the absence of expressed intent, the Foundation Board may direct the funds where most needed.
Thank you! Your generosity will change lives daily at Saint Mark's Cathedral, around the Diocese of Olympia, in the broader community of Seattle, and across the nation.
Writing Your Will
- Make a will or other estate plan. This Life Planning Manual is a helpful guide as you start.
- Review your will annually (near your birthday or during Lent).
- Update your will every five years.
- Update your will whenever your life situation changes (move to another state, new child or grandchild, divorce, remarriage, change in family dynamics).
Connect with Us
As you consider a planned gift, our Cathedral Administrator, Erik Donner, can:
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- Discuss your personal situation and wishes.
- Recommend the types of legacy gifts that may be best for you to consider.
- Recommend you consult with your own financial advisor and legal counsel, because some planned gifts can be technical and each person’s circumstances are different.
Resources
The Diocese of Olympia Stewardship Office provides a wide variety of information and resources.
The Episcopal Church Foundation in New York City is affiliated with The Episcopal Church, and helps establish and manage many types of income-generating planned gifts, which the donor may direct to any Episcopal church or program. 1-800-697-2858.
The Washington State Bar Association provides information regarding wills and estate planning, including an attorney referral list.