Securities and Stock
The Cathedral offers tax-deductible giving options for those who want to support its spiritual, social justice, educational, and arts programs and help sustain its magnificent building. For many of our generous donors, a gift of stock or securities may be more advantageous than a one-time, monetary contribution.
The benefits to you of giving stocks or securities include:
1. Allowing you to avoid paying capital gains taxes when you contribute appreciated securities directly to the Cathedral.
2. Enabling you to deduct the full value of the stock as a charitable contribution, lowering your income tax bill and the effective cost of your gift.
We encourage you to talk to your financial advisor about transferring gifts of stock electronically. If you do decide to honor the Cathedral with a gift of stock or securities, please let us know by contacting Priscilla Bayley, Director of Development, at (212) 316-7570 or [email protected]. Your broker can tell us your name, the name of the contributed stock or security, the number of shares and the date of transfer.
The Cathedral transcends generations, carrying forward the values we hold most dear. Providing for the Cathedral and its programs through your will is a profound demonstration of your commitment to all that the Cathedral stands for.
The gift you establish through your will is fully tax deductible and will help the Cathedral to sustain its mission and programs for future generations.
There are several ways to include the Cathedral in your will. You may leave a specific dollar amount or a particular property as a bequest. You may also specify a predetermined percentage of your estate or designate the remainder of your estate after providing for your heirs. All these options will reduce your estate taxes. If you choose to include the Cathedral in your will, please let us know.
A Gift that Gives Back
Another way to provide support for the Cathedral’s mission and programs is to establish a Charitable Remainder Annuity Trust. Assets transferred to a trust pay a set amount each year to non-charitable beneficiaries (for example, to you or a loved one). These payments can be made for a fixed term or for the life of the beneficiaries, after which the remaining assets are contributed to the Cathedral.
A Charitable Remainder Annuity Trust provides four benefits:
1. You will receive an immediate income tax deduction for the value of the remainder that will be transferred to the Cathedral upon the trust's termination;
2. You and/or your beneficiaries will collect income from the assets for a specified period of time;
3. There will be a significant reduction in your estate taxes when the trust remainder is transferred to the Cathedral;
4. You will be providing for the Cathedral and its social services through your generous donation.
To establish a Charitable Remainder Annuity Trust, you will need the assistance of your financial advisor or attorney.
Insurance and Retirement Fund Donation
Many of our generous donors find that they are in a position to contribute from assets they no longer need but which can be deeply helpful to support the social services of the Cathedral. Gifts of life insurance and retirement funds are fully tax deductible.
Do you have a life insurance policy that has outlived its original purpose? By reassigning the Cathedral as a beneficiary, proceeds from the policy will support the Cathedral in the future while providing immediate tax benefits to you.
When no longer needed, an IRA or other assets can be transferred to various types of charitable remainder trusts. A trust will provide income to a beneficiary of your choice and, later, a gift to the Cathedral. This type of gift can offer an immediate tax deduction as well as deferred income at retirement.
We are here to answer any questions you may have about the various ways to support the Cathedral with a planned gift. Please contact Priscilla Bayley, Director of Development, at (212) 316-7570 or [email protected]. Any information you provide will be held in strict confidence.
Thank you for considering the Cathedral in your estate plans!