Join us in shaping the future and making the Cathedral a part of your lasting legacy.
Estate or Trust
The Cathedral transcends generations, witnessing to the love of God, service to others, and an experience of the divine. Providing for the Cathedral and its programs through your will or estate 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, serving our community in future generations.
There are several ways to include the Cathedral in your will. You may leave a specific dollar amount, specify a predetermined percentage of your estate, or designate the remainder of your estate after providing for your heirs. These options will reduce your estate taxes.
Your gift may support the Cathedral’s highest needs or a specific program of your choice. Our development team will help you complete a personalized gift summary that documents your intentions for your gift so that we may properly celebrate and steward your gift over time.
If you have additional questions about how to include the Cathedral in your will, please let us know by contacting Priscilla Bayley at (212) 316-7570 or [email protected]. If you have already named the Cathedral in your will, please contact us so that we may recognize your generosity today!
Real estate can take several forms, including a primary residence, a vacation home, and commercial property. There are different ways to give real estate, each with its own benefits to you and the Cathedral. The most straightforward approach to giving real estate to the Cathedral is by making an outright gift. The Cathedral will sell the real estate and apply the proceeds to the area that you seek to benefit. You receive an income tax deduction for the appraised value of the real estate, and your gift is put to work quickly.
You can also give through your will or trust: you can instruct your executor or trustee either to transfer the real estate or to sell it and distribute the proceeds to the Cathedral. Giving real estate through your will or trust allows you to continue using the real estate during your lifetime and allows your estate to claim a charitable estate tax deduction. To learn more, please contact Priscilla Bayley at [email protected].
Charitable Gift Annuity
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:
- 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;
- You and/or your beneficiaries will collect income from the assets for a specified period of time;
- There will be a significant reduction in your estate taxes when the trust remainder is transferred to the Cathedral;
- You will support 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.
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. For more information, contact Priscilla Bayley at [email protected].
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.