Legacy Giving

You Can Support Mount Angel Abbey for Generations to Come

By including the Abbey Foundation of Oregon (Tax ID 04-3703021) in your estate plan, you may be able to establish a named fund that provides ongoing support for the monastery, library and guesthouse, as well as the education of seminarians now and in the future.

 

We encourage you to ask your financial adviser about planned giving options

Guesthouse Campaign

Gifts you can make this year

Stocks and securities
Real estate
Life insurance
Qualified charitable distribution
(IRA gifts from donors who are 70+)
Guesthouse Campaign

Gifts you can give after your lifetime

Will or estate beneficiary designations
Retirement plan assets
Savings bonds
Life insurance death benefits
Stocks and securities
Real estate

You don’t have to be wealthy to help shape the future of Mount Angel Abbey and Seminary. Even small bequests add up significantly over time. The Abbey Foundation of Oregon, a separate nonprofit, carefully manages your Legacy gift to ensure that it will support the Abbey’s mission in perpetuity.

Here are more ways to plan giving through your estate:

Charitable Gift Annuity

A charitable gift annuity is an easy way to make a contribution, while receiving lifetime income for you and/or your spouse. Annuities are available to residents of Oregon and Washington who are 70 and older, who make a minimum contribution of $10,000.

Benefits for you today

  • Fixed, lifetime payments are partially tax free.
  • Attractive payment rates are fixed and guaranteed.
  • A generous immediate income tax charitable deduction.
  • Avoidance of capital gains tax.
  • Memorialize your values and love of Mount Angel Abbey and Seminary.
  • Make a larger gift than might have been possible during your lifetime.
  • The satisfaction of knowing you supported the Abbey’s mission with a meaningful gift.

How to start a charitable gift annuity

  1. Contact Susan Gallagher, Planned Giving Manager, for an illustration of how a charitable gift annuity works, including income payments and all the potential tax benefits.
  2. Consult with your tax adviser, accountant, or attorney regarding the nature of the charitable contribution tax deduction available for this gift and how it applies to your personal tax situation. A draft agreement will be provided by Mount Angel Abbey.
  3. Make a gift of cash or securities.
  4. Backed by the full assets of Mount Angel Abbey, a gift annuity is created with a simple contract.

Bequests

A charitable bequest is an easy and significant way to plan a Legacy gift to benefit the Abbey Foundation of Oregon. A bequest allows you to:

  • Support the work of Mount Angel Abbey, including the monastery, seminary, guesthouse and library, with an unrestricted estate gift.
  • Establish a scholarship or a perpetual endowed fund for a specific Abbey ministry.
  • Memorialize your values and dedication to our work at Mount Angel Abbey and Seminary.
  • Make a larger gift than might have been possible during your lifetime.
  • Retain control and use of your assets during your lifetime. Bequests are revocable and may be altered as your circumstances change.
  • Enjoy an unlimited estate tax charitable deduction and reduce your taxable estate.

How to create a bequest

  1. Contact Susan Gallagher, Planned Giving Manager, for specific sample bequest language or use this example:
    “I hereby give and bequeath________ (a specific gift or a percentage of the residue of my estate) to The Abbey Foundation of Oregon, a recognized public charity whose legal address is One Abbey Drive, Saint Benedict, Oregon 97373, tax ID 04-3703021, for such purposes as The Abbey Foundation of Oregon shall determine are in the best interest of Mount Angel Abbey and Seminary.”
  2. Consult with your attorney to incorporate a bequest statement in your will or trust.
  3. Consider a beneficiary designation of a life insurance policy, commercial annuity, or retirement plan using a simple change in the beneficiary designation form.
  4. Consider designating payment upon your passing of a stock or mutual fund account using the appropriate form from your bank or broker.
  5. Your bequest gift may be for all or part of your estate account or may be stated as a percentage. Our staff can provide you or your adviser with specific language to assure proper legal wording.
  6. If you choose to establish a named scholarship and/or an endowed fund, a separate agreement with the foundation will be created to describe your wishes for the gift. Please contact us for a sample agreement.

Appreciated stocks or other securities

Benefits for you today

A gift of appreciated securities is one of the easiest and most significant ways to plan a Legacy gift to the Abbey Foundation of Oregon. Such a gift allows you:

  • Provide an unrestricted gift to support the work of Mount Angel Abbey; support a favorite apostolate, the Monastery, Seminary, Guesthouse or Library; or establish a scholarship or perpetual endowed fund.
  • Memorialize your values and dedication to our work at Mount Angel Abbey and Seminary.
  • Make a larger gift than might have been possible during your lifetime.
  • Receive a generous income tax charitable deduction for the full value of the donated securities, subject to an annual limit of 30 percent of adjusted gross income with five extra years to carry over the excess deduction.
  • Avoid potential capital gains tax.
  • Reduce your taxable estate.
  • Feel good knowing you have supported an important mission with a meaningful gift.

How to give a gift of securities

  1. Contact Melissa Eddings, Operations Managerfor instructions to transfer your stock from your broker. Kindly inform us prior to wire delivery to assure proper application of your gift.
  2. We can provide instructions for hand or mail delivery of actual paper stock certificates.
  3. Consult with your financial professionals for specific details about your gift plans and your personal tax situation.
  4. You may also designate payment-upon your passing-of stock or mutual fund accounts as a gift to the Abbey Foundation of Oregon, (Federal Tax ID #04-3703021). Please contact us for instructions.
  5. For all named, scholarship, and endowed funds, a separate agreement with the foundation is created to describe the ultimate use of your gift. Please contact us for a sample agreement.

Gifts in kind, non-cash gifts

Gifts in kind typically involve tangible personal property, which may include such things as works of art, books, jewelry, collectibles, antiques, equipment, and vehicles.

Benefits for you today

A gift of tangible personal property is an easy and significant way to support the Abbey Foundation of Oregon. Such a gift allows you to:

  • Provide needed or valuable items in support of the work of Mount Angel Abbey, or support your favorite apostolate, the monastery, seminary, guesthouse or library.
  • Receive an income tax charitable deduction for the fair market value of the gift.
  • Feel good knowing you have supported an important mission with a meaningful gift.

How to give a gift in kind

  1. Contact Melissa Eddings to discuss your gift and to receive a Gift in Kind form.
  2. Consult with your tax advisor, accountant or attorney regarding the nature of the charitable contribution tax deduction available for this gift. In general, the tax deductibility of tangible personal property depends upon the nature of the gift property and the property’s benefit to or intended use by the Abbey Foundation of Oregon.
  3. Complete and return the Gift in Kind form, receive acceptance from the Gift Acceptance Committee, and arrange for delivery of the item to Mount Angel Abbey.

Leave a legacy gift without changing your will

An increasing number of benefactors are providing for Mount Angel Abbey’s future, without changing their will or living trust. They simply name the Abbey Foundation of Oregon as a beneficiary of their retirement savings plan or life insurance policy.

Retirement savings

If you participate in pension plans, individual retirement accounts, 401(k) plans or another qualified retirement savings plan, you may have an opportunity to contribute a significant planned gift, by making a simple change to the beneficiary designation.

This generous action also may be good tax planning. With such designations, your heirs could avoid receiving proceeds that will be taxed as ordinary income at their current tax rate. The Abbey Foundation is a nonprofit, thus making your gift of retirement savings more valuable as no tax will be collected. If you desire to transfer an inheritance to children and leave a bequest to charity, the preferred method is to transfer part or all of an IRA to charity and leave non-IRA assets to your children. Your estate planning advisers can guide you to adding the most value to your gift through careful tax planning for your personal situation.

Please keep in mind that some retirement plans have special rules about changing beneficiaries. It is important to check with your retirement plan administrator and your estate planning advisers before making any change in your designated beneficiaries.

Change your beneficiary designation

It’s surprisingly simple to change the beneficiary designations of your retirement plan
to benefit Mount Angel Abbey and Seminary. Here are four easy steps:

  1. Request a change-of-beneficiary form from your retirement plan administrator or insurance company.
  2. Determine the percentage you would like the Abbey and Seminary to receive.
  3. Name the Abbey Foundation of Oregon (Federal Tax ID # 04-3703021) and the percentage amount, along with any other beneficiaries, on the form.
  4. Return the form to your plan administrator or insurance company.
  5. Notify the Abbey of your plan so that we may show our gratitude. Contact us.

Life insurance policies

Similarly, life insurance policies protect your family and peace of mind. They may also protect the future of Mount Angel Abbey! If you name The Abbey Foundation of Oregon as the death beneficiary of your policy, you can maintain your lifetime ownership rights in the policy (including the right to borrow against the policy, cash it in, or change the beneficiary again).

Your estate will receive a charitable deduction for the proceeds that pass to the Foundation. Other options include making the Foundation a co-beneficiary, so the proceeds are shared with another, or a contingent, beneficiary so that the Foundation will receive proceeds only if your primary beneficiary precedes you in death.

Change your beneficiary designation

It’s surprisingly simple to change the beneficiary designations of your life insurance policy to benefit Mount Angel Abbey and Seminary. Here are four easy steps:

  1. Request a change-of-beneficiary form from your insurance company.
  2. Determine the percentage you would like the Abbey and Seminary to receive.
  3. Name the Abbey Foundation of Oregon (Federal Tax ID # 04-3703021) and the percentage amount, along with any other beneficiaries, on the form.
  4. Return the form to your plan administrator or insurance company.
  5. Notify the Abbey of your plan so that we may show our gratitude. Contact us.
  6. Disclaimer: Mount Angel Abbey and Seminary and The Abbey Foundation of Oregon are not engaged in providing legal or tax advisory services. We encourage you to seek your own legal and tax-planning counsel when considering charitable estate gifts.