We invite you to partner with the Sisters of Sparkill in continuing our mission to serve those in need. Your donations provide resources to strengthen our ministries both in this country and in Pakistan, and to care for our aging sisters. Whether you have already included the Sisters in your estate planning, or are just now beginning, we welcome you to contact our planning experts to help you design a plan that gives your investment the greatest impact.
Ensure your generosity continues after your lifetime through the gift of planned giving.
Wills and Bequests
One of the most popular ways to plan a gift for the Dominican Sisters of Sparkill is by making a bequest through your will or trust.
Benefits of making a charitable bequest
- You continue to support the causes you believe in, leaving a lasting legacy to be remembered.
- You lessen the burden of taxes on your family.
- You may receive estate tax savings.
Types of bequests
• Give all or a portion of the remainder or residue of your estate after payment of expenses and any specific amounts designated to other beneficiaries.
• Make a gift of a specific dollar amount or of specific assets (such as securities, real estate, or personal property).
• You can gift a percentage of your estate.
• Used when you wish to make a gift of a specific dollar amount, but wish the Sisters to receive more if there is a residue within your estate after payment of expenses and any specific amounts given to other beneficiaries. In this case you include a specific dollar amount and a percent.
Once you have decided the type of gift you would like to bequest, simply add it to your will by contacting your legal advisor. Below are examples of language for leaving a bequest in your Will or Trust:
Percentage of estate for unrestricted purposes
I give, devise, and bequeath to the Dominican Convent of Our Lady of the Rosary, a not-for-profit organization located in Sparkill, New York, _______ percent (%) of the rest, residue, and remainder of my estate as an unrestricted gift to be used at the discretion of the leadership team for the general purposes of the Dominican Sisters of Sparkill, located in Sparkill, New York.
Specific amount for unrestricted purposes
I give, devise, and bequeath to the Dominican Convent of Our Lady of the Rosary, a not-for-profit organization located in Sparkill, NY, the sum of $____________ in cash (or in-kind or ____________ shares of ____________ stock) to be used at the discretion of the leadership team for the general purposes of the Dominican Sisters of Sparkill, located in Sparkill, New York.
Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using:
- Life insurance policies
- IRAs and retirement plans
- Commercial annuities
- Bank account
Benefits of Designating the Sisters as Beneficiary
- Supports the causes you care about.
- The account is yours for as long as you need it.
- Simplifies your planning by avoiding expensive legal fees
- Reduces the burden of taxes on your family.
- Receive a charitable deduction on taxes.
- Even after you complete the beneficiary designation form, you can take distributions or withdrawals from your retirement, investment, or bank account. You can also change your mind at any time in the future.
Three simple steps
It only takes three simple steps to make this type of gift. Here's how to name Dominican Sisters of Sparkill as a beneficiary:
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of beneficiary form.
- Decide what percentage (1-100) you would like the Sisters to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
Charitable trusts give you the flexibility and control over your charitable contribution, while saving you income tax (maybe even estate tax) dollars, and in some cases create an income stream.
Benefits of a Charitable Trust
If set up correctly, a Charitable Trust can provide substantial tax benefits:
- Income Tax Deduction.
- Estate Tax Reduction.
- Preserves the value of highly appreciated assets while avoiding Capital Gains Tax.
- Creates an income stream for the donor.
Types of Trusts
When choosing to set up a charitable trust, there are two types to consider. Both types split the assets in the trust between a charitable and a noncharitable beneficiary. The main difference lies in the timing of when the charity receives funds.
Charitable Remainder Trust (CRT)
- A gift of cash or other property to an irrevocable trust. The donor receives an income stream from the trust for a term of years or for life and the named charity receives the remaining trust assets at the end of the trust term. The donor receives an immediate income tax charitable deduction when the CRT is funded based on the present value of the assets that will eventually go to the named charity.
Charitable Lead Trust (CLT)
- A gift of cash or other property to an irrevocable trust. A named charity receives an income stream from the trust for a term of years. Depending on how the trust is structured, the donor enjoys a current income, gift, or estate tax deduction on the donated assets. After the income stream period ends, the remainder assets are distributed to the non-charitable beneficiaries.
How to include the Sisters in a Trust
- Determine what assets you want to add to the irrevocable trust.
- Decide on your beneficiaries and whether you want the trust income to pay them or the charity first.
- Work with a legal professional to draw up a trust document that best suits your situation.
More Ways to Give
Donate by phone
Donate by mail
Download our Mail-In Donation Form and return with check or money order to:
175 Route 340
Sparkill, NY 10976
Dominican Convent of Our Lady of the Rosary
Federal Tax ID Number
Please contact the Director of Mission Advancement for instructions on how to make a gift through wills and bequests, beneficiary designations, or charitable trusts at 845-359-4173 or email firstname.lastname@example.org.
Thank you for your generosity
No matter the size or method of your donation, your gift is a blessing to those in need and to our Sisters. You and your personal intentions are remembered daily in the prayers of our Sisters, and every month during our celebration of Evening Vigil Mass.
To Christians, the future does have a name, and its name is Hope...Hope is the virtue of a heart that doesn’t lock itself into darkness, that doesn’t dwell on the past, does not simply get by in the present, but is able to see a tomorrow. - Pope Francis
The information contained on this page is a general guide to help educate you on various charitable giving options. It should not be considered your only source of research. We recommend that you seek guidance from a reputable financial planner, tax accountant, or investment expert before making a gift to ensure that you get the best tax benefits for your situation.