Below are answers to questions you may have about joining the Carmel Mission Legacy Society. If you still have unanswered questions, we would be happy to answer them. Please contact Planned Giving.
The Carmel Mission Legacy Society was established to protect and sustain the future financial viability and spiritual life of Carmel Mission as a holy place of worship and Christian service in the Catholic Diocese of Monterey.
To become a member, parishioners (or friends of Carmel Mission) fill out a short form indicating their intent to leave a bequest in their will, trust, retirement account, etc., for the benefit of Carmel Mission.
No. A pledge for any amount, small or large, will be gratefully accepted. It could be a specific amount or a percentage of one’s estate, such as 1%, 2%, or more.
After they pass to eternal life, funds are bequeathed to Carmel Mission from members’ wills and trusts, retirement plans, etc.
No, not now. Membership is about parishioners and friends leaving funds to Carmel Mission after departing this life and entering eternal life.
These funds are held in a special account and used for various purposes. Examples include significant repairs and improvements to our Mission facilities, upgrading Mission equipment, unforeseen emergencies, and various Mission ministries where funding is not possible from the Mission’s general funds.
Legacy Society funds are not used for everyday Mission expenses.
If you leave a legacy gift in your will or trust, you can use the internet to find forms indicating your intentions. You would then place these forms with your will or trust papers. In the case of a will, the form is called a codicil. In the case of a trust, it is called an amendment. You may feel more comfortable having an attorney do this for you.
Generally, all that is required is to go online or contact whoever is holding your retirement account and indicate that you want to include Carmel Mission as a beneficiary and for what percent of the account value. Remember to include Carmel Mission’s Federal Tax ID Number, 94-165-8139.
In addition to bequests in wills, trusts, and retirement accounts, other ways to leave a legacy gift include real estate, stock, charitable gift annuities, bank accounts, certificates of deposit, and life insurance policies.
Yes. Funds left for Carmel Mission would generally be free of state and federal income tax. (If left to individuals (heirs), funds are taxed at rates for ordinary income. Check with your tax advisor for more detailed information about this important tax implication.
