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Planned Giving

Share Your Harvest With a Gift of Grain

CottonWith today's high prices and positive economic outlook for the commodity markets, a charitable gift of grain to The Catholic Foundation of the Diocese of Lubbock is a timely tax-wise option.

When you transfer legal ownership of a commodity before it is sold to a charitable organization such as ours, significant tax savings can be achieved. You avoid having to include the commodity in your income, thus reducing your income taxes. In addition, you may deduct the production costs of the commodity such as fertilizer or irrigation, which results in saving self-employment tax, state income tax and federal income tax.

Complete Your Gift in 5 Simple Steps

  1. Inform us that you intend to make a gift of grain and we’ll provide you with a pledge form.
  2. Indicate on your form the quantity and type of grain being contributed and return the form to us.
  3. Deliver the grain to your local elevator or co-op.
  4. Request that a storage receipt be issued in the name of The Catholic Foundation of the Diocese of Lubbock and that the contract to sell the grain be sent to us for signature.
  5. The check for the sale of the grain will be issued directly to us.

Consult your tax or legal professional prior to making your gift to determine the most effective way to manage your taxes and support our mission.

Next Steps

  1. Seek the advice of your financial or legal advisor.
  2. Contact RenĂ©e Underwood at 806-792-3943, Ext. 206 or foundation@catholiclubbock.org to discuss gifts of grain.
  3. If you include The Catholic Foundation in your plans, please use our legal name and federal tax ID.

Legal Name: Catholic Foundation of the Diocese of Lubbock, Inc.
Address: 4620 4th Street, Lubbock, TX 79416
Federal Tax ID Number: 75-2773524

eBrochure Request Form

Please provide the following information to view the brochure.

A charitable bequest is one or two sentences in your will or living trust that leave to The Catholic Foundation of the Diocese of Lubbock a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

"I, [name], of [city, state, ZIP], give, devise and bequeath to The Catholic Foundation of the Diocese of Lubbock [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to The Catholic Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the gift tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to The Catholic Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to The Catholic Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and The Catholic Foundation where you agree to make a gift to The Catholic Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

Personal Estate Planning Kit Request Form

Please provide the following information to view the materials for planning your estate.