A Legacy Gift is when a donor makes provisions in their estate plans for a gift to be given to Baraga Radio Network once they have entered into their Eternal Reward.
Donors who make a Legacy Gift can be certain that future generations of listeners will be blessed by their foresight and generosity. In thanksgiving, Baraga Radio will have a Mass said for the donor, and his or her intentions, each year on his or her birthday. Once the donor has entered into eternity, a Mass will be said for the repose of his or her soul annually on the anniversary of his or her date of death. This will continue on perpetually. As long as Baraga Radio exists, these Masses will be said for the donor.
Donors’ names are listed in publications, encouraging others to pray for them, unless of course they request that their intentions be kept confidential. From time to time, selected Legacy Gift donors will be featured, with their permission, in planned giving articles to help encourage others to also consider leaving a Legacy Gift to Baraga Broadcasting, Inc.
HOW IT WORKS
There are several ways for donors to make a Legacy Gift. Briefly, they are:
Bequest. A provision of one’s estate plan (will or living trust) that includes Baraga Radio Network as a beneficiary. There are three principal ways bequests can be made:
- Specific bequest of money or property
- Residual bequest of the remainder of the estate after specific bequests
- Contingent bequest (gift to Baraga Radio only occurs if named beneficiaries predecease the donor)
Planned Gift. An irrevocable gift that provides a donor (and/or others) with a life income or other benefits and specifies Baraga Radio Network as the charitable beneficiary. Such a gift can take several forms:
- Charitable Remainder Trust
- Charitable Gift Annuity
- Charitable Lead Trust
- Life Tenancy Agreement
Life Insurance. A donor may:
- Take out a policy naming Baraga Radio Network as the beneficiary (which is irrevocable).
- Take out a policy naming Baraga Radio Network as owner and beneficiary (which is irrevocable).
- Change the provisions of an existing policy, by naming Baraga Radio Network as the beneficiary of the policy or by transferring ownership of the policy to Baraga Radio Network.
Qualified Retirement Plan. A tax-deferred retirement plan [IRA, 401(k), 403(b), Keogh, etc.] is a great way to provide for retirement years, and reflects wise planning. However, as much as 80% of its remaining principal value can be taken in taxes upon death when a natural heir or other person is named as beneficiary. Persons who select Baraga Radio Network as the beneficiary avoid all those taxes, and can leave other, lower-taxed assets to family members. The plan administrator can provide the beneficiary designation forms needed.
When donors inform us they have left Baraga Radio Network in their estate plans, they are encouraged to provide documentation of their intentions. Such documentation would include a copy of the will or living trust (only the portion pertaining to the Baraga Radio Network bequest) or, in the case of life insurance, retirement plan or life income plan, a copy of the beneficiary designation.
Everyone has a life story. Donors are encouraged to share their story with us by filling out and returning the enclosed biography sheet. This will be placed in their permanent donor file at Baraga Radio Network and will serve as an inspirational message to those coming in the future.
USES OF THE GIFTS
Like all donors to Baraga Radio Network, Legacy Gift donors are free to designate where and how in which they would like their gift to be used and applied. Legacy Gift donors are greatly valued by Baraga Radio for their foresight, and their loyalty to broadcasting the truth and knowledge of the Roman Catholic Faith. It is our honor and privilege to continue remembering and praying for these donors with our gift of annual Mass intentions.
For more information or to make a Legacy Gift to Baraga Radio Network, contact:
Ph: (844) 238-8508