High School Sweethearts Use IRA to Fulfill New Year’s Resolution

For Gene and Judy, a blind date at a drive-in theater more than 65 years ago led to marriage and family. It was a second “blind date”—or rather an unexpected visit from a priest and The Orange Catholic Foundation (OCF) that reinforced their New Year’s resolution to “get serious” about philanthropy in 2024.

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Motivated by the decline in faith in society and the desire to bring others to Christ, the couple, who attends Our Lady of Fatima Catholic Church in San Clemente, recently named their parish and OCF as beneficiaries on their Individual Retirement Account (IRA). Gene said it just made sense: “If the 10% tithing guideline is good enough while you’re alive, then why not use it as a guideline when you die?” (Leviticus 27:30, Genesis 28:20–22)

Gene, confirmed Catholic in 2021, and Judy, a Mater Dei High School alumna, also chose this charitable path to avoid income tax consequences for their loved ones. He stated, “If you are in an estate tax situation when you leave your IRAs to your family, they are double taxed basically. Where the church gets it at 100% value.”  

Gene and Judy hadn’t considered the IRA beneficiary giving strategy until the doorbell rang in December 2023. The holiday visit with Fr. Scott Borgman, former Our Lady of Fatima Catholic Church Parochial Vicar, and OCF’s Philanthropy Officer, Anthony Vultaggio, sparked a series of philanthropic conversations, renewing Gene and Judy’s love for their Catholic faith and inspiring them to get more involved in parish life.

Fr. Scott shared, “Everything God gives us is meant to be shared. Part of that is making an investment with what God has given you through what you have now and even what you may have at the end of your life.”

Why Working with a Philanthropy Officer is Essential

Gene and Judy realized the importance of having a philanthropy officer as part of their advisory network. With the help of Vultaggio, they explored several non-cash giving options and decided that updating their IRA beneficiary listings would be best.

“My dad instilled in me: save, save, save. So, I always had the maximum amount put into my retirement plan,” said Gene, a retired engineer and real estate investor. The couple humbly joked that their IRA beneficiary designation gifts “are not a Bill Gates number but it is enough to pay the light bill” and will support those who are “doing a lot of good work” for the Catholic Church, healthcare and the homeless.

How Easy is it to Update Your IRA Beneficiary    

To leave your retirement assets for the benefit of your parish, a Catholic school or other Catholic ministry, complete a beneficiary designation form provided by your retirement plan custodian. Your IRA assets won’t be taxed at your death, ensuring 100% of your gift benefits others.

Want to learn more? Let The Orange Catholic Foundation show you how easy and impactful your next gift can be to the Catholic causes you care about most. Click here to schedule a meeting with a philanthropy officer.  

If you have already included OCF, your parish or another Catholic ministry as a beneficiary, let us know HERE. We would like to thank you and welcome you into OCF’s Light of Christ Legacy Society.  

Note: The Orange Catholic Foundation does not provide tax, legal or accounting advice. Consult a tax professional for guidance.