Perpetuating a Gift

Paul and Melinda Krarup Endowment Fund

 

Paul and Melinda Krarup were longtime parishioners at Prince of Peace Catholic Church in Flowery Branch. While Paul was in training to become a deacon, Melinda, known as Lin, was diagnosed with brain cancer. She encouraged him to continue to pursue his studies, and Paul was ordained on February 2, 2013. A few months later in July, Lin’s body succumbed to the disease and she passed away.

 

Deacon Paul wanted to create a Catholic legacy to provide for his son, his church, and other organizations that were important to him. He met with a financial advisor and they decided the best way to accomplish this was to use Deacon Paul’s IRA to give to charity and create a life insurance policy to benefit his son.

 

“IRAs are a great vehicle for charitable giving because there are no taxes paid on the transfer,” explained Catholic Foundation President Nancy Coveny. “Taxes from IRAs can be a substantial amount for heirs, while an insurance policy payout is generally not taxable income.”

 

Deacon Paul worked with the Catholic Foundation to select the beneficiaries of the endowment fund he planned to create. He looked at the organizations he gave regularly to and wanted those organizations to continue to benefit from his gift in perpetuity. He made an initial gift in 2016 to create the Paul and Melinda Krarup Endowment Fund and made a planned gift through naming the endowment fund at the Catholic Foundation as the beneficiary of his IRA.

 

Deacon Paul passed away in May of 2022. The Krarups’ dedication to their faith and the legacy they created will allow the organizations to shine Christ’s light to others for generations to come.

 

Give to the Paul and Melinda Krarup Endowment Fund