What Is Your Legacy to First Presbyterian Church?
We have launched an effort to have a more intentional legacy giving program. If you would like to know more, please contact Phil Bloedorn or Dan Lewis. As we discuss this program with you, we will emphasize the benefits accruing to our Church’s mission, and to each of us, through various planned giving methods. Ways to make a ‘Planned Gift’ are outlined below.
HOW TO MAKE A PLANNED GIFT
Appreciated Securities (or other assets): The gift of appreciated securities is most often in the form of common stock or mutual funds. Such a gift is a valuable way to benefit the First Presbyterian Church and for you to receive tax benefits based on the fair market value of the assets. Other appreciated assets, like real estate, may be gifted, but it is important to discuss these in advance with the Church.
Real Estate: Real estate may be deeded outright to the First Presbyterian Church or left by bequest. The irrevocable gift of property may provide an immediate tax deduction and avoid capital gains. Due to complexities, be prepared to work with the Church and your qualified advisors to ensure that this is a suitable gift for both you and for the First Presbyterian Church.
Life Insurance: Make a gift of a policy or buy a policy making First Presbyterian Church the owner and beneficiary.
IRA Charitable Rollover Gifts: If you have a traditional or Roth IRA and are age 70 ½ or older, you may transfer up to $100,000 annually from your IRA account directly to First Presbyterian Church without first having to recognize the distribution as income. (If you have not already taken your required minimum distribution (RMD) in a given year, a qualifying rollover gift may count toward satisfying this requirement.) Contact your IRA plan administrator and tell them you wish to make an IRA charitable rollover gift.
GIFTS THAT PAY INCOME
Charitable Gift Annuity: The gift annuity is an irrevocable gift of cash or securities where you receive a predictable fixed income for life. At termination, the Church receives the residual value of the annuity. There are also potential tax benefits depending upon your particular situation. You may request your own customized sample through the Presbyterian Foundation.
Charitable Remainder Trust: The remainder trust is an irrevocable gift of assets into a charitable trust that provides you a fixed (Annuity Trust) or variable (Unitrust) income for life or for a set term. At the trust’s termination, the trust assets become a generous gift to the First
Presbyterian Church. There are also potential tax benefits dependent upon your situation.
Bequest: The bequest is a gift through your will or revocable trust that enables you to retain the asset during your life and provide significant support when you no longer require the asset. You may choose a specific item, a percentage, or a residual bequest. You may also choose to make the First Presbyterian Church a contingent beneficiary in case the heirs are unable to receive the estate.
Retirement Plan Assets: In some cases, retirement assets can be the heaviest taxed assets in an estate. Naming the First Presbyterian Church as beneficiary can avoid that taxation, enabling the asset to pass tax free to the Church. You may also make the First Presbyterian Church a percentage beneficiary or a contingent beneficiary of a retirement plan.
Bank or Investment Account: Financial accounts can be a simple and inexpensive way to leave a legacy gift for the Church. Contact your financial advisor to see how easy the process is to make the First Presbyterian Church the beneficiary of a particular investment or bank account.