What is a planned gift and how will it help me, my church, and the diocese?
A planned gift is any gift that a donor plans and thoughtfully arranges with their church, diocese, or any charitable organization. It may be an outright gift of cash, but frequently it is made with stock or other property. Often one completes a planned gift over several month or years – even after one’s death.
Isn’t planned giving just for people with a great deal of money who can make big contributions?
You said there are many ways to plan a gift to my church or diocese – can you be more specific?
Most planned gifts are made as bequests through one’s will or estate plan. In fact, almost 80% of all planned gifts are bequests. You may not need to rewrite your will in order to include to a bequest to your church or the diocese, as a codicil will suffice. Your attorney will advise you on the best way to handle a bequest.
Charitable Gift Annuity
A charitable gift annuity is a gift agreement between the donor and the Church. In exchange for your gift, the church agrees to pay one or more people -- often the donor and a spouse -- a set income each year for life. After the deaths of both income recipients, the money remaining in the gift annuity goes to your church.
Charitable Remainder Trust
The origin of the term trust comes from the Middle Ages. When heads of households went on long journeys, such as the knights going off to the Crusades, they generally left their assets with a trusted friend or associate to be managed “in trust” until they returned. Today the term refers to money or property held and managed by someone other than its owner.
Life Insurance as a Planned Gift
How can I use insurance as a planned gift?
Life insurance is a relatively straightforward way to make a planned gift, because you name the church as beneficiary or owner of your life insurance. You and your insurance agent or financial advisor should first talk with the Rector, however. There are some circumstances under which the church would not wish to become owner of a policy.
Are there are others considerations?
Yes, the church will need to decide whether to cash in the policy when it is received or to have the donor continue to make premium payments to increase the policy value.
Appreciated Stock or Property
Giving appreciated stock allows a donor to “realign a portfolio,” balance charitable contributions against annual taxes, and be generous to the church. Remember that the charitable tax deduction you declare as donor is for the full market value of your stock gift.
A Christian Preamble to Your Will
A Christian Preamble to your will provides a significant opportunity to share your faith with family and friends. Through this personal statement of your faith, an important message will be delivered to those who love and know you best. This message of faith comes at a time of grief and loss and serves as a reminder to them to place their trust in Jesus Christ as you have. Remember this may be the last document they read about you, their loved one.