Give thanks to the Lord For He is good; His loving kindness endures forever. - Psalm 107:1
Giving in sensible and effective ways will maximize the size of your gift and may minimize your tax burden.
How to make a Legacy 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 Second 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 Second Presbyterian Church.
- Charitable IRA Rollover: A giving opportunity for those over 70½: Federal legislation may allow you to make tax-free distributions from your IRA directly to Second Presbyterian Church. This distribution is not included in your adjusted gross income, but does qualify in meeting your annual required minimum distribution. Before making a distribution, check with your investment or tax professional.
- Real Estate: Real estate may be deeded outright to Second 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 Second Presbyterian Church and qualified advisors to ensure that this is a suitable gift for both you and for Second Presbyterian Church.
- Life Insurance: Make a gift or buy a policy making Second Presbyterian Church the owner and beneficiary.
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, Second Presbyterian 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 at (800) 858-6127.
- 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 Second Presbyterian Church. There are also potential tax benefits dependent upon your situation.
- Charitable Lead Trust: The lead trust’s income payments are distributed to Second Presbyterian Church for a set period of years, after which the assets are transferred back to the grantor or whomever the grantor has named the beneficiary. This provides generous annual support for Second Presbyterian Church now, removes the asset from the estate and passes an asset to a designated beneficiary with little or no tax.
- 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 Second 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 assets taxed in an estate. Naming Second Presbyterian Church as beneficiary can avoid that taxation, enabling the asset to pass tax free to Second Presbyterian Church. You may also designate Second 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 Second Presbyterian Church. Contact your financial advisor to see how easy the process is to make Second Presbyterian Church beneficiary of a particular investment or bank account.
Thank you for considering a legacy gift to Second Presbyterian Church.
Please consult with your professional advisers on how this gift would fit into your overall plans.
You are cordially invited to join the Beecher Society.
The Beecher Society is composed of faithful members who have made a provision for a gift to the Endowment Fund of Second Presbyterian Church in their will or estate plan. Founded in 2007 to increase awareness of the vital role of the Endowment Fund in extending the outreach and ministry of Second Church, the Society is named in honor of our first pastor, the Rev. Henry Ward Beecher.
IF YOU ARE STILL EXPLORING:
- Speak with your financial and legal advisors.
- Contact Rev. Dr. John Koppitch (317-202-2252, firstname.lastname@example.org)
IF YOU HAVE ALREADY MADE A PLANNED GIFT FOR THE CHURCH:
- Please contact Dr. Koppitch and share the information with us so that we may THANK YOU!