The term "planned giving" refers to charitable gifts that require some planning before they are made. Planned giving can allow a donor to make a generous charitable gift while also receiving tax benefits or income from an investment. For more information about making a planned gift, please contact:
Judy Lopacki, Director of Planned Giving, at +1 267 502 2485 or Judy.firstname.lastname@example.org.
Types of Planned Gifts
Cash or Gifts of Securities
A gift of cash is always welcome. Another way to make a gift is to transfer securities that may have gained in value since they were originally purchased, avoiding capital gains tax. The securities must be transferred directly from your broker to the General Church’s broker. Also, a gift like this can be used to fund a life income gift such as a Charitable Gift Annuity, or a Charitable Remainder Unitrust.
A bequest, a transfer, by will, of property, such as cash or securities, to an individual or charitable organization, offers a donor the opportunity to make a more substantial gift than would be possible during the course of his or her lifetime. A bequest can be made in the form of a specific tangible asset. Many times it is stated as a specific dollar amount or value. Another way to make a gift in your will is to give a percentage of the remainder after specific beneficiary gifts have been made. If you notify the General Church of your desire to name them in your will, you will be recognized as a member of our legacy society.
Gifts from Individual Retirement Accounts
Congress recently reinstated your ability to make charitable gifts from your IRAs. Under current law, these gifts can be made by individuals, age 70 ½ or older on the date of the contribution. Your charitable withdrawal will count toward your minimum required distribution for this year but will be excluded from your taxable income. This may be especially beneficial if you do not want the taxable income generated by the minimum distribution requirement or if you do not itemize your charitable deductions. To quality for these tax benefits, your plan administrator must make the payment directly to the General Church.
Charitable Gift Annuities
If you prefer to retain an income stream from your assets, you may wish to join with the many donors who have truly invested in the General Church’s mission by establishing a Charitable Gift Annuity (CGA). A CGA enables you to make a meaningful gift to us and receive fixed lifetime annuity payments. Rates are based on your age at the time you begin receiving payments, and range from 4.7% for a couple age 65—to 9.8% for a single donor age 90. Better yet, your annuity payments will be partially tax-free. The investment minimum for this type of gift is $10,000.
Gifts of Insurance
There are many ways to make gifts of insurance. You can transfer ownership and beneficiary of a policy that is no longer needed to the General Church or the Academy. You can donate a fully paid policy or a partially paid policy, in which case, you can make an annual or quarterly donation to the General Church. In either case you will receive a tax deduction for the surrender value of the policy, plus tax deductions for subsequent donations to support the policy.
Charitable Remainder Unitrust
A Charitable Remainder Unitrust (CRUT) provides income to one or two donors for a term of years, not to exceed 20 years, or the beneficiaries’ lifetimes. Flexibility allows for additional contributions to the trust after initial establishment. Payments can be accumulated and deferred until the optimal time for the donor to begin receiving distribution, such as retirement. The investment minimum for this type of gift is $100,000.
Gifts of Real Estate
You can deliver real estate to the General Church in several ways: through an outright donation; through the donation of a fractional interest in the property; as the basis for a gift plan that will pay you income, like a unitrust; by giving your home and reserving the right to continue living there for your lifetime (a retained life estate); through a part sale/part gift arrangement with us (a charitable bargain sale).
Retained Life Estates
An attractive gift plan for real estate is the retained life estate: you give your home to the General Church, and you continue to live there for the rest of your life. We will own the house, you will continue to be responsible for its ongoing taxes, structural maintenance and upkeep. And we mutually agree upfront about what we will do if you no longer wish to live in the house, or become physically unable to continue living there. You will receive a charitable deduction based on the fair market value of your home minus the present value of the life tenancy you have retained. With a retained life estate, you make a significant gift to the General Church with the most valuable asset you hold, without disturbing your income or your living arrangements.
Charitable Bargain Sales
With the charitable bargain sale, you sell your residence or other property to the General Church at less than its fair market value. The transaction gives you cash that you can use to purchase your next home or as the entry fee for a retirement facility, plus a charitable income tax deduction for the discount you took from the market value. We mutually agree on the purchase price for your property, and on whether we will pay you in a lump sum or through an installment note. The bargain sale is the only gift plan that can give you both a lump sum of cash and a charitable deduction.