Our Saviour's Planned Giving
Planned Giving offers different ways for a member of the church or a donor to leave money/assets to Our Saviour's in order to maintain the buildings and support vital ministries at his or death or by investing money so that the donor receives benefits during his or her life, then bequeaths the remaining funds to the Our Saviour's.
Our Saviour's recommends that you consult with your financial advisor to discuss planned giving options.
By including Our Saviour's in your will, you may secure a charitable estate tax deduction for the value of the gift and leave a lasting memorial of a life well lived. A member or a donor may include a provision in his or her will directing that the gift be paid to Our Saviour's after his or her death or the death of one of his or her survivors.
A member or donor can give Our Saviour's either a specific amount of money or item of property (a "specific" bequest), or a percentage of the balance remaining in his or hers estate after taxes, expenses, and specific bequests have been paid (a "residual" bequest).
Also, a member or donor can direct Our Saviour's to use his or her bequest for a particular program or activity ("restricted"), or allow Our Saviour's to use it at the church's discretion ("unrestricted").
A member or donor may use assets to fund a life-income vehicle such as a Charitable Remainder Trust or Charitable Gift Annuity.
- Charitable Remainder Trust - A member or donor may create a trust agreement outlining the terms of the trust; transfer cash or other property to the trustee; trustee invests and manages the trust assets; trustee makes payments to income beneficiaries; and the remainder goes to Our Saviour's for the purposes that the member or donor specifies. The benefits: one or more beneficiaries will receive income that will vary annually with the value of the trust; income tax deduction for charitable remainder value of your gift; no capital gain tax when the trust property is sold; and the trust remainder will provide generous support the Our Saviour's for its mission and ministry.
- Charitable Gift Annuity - A member or donor may transfer cash, stocks or real property to Our Saviour's. Our Saviour's guarantees your lifetime payments for one or two annuitants. The benefits: guaranteed payments for life that are taxed favorably; if the gift is funded with appreciated property, then a part will be taxed as capital gain, a part will be tax free, and a part will be taxed as regular income; the gift will provide generous support of Our Saviour's mission and ministry.
A member or donor may take out an insurance policy making Our Saviour's the beneficiary. The premium paid on the insurance policy is tax deductible. There are some options:
- Contribute a fully paid-up policy, or
- Contribute a policy on which some of the premiums remain to be paid.
In both of these cases, the member or donor can claim a charitable deduction for the value of the donated policy, and Our Saviour's can "cash in" the policy in advance of the donor's death.
- Revocably name Our Saviour's as the beneficiary of the life insurance policy that the member or donor owns and maintains, or
- Name Our Saviour's the owner and beneficiary of a new life insurance policy, and make ongoing gifts that offset the premiums the member or donor will pay to maintain the policy. There is no charitable deduction available for taking out a new life insurance policy, even if the member or donor makes Our Saviour's the irrevocable owner.
A member or donor may consider transferring the title to his or hers personal residence or real property to Our Saviour's. Our Saviour's allows you and/or your spouse to live in the residence and maintain the residence for the remainder of your life. Upon your death, Our Saviour's will use or sell the property. The benefits to this type of donation: income tax deduction for the remainder value of your residence or real property and you and/or your spouse continue to live in the residence for life.
For More Information
ELCA Foundation: http://elca.org/foundation
Point of Contact for more information:
Ms. Alice Benson, MBA, CFRE
ELCA Regional Gift Planner