Planned Giving is the practice of designating a major gift to a charitable organization in life or as part of an Estate Plan. The gift could include cash, real estate, life insurance, equity, or personal property. Planned Giving is sometimes referred to as Legacy Giving.
Planned Giving is often done as someone creates an Estate Plan, as there are certain investment or tax strategies that could be done to maximize the gift’s impact. Therefore, it is imperative to contact your attorney or financial advisor to discern what form of planned gift is best for you and complies with St. Paul’s Gift Acceptance Policy.
Types of Planned Giving
Bequest Gifts
A bequest gift is a donation specified in your will. This can be a specific dollar amount, a percentage of your estate, or specific assets. Bequests are a simple way to leave a legacy and support St. Paul’s Episcopal Church beyond your lifetime.
Beneficiary Designation of Retirement Plan Assets
You can designate St. Paul’s Episcopal Church as a beneficiary of your retirement plan assets. This might include 401(k), IRA, or other retirement accounts. This method allows you to support the church while potentially reducing the tax burden on your heirs.
Life Insurance Policy Beneficiary
Naming St. Paul’s Episcopal Church as a beneficiary of your life insurance policy is another way to make a significant gift. You can also transfer ownership of the policy to the church, which can then use the policy's cash value.
Charitable Remainder Trust
A charitable remainder trust (CRT) provides income to you or other beneficiaries for life or a term of years, with the remainder going to St. Paul’s Episcopal Church. This can be a tax- efficient way to make a significant impact.
Charitable Lead Trust
A charitable lead trust (CLT) provides payments to St. Paul’s Episcopal Church for a specified term, with the remainder going to your heirs. This can reduce gift and estate taxes.
Gifts of Value
These are donations of valuable items such as art, jewelry, or other collectibles. Such gifts can be a significant way to support St. Paul’s Episcopal Church while potentially receiving tax benefits.
Land and Property
You can donate land, real estate, or other property to St. Paul’s Episcopal Church. This can be a residence, vacation home, or other real estate holdings. The church can use the property or sell it to support its mission.
Required Minimum Distribution (RMD) Qualified Charitable Distributions (QCD)
If you are 70½ years old or older, you can donate up to $108,000 per year directly from your IRA to St. Paul’s Episcopal Church. This can satisfy your required minimum distribution (RMD) without increasing your taxable income.
Homes
You can make a planned gift of your home while retaining the right to live there for the rest of your life. This arrangement can provide you with the security of remaining in your home while ensuring that the property will benefit the Episcopal Church in the future.
Would you like to speak with someone about leaving your legacy?
For more specific information about supporting St. Paul’s through a planned gift, contact St. Paul's Planned Giving Coordinator Anne Davis at anne.davis@stpaulsmurfreesboro.org.