How to Leave a Legacy of your Commitment to God’s Work
Vanderbilt Presbyterian Church encourages its members to think not only about annual support of the church through Stewardship, but also how each of us can help maintain the church’s ministry in the long term. We encourage you to prayerfully consider giving options, including cash, securities, real estate and other personal property, bequests through wills, life insurance policies, and charitable trusts which establishes a legacy of the love for Christ and commitment to Him forever. The following are ways to give to the Endowment Trust Fund:
- Birthday Club – Birthday Club members celebrate their birthdays each year by giving the Church a gift of a dollar to commemorate each year of your age.
- Will Bequests – In your will you can leave a bequest to the church endowment. Bequests of Will or Trusts that can be in dollar ($) amounts or percentages (%) of designated parts of your estate.
- Gifts of Appreciated Stock – Donating appreciated stock offers several benefits – consult with your attorney. Many find that the ability to make a larger value donation than giving cash after liquidating. You can avoid capital gains tax on the appreciated amount that you would have incurred had you sold the stock, and you get a tax deduction for the full fair market value of your long-term capital gain asset – up to 30% of the your adjusted gross income.
- Direct Gifts – Direct Contributions of Personal Property including cash, stock, bonds and real estate can be given to the Vanderbilt Presbyterian Church Endowment Trust.
- Life Insurance Policies – Life insurance policies designating the church as primary, or partial, beneficiary are an excellent means of support.
- Real Estate – Real property is given to the church with the right of the owner to use or occupy the property for one’s life. These properties are deeded to the church and individual areas of responsibility clearly defined.
- Donor Advised Funds – Transfer cash or securities to an IRS approved donor fund. The donor retains flexibility to decide the amounts and timing of distributions from the fund to the Endowment or other charities.
- Retirement Plan Gifts:
- Current – Required Minimum Distribution
- Future – Beneficiary Designation – One can make the Endowment Trust the beneficiary for IRAs, can reduce family income tax liability upon distribution. Can be expressed as a dollar ($) amount or percentage (%)
- Direct gifts of stocks, bonds, and cash – Stocks, bonds and cash, as well as real and personal property, may be given during your lifetime to Vanderbilt Presbyterian Church Endowment Trust to build an endowment fund.
- Charitable Trusts – A Charitable Trust is a tax-saving and effective way to transfer assets to Vanderbilt Presbyterian Church Endowment Trust while providing you with an income source. There are several basic types of Charitable Trusts. Each type has different benefits. To determine which one is best for you, please talk with your tax or investment professional.
- Charitable Remainder Trusts – Provide lifetime income for a fixed term to the donor or their family. When the term ends, the Endowment receives the remaining trust assets.
- Charitable Lead Trusts – Provide Endowment with regular payments for stipulated years, then the trust assets are returned to the donor’s estate.
Once you review your estate plan, you can reasonably determine that amount of your charitable bequest. You can choose either a particular dollar amount or a percentage of your estate such as a tithe of 10% to charity or a figure beyond that number which suits your interest.
Example: “I bequest to Vanderbilt Presbyterian Church Endowment Trust, Naples, Florida, the amount of _____.”
Or “I bequeath ___% of all remaining assets of my estate to Vanderbilt Presbyterian Church Endowment Trust, Naples, Florida.”
Another option is to make a charitable bequest of the residual of your estate, which is determined after other bequests have been made to your heirs. Example: “…the rest, residue, and remainder of my estate both real and personal, I give, devise and bequeath to Vanderbilt Presbyterian Church Endowment Trust, Naples, Florida.”
Structure of Your Gift
The last major consideration involves the distribution of the gift to Vanderbilt Presbyterian Church Endowment Trust, Naples, Florida.
Your bequest can be a direct distribution to the Church beneficiary; it can establish a permanent memorial fund; or it can establish a life income plan to provide income for loved ones during their lifetime, then the remainder is distributed to the charity.
Further Things to Consider
You can Make Changes
The benefits of having a Christian will can be both spiritually and financially rewarding. You can change your will at any time for whatever reason you want. Births, deaths, changes in marital status, the choice of a new executor are some of the things that might influence your will. Your will can be changed by an amendment, called a codicil. It is easy to do but requires a lawyer’s assistance.
Formalizing Your Will
Once you have considered how you would like your assets distributed, and to whom, you are ready to formalize your will. An attorney should do this, so that proper language and terms are used. Employing an attorney will ensure that your intentions are clear and concise. This prevents the possibility of misunderstandings and delays in probating your will and ensures your will complies with the specific requirements of the State of Florida.
For Further Information
If you are in need of further assistance, please call the church office (239) 597-5410. The Chairperson of our Endowment Committee will be in contact with you or the person with whom you would like to speak