Gifts Almost Anyone Can Afford by Making a Gift that Costs Nothing Now
A Bequest from a Will or Trust
How it works
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Include a bequest to St. Luke's in your will or trust. (see sample wording for Beneficiary or Bequest Designation)
- Make your bequest unrestricted or direct it to a specific purpose.
- Indicate a specific amount, or a percentage of the balance remaining in your estate or trust.
Benefits
- Your assets remain in your control during your lifetime.
- You can modify your bequest to address changing circumstances.
- You can direct your bequest to a particular purpose (be sure to check with us to make sure your gift can be used as intended.)
- Under current tax law, there is no upper limit on the estate tax deduction for your charitable bequests.
Retirement Plan
You can make direct gifts to St. Luke's Episcopal Church or the St. Luke's Heritage Fund as either primary or contingent beneficiaries, to receive a percentage or all of a retirement fund account. Often retirement funds are the most heavily taxed asset in an estate or to the heirs. In many cases, they provide the best choice of which type of asset to give as a bequest. It is very easy and usually free to modify a beneficiary designation. Simply ask your plan administrator for the beneficiary change form, complete and submit.
Benefits
- Avoid the potential double taxation your retirement savings would face if you designate them to your heirs.
- Continue to take regular lifetime withdrawals.
- You can revoke St. Luke's as a beneficiary if your family's needs change during your lifetime.
Life Insurance
You don't need to have a large estate to make a significant gift. Life insurance allows you to leverage your dollars to make a sizeable gift to St. Luke's Episcopal Church or the St. Luke's Heritage Fund. You could even use life insurance to "endow" your annual pledge to St. Luke's. For example, $100,000 of life insurance proceeds invested in the Heritage Fund could provide $4,000 a year to continue a pledge in perpetuity!
For Example:
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You can purchase a new policy and make the Church the owner and beneficiary of the policy. You could receive an income tax deduction for the premiums paid.
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Or you can make a gift to the Church of an existing policy that you no longer need, whcih can provide you with an immediate income tax deduction.
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Or you may simply designate St. Luke's as a beneficiary or contingent beneficiary of part or all of the proceeds from an existing policy. It is very easy and usually free to modify a beneficiary or ownership designation.
Life insurance also can be an excellent tool to replace for your heirs the value of other assets that you give or have given to charity. We recommend discussing any plans to make gifts of life insurance policies ahead of time with appropriate people at St. Luke's, as well as with your advisors.
Benefits
- Make a gift using an asset that you and your family no longer need.
- Receive an income tax deduction.
- In some cases, you can use the cash value in your policy to fund a life-income gift, such as a deferred gift annuity.