Foundation Ways To Give

 
 

Give Now: Outright Gifts

Cash

Goals:

An outright gift of cash enabling the largest deduction from your taxable income.

Summary:

  • An immediate benefit to Grace Community Church

Minimum:

$1

Difficulty:

Easy

Next Step:

Your discretion

Securities

Summary:

An outright gift made by transferring securities to Grace Community Church, potentially enabling both a tax deduction for the gift and avoidance of capital gains taxes.

Goals:

  • Generous support for Grace Community Church

  • Avoid capital gains

  • Remove asset from an estate

  • Maximize deduction*

Minimum:

$1

Difficulty:

Easy to Moderate

Next Step:

To make the transfer, contact:

Real Estate

Summary:

A gift of real estate may be deeded outright to Grace Community Church. The irrevocable gift of property may provide an immediate tax deduction.

Goals:

  • Generous support for Grace Community Church

  • Income tax deduction

  • Avoid capital gains

  • Removal of a sizeable asset from an estate

Minimum:

Any

Difficulty:

Complex (Months)

Next Step:

Gather your team:

Retained Life Estate

Summary:

Retained life estate** provides for a gift of your property now but retains for you the right to live in and use the property for the lives of you and your survivor.

Goals:

Minimum:

Any

Difficulty:

Complex (Months)

Next Step:

Gather your team:

Income: Gifts That Pay Back

Charitable Gift Annuity

Summary:

An irrevocable gift of cash or securities where you receive a predictable fixed income for life.

At termination, Grace Community Church receives the residual value of the annuity.

Rates: Single Life / Two Lives

Goals:

  • Significant support for Grace Community Church

  • Predictable Income

  • Simple contract; no donor fee

  • Immediate income deduction for a portion of the gift

  • Income treated as part ordinary income, part capital gains income (15%), part tax-free

Minimum:

$2,000

Difficulty:

Easy to Moderate

Next Step:

Gift Calculator

Consult with:

  • Professional Advisors

Charitable Remainder Trust

Summary:

An irrevocable gift of assets into a charitable trust that provides you a fixed (Annuity Trust) or variable (Unitrust) income for life or a set term. At the trust's termination, the trust assets become a generous gift to Grace Community Church.

At termination, Grace Community Church receives the residual value of the annuity.

Goals:

  • Significant support Grace Community Church

  • Potentially increase income

  • Charitable income tax deduction for a portion of the value of the gift

  • Diversify source(s) of income

  • Reduce estate size (and tax)

Minimum:

$50,000 varies

Difficulty:

Complex (Weeks-Months)

Next Step:

Gift Calculator

Consult with:

  • Professional Advisors

Charitable Lead Trust

Summary:

The lead trust's income payments are distributed to Grace Community Church for a set period of years, after which the assets are transferred back to the grantor (or whomever the grantor has named as beneficiary).

Goals:

  • Generous support for Grace Community Church now

  • Removal of an asset from an estate

  • Assets to heirs with little or no tax

  • No deduction

Minimum:

$100,000 varies

Difficulty:

Complex (Weeks-Months)

Next Step:

Gift Calculator

Consult with:

  • Professional Advisors

Later: Estate Gifts

Bequests by Will

Summary:

A gift to Grace Community Church through your will (or revocable trust) enables you to retain the asset during your life and provide significant support when you no longer require the asset. You may choose a specific value, percentage, or residual value.

Let Grace Community Church know.

Goals:

  • Significant support for Grace Community Church

  • No immediate cost

  • You retain the asset and its use

  • May change at any time

  • Leave a specific amount or percent

  • Federal estate tax exempt

Minimum:

Any amount or percent

Difficulty:

Easy

Next Step:

Obituary Memorial Donations

Summary:

Requesting donations to Grace Community Church in your obituary is a meaningful way to express your charitable wishes to your loved ones after your lifetime. Encouraging obituary memorial donations to Grace Community Church is a thoughtful way to further your legacy at the foundation. Your loved ones may request that the memorial donations be used for a particular purpose close to your heart or be used where the need is the greatest by the foundation at the time.

Goals:

  • Immediate support for Grace Community Church.

  • Allows you to share your charitable commitment to Grace Community Church with your loved ones and friends.

Minimum:

$1

Difficulty:

Easy

Next Step:

Note your wishes that memorial gifts be left to Grace Community Church in your Estate Planning materials.

Retirement Assets

Summary:

In some cases, retirement plans can be the best asset for a donor to leave to Grace Community Church. Retirement assets can be taxed up to 70% upon inheritance. Naming Grace Community Church as the beneficiary can avoid that taxation as assets can pass tax-free to charitable organizations. You may reserve to bequest lower-taxed assets for your heirs.

Goals:

  • Significant support for Grace Community Church

  • No estate or income taxes for Grace Community Church.

  • Leaves other more favorably taxed assets to heirs.

Minimum:

Any Amount or Percent

Difficulty:

Easy

Next Step:

  • Beneficiary Designation Form from your plan administrator

  • Your advisor can help decide if this fits with your overall estate plan

Beneficiary Designations

Summary:

Designate Grace Community Church as a beneficiary of an account or policy. This is a simple and inexpensive way to remember Grace Community Church in the future. Consider:

INVESTMENT ACCOUNTS
"TOD" or "Transfer on Death": At death this designation immediately moves covered investment securities to a new owner - [nickanme] if you wish.*

BANK ACCOUNTS
"POD" or "Payable on Death": transfers bank account assets to the POD beneficiary. You may wish to consider a bank account not needed by heirs - to benefit Grace Community Church.*

LIFE INSURANCE
If your insurance policy is no longer needed, you could simply change Grace Community Church to be the primary of the existing policy. If your loved ones still need the security of the policy, consider listing Grace Community Church as a contingent beneficiary.*

Goals:

  • Meaningful support for Grace Community Church

  • Retain complete control of the asset during your life.

  • Change the designation any time.

  • Beneficiary designations can be primary, secondary, contingent.

Minimum:

$1

Difficulty:

Easy

Next Step:

  • Beneficiary Designation Form from your Insurance or Financial Institution

  • Check with your advisor to ensure that this fits with your overall estate plan

* Maximize Your Deduction: For charitable gifts of cash, the IRS allows you to claim up to 50% of your adjusted gross income ("AGI"). You may carry the unused portion of the deduction for any of the next five years. Please consult your tax advisor regarding your particular situation.

For charitable gifts of appreciated assets, you receive a gift credit and immediate income tax deduction for the full fair market value of the securities on the gift date, regardless of the amount you paid for them. You may deduct up to only 30% of AGI in any one year, although you may carry the unused portion of the deduction for any of the next five years.

** Retained Life Estate: This term describes a gift of your home or other property where you still retain the right to use it during your lifetime. Under a "retained life estate" you are entitled to a charitable deduction as well as usage benefits during your life. After your lifetime, the property is fully controlled by the foundation. Note that only a portion of the value of the property merits a charitable deduction in the year of the gift. The exact deduction depends upon the value of the property and the age of those who will be given life use of the property. You continue your responsibility for financial and physical maintenance of the property, including property taxes and insurance.