Planned Giving

(Wills, IRA distributions, other estate planning)

A planned gift is a way to support charitable organization, including Trinity Episcopal Church!

There are many options to give. Only a few are listed here. Please be sure to visit with a tax advisor.

Bequests

Perhaps the easiest way of making a gift is through a bequest of a certain sum of money or property (either a percentage or a dollar amount) in your Will or Revocable Trust Agreement.  A bequest may also be expressed in terms of a certain percentage of a net estate.

Transfer of Life Insurance

Whole life and other paid-up policies often have significant cash value and the face amount of the policy is included in one’s taxable estate for estate tax purposes.  A lifetime gift of an insurance policy to the Church is an excellent way to reduce taxable income and reduce the value of an estate. The value of the gift is based upon the cash value of the policy at the time of transfer.   The necessary ownership forms may be obtained from your insurance agent or directly from the issuing company.

Retirement Benefits

Naming the Church as the beneficiary of an IRA or other retirement plan can eliminate substantial income and estate taxes on these assets following your death.   This is a tax efficient way of making a charitable gift.   The necessary beneficiary designation form may be obtained from the Retirement Plan Administrator.

Charitable Trusts

Trusts provide a very flexible estate planning tool which may benefit you or your heirs during your/their lifetime(s), and following your/their death(s), the remaining assets pass to the Church or other qualified Charitable Organization. The advantages are that the trust may provide a regular income for you or your beneficiaries and provide you with an income tax deduction for the portion of the assets distributed to the charity.  There are several varieties of these trusts; some pay a fixed amount each year to the beneficiaries; some pay a percentage of the trust’s value; and others pay the net income earned by the trust.  The best type for you will depend upon the amount involved and the desired tax benefits.  While an asset is given irrevocably, the donor may be able to make a larger contribution than would be possible with an outright gift; i.e., in the case of a Charitable Remainder Trust, he/she retains an income stream generated by the assets given.

Donor - Advised Fund (DAF)

Is like a charitable investment account for the sole purpose of supporting charitable organizations you care about.

Qualified Charitable Distribution( QCD)

QCDs are also called IRA charitable distributions or IRA charitable rollovers. They enable individuals to fulfill their required minimum distribution by a direct transfer of up to $105,000 to charity. They can also be used support multiple charities, as long as the sum of the distributions is within the $105,000 limit. But because QCDs don’t increase taxable income, both higher tax rates and phaseouts can be avoided.