Ways of Giving
The Virginia United Methodist Foundation has many different options for donors to explore what will work best for their financial and estate planning goals. These gifts can provide income and some tax benefits for the donor. These gifts will continue to assist the Foundation in our mission of “Stewarding Potential To Build His Kingdom.”
The most common donations are outright gifts, such as cash or a check, which the church receives right away. But many times, people want to retain their money and other assets for now, ensuring they can meet their family’s future financial needs. These individuals are usually delighted to learn that there are excellent alternatives that allow them to still make a gift. One of these options could be right for you.
Planned gifts can be revocable – a charitable bequest in your will, for example – so that you can change your mind at any time. Or, they can be irrevocable – just as outright gifts are – so that you benefit from an immediate income tax deduction.
The attraction of irrevocable planned gifts is that they are deferred. You part with an asset today, but the actual giving of the asset to the church is put off for a while—often until after your lifetime (and that of a surviving beneficiary, if you wish). Until that time, you receive benefits from the gift.
For example, with a charitable remainder trust, you receive lifetime income from the asset after it’s placed in a trust, and then the church receives the remainder of the trust after you die. Or, you could deed the church a remainder interest in your home and still retain the right to live in it for life. At any rate, the key feature of planned gifts like these is that they provide the donor important benefits, as well as your church.
GIFTS YOU CAN MAKE NOW
|Your Gift||Outright Gift of Cash||Outright Gift of Securities||Outright Gift of Personal Property|
|Your Goal||Make a quick and easy gift||Avoid tax on capital gains||Share your enjoyment of a collection or other personal item|
|How You Make the Gift||Simply write a check||Contribute long-term appreciated stock or other securities||Donate tangible personal property used for tax-exempt function|
GIFTS YOU CAN DEFER
|Your Gift||Bequest in Will||Gift of Life Insurance||Gift of Retirement Assets||Gift of Real Estate||Gift of Retained Life Estate|
|Your Goal||Defer a gift until after your lifetime||Make a large gift with little cost to yourself||Avoid the twofold taxation on IRAs or other employee benefit plans||Make a gift of an asset no longer needed and generate an income tax deduction||Give your personal residence, vacation home or farm now but continue to live there|
|How You Make the Gift||Name the church in your will (designate a specific amount, a percentage or a share of the residue)||Contribute a life insurance policy you no longer need||Name the church as the beneficiary of the remainder of the assets after your lifetime||Donate the property to the church, or sell it to us at a bargain price||Deed ownership of your home to the church but retain occupancy|
GIFTS FOR LIFE INCOME
|Your Gift||Charitable Remainder Trust||Charitable Remainder Annuity||Charitable Gift Annuity||Charitable Lead Trust|
|Your Goal||Create a hedge against inflation over the long term and supplement your retirement income||Secure a fixed income and supplement your retirement funds||Supplement income with steady payments that are partially tax-free||Reduce gift and estate taxes on assets you pass to children or grandchildren|
|How You Make the Gift||Create a trust that pays a fixed percentage of trust’s assets as revalued annually||Create a charitable trust that pays you a set income annually||Enter a charitable gift annuity contract with the church that pays a set amount for one or two lives||Create a charitable trust that pays fixed or variable income to the church for a specific term of years; principal is retained for heirs|
Contact our staff who can provide additional information about the different options for Ways of Giving.