Ways of Giving

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

 CURRENT
Your GiftOutright Gift of CashOutright Gift of SecuritiesOutright Gift of Personal Property
Your GoalMake a quick and easy giftAvoid tax on capital gainsShare your enjoyment of a collection or other personal item
How You Make the GiftSimply write a checkContribute long-term appreciated stock or other securitiesDonate tangible personal property used for tax-exempt function
Your Benefits
  • Immediate income tax deduction
  • Removes property from estate
  • Immediate charitable deduction of full fair market value
  • Avoidance of capital gains tax
  • Charitable deduction based on the full fair market value

GIFTS YOU CAN DEFER

 DEFERRED
Your GiftBequest in WillGift of Life InsuranceGift of Retirement AssetsGift of Real EstateGift of Retained Life Estate
Your GoalDefer a gift until after your lifetimeMake a large gift with little cost to yourselfAvoid the twofold taxation on IRAs or other employee benefit plansMake a gift of an asset no longer needed and generate an income tax deductionGive your personal residence, vacation home or farm now but continue to live there
How You Make the GiftName 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 needName the church as the beneficiary of the remainder of the assets after your lifetimeDonate the property to the church, or sell it to us at a bargain priceDeed ownership of your home to the church but retain occupancy
Your Benefits
  • Donation is exempt from federal estate tax
  • Control of asset for your lifetime
  • Current income tax deduction
  • Possible future deductions through gifts to pay policy premiums
  • Make the gift from the most highly taxed assets, leaving more for family
  • Avoids income and estate tax
  • Immediate fair market value income tax deduction
  • Reduction or elimination of capital gains tax
  • Valuable charitable income tax deduction
  • Lifetime use of residence

GIFTS FOR LIFE INCOME

 LIFE INCOME
Your GiftCharitable Remainder TrustCharitable Remainder AnnuityCharitable Gift AnnuityCharitable Lead Trust
Your GoalCreate a hedge against inflation over the long term and supplement your retirement incomeSecure a fixed income and supplement your retirement fundsSupplement income with steady payments that are partially tax-freeReduce gift and estate taxes on assets you pass to children or grandchildren
How You Make the GiftCreate a trust that pays a fixed percentage of trust’s assets as revalued annuallyCreate a charitable trust that pays you a set income annuallyEnter a charitable gift annuity contract with the church that pays a set amount for one or two livesCreate a charitable trust that pays fixed or variable income to the church for a specific term of years; principal is retained for heirs
Your Benefits
  • Receive a variable income for life
  • Immediate income tax charitable deduction
  • May create succession income to heirs
  • Immediate income tax deduction
  • Fixed payments for life, often at a higher rate of return
  • Current and future savings on income taxes
  • Stable payments for life
  • Reduces your taxable estate
  • Your family keeps the property, often with reduced taxes

 

Contact our staff who can provide additional information about the different options for Ways of Giving.