Ways to Give

Charitable Bequests are not subject to estate or inheritance taxes, therefore reducing the tax burden of an estate. Charitable bequests also provide flexibility because they may be changed at any time. Your estate will be entitled to a charitable deduction for the full, fair market value of your gift. The Resurrection Foundation can assist you and your attorney with standard legal language necessary to establish your charitable bequest.

• General Bequest: With this type of bequest, you simply leave a specified dollar amount (e.g., $25,000) to the Resurrection Foundation.
• Specific Bequest: A bequest of this type involves the designation of specific property (e.g., a home, a farm, or shares of stock) that you want the Resurrection Foundation to receive.
• Residuary Bequest: Through a residuary bequest, the Resurrection Foundation will receive the remainder of your estate after all liabilities and other bequests have been paid. It may augment a general or specific bequest to the Resurrection Foundation if the size of the estate allows, or may ensure that other beneficiaries receive their bequests prior to distribution to the Resurrection Foundation.
• Percentage Bequest: You may direct that the Resurrection Foundation receive a percentage of your estate or residuary estate. In this case, if the size of your estate changes, the bequest will change proportionately.
• Contingent Bequest: It is important to anticipate a situation in which a beneficiary might die before you or choose to disclaim the property. To prepare for such an occurrence, consider naming the Resurrection Foundation as the contingent beneficiary.

Perhaps a charitable gift sounds attractive but you are not ready to give up ownership of your life insurance. By naming the Resurrection Foundation as beneficiary only, you retain ownership of the policy; have access to the cash value and the right to change the beneficiary. If you would prefer that a member of your family remain the primary beneficiary, you can make the Resurrection Foundation the contingent or successor beneficiary to receive the proceeds if your primary beneficiary dies before you.

Because you retain ownership of the policy, there is no charitable deduction for the value of the policy upon designation of the Resurrection Foundation as beneficiary or for subsequent premium payments. However, any proceeds payable to the Resurrection Foundation at your death will not be subject to federal estate tax.

For a taxable estate, the combination of estate and income taxes will frequently exceed 75 percent of the total amount – even more if the generation skipping transfer taxes are triggered. At a cost to your heirs of only 25 percent of the fair market value of these types of assets, you could apply 100 percent of the assets to the Resurrection Foundation to accomplish your specific charitable objectives. Estate taxes change, so be sure to consult an accountant.

Of course, married couples can postpone the decision by transferring the assets to the surviving spouse and claiming the marital estate tax deduction. However, since that deduction is not available to unmarried individuals and the second-to-die of married couples, a charitable bequest of pension plan assets might be the best option.

Giving life insurance as a gift to charity allows even those with modest means to leave a substantial contribution to the cause most meaningful to them. A gift of life insurance is a deferred gift, which means the proceeds from a commitment made now will be realized in the future. Donors often struggle between their desires to achieve philanthropic goals and their need to preserve their estates for their families. A gift of life insurance can eliminate this conflict.

In addition to gifting an existing life insurance policy, a new life insurance policy can be purchased from your life insurance professional naming the Resurrection Foundation as owner and beneficiary. The initial premium payment plus subsequent insurance premium payments made by the donors are deductible as charitable contributions. A gift of insurance will not reduce your current stream of income.

If you desire to contribute to Resurrection Foundation anytime during life, please contact Executive Director Debi Nixon to discuss your charitable intent. Donors who give during life get to see the benefits of their gifts and realize the tax benefits of giving.

While the Resurrection Foundation does not offer management services for Donor Advised Funds, we can connect you with a partner organization that offers Donor Advised Fund management.

The Benefits of a Donor Advised Fund include:

• You can make a gift to your Fund at the time most convenient for you and receive an immediate charitable deduction.
• You can decide later which charity(ies) you recommend to receive distribution, how much and when.
• Earnings are credited and compounded tax-free so that more money may be available for your favorite charities.
• You can pass on important values of service and caring for others by involving children or other family members in charitable gift recommendations.
• You and others may add to your Fund any time. All gifts will be acknowledged by the Foundation, and you will be advised of contributions received.
• You will receive an annual statement of all contributions, distributions and Fund earnings.

You can establish a Resurrection Foundation Donor Advised Fund with as little as $25,000 and you may make additional contributions of any size at any time. Each gift represents an unconditional, irrevocable charitable contribution and is not refundable.

The annual distributions from Foundation Donor Advised Funds primarily benefit charitable organizations that are related to the Resurrection United Methodist Church. Charities that are unrelated to the United Methodist Church, but that are compatible with the Church’s mission can be considered for a portion of annual fund distributions.

Establishing your Foundation Donor Advised Fund can be as easy as filling out a form and writing a check. For more information, contact Church of the Resurrection.