Trusts

Other Legacy Gifts to the Church

There are several methods for making a Planned Gift to the church beyond a Will.

Life Insurance – There are several ways you could make a legacy gift to your parish:

  • Name the parish or its endowment fund as a beneficiary of an existing life insurance policy so that the parish would receive the gift after your death.
  • Purchase a new life insurance policy with the parish as the beneficiary
  • Name the parish as a contingent beneficiary of an existing policy so that it would receive the proceeds if the primary beneficiaries do not survive you.

Retirement Accounts – You could name Trinity as a beneficiary of your IRA, 401k, 403b or other retirement account.  Distributions from your retirement accounts would be taxable to your family members or others but may likely be tax exempt when given to the church so that the parish receives full benefit of the resulting funds.

Life Income Gifts – You can, if you are able, make a substantial gift of assets to the parish while retaining the income on those assets.  Assets are transferred to a charitable organization (such as your parish or the diocese) or to a trust.  The charitable organization invests the assets and produces income which is paid to the donor or other designated person.  The income can last for the life of the donor or some other time period.

There may be income and/or estate tax advantages for contributing assets in this fashion.  Always seek legal and financial/tax advice when entering into this type of arrangement.

Some common types of Life Income Gifts are:

  • Pooled Income Funds – a common investment fund managed by a charitable organization that invests the funds and distributes income to the “unit holders”.
  • Charitable Gift Annuities – a contract between a donor and the charitable organization that affords the donor a guaranteed income for life. After the donor’s death, the remaining assets go to the charity.
  • Charitable Remainder Trusts – a trust established by a donor to benefit the charity after the donor’s death. During his or her lifetime, the donor receives income from the trust, either a fixed or variable amount.  The charity receives the remaining assets after the donor’s death.  Trusts may be established as “revocable” giving the donor maximum flexibility.

The above are some examples of ways in which you can give to your parish or its endowment.  You can speak with Michael Hagon, our Executive Director at 414-232-7358 or by email at MHagonTFE@wi.rr.com.

The Episcopal Church Foundation has many resources related to Planned Giving. Their website is at http://www.episcopalfoundation.org/programs/planned-giving.

We all have received great gifts from God, and it is important for us to give thanks for these gifts by enabling the church to continue to carry on its work in the world.

“All things come of Thee, O Lord; and of Thine own have we given Thee”