Creating a plan now allows you the time to reflect on and legally document your wishes. It’s a loving act to clarify your intentions for the family, friends, and ministries you care about. You can help to ensure Atonement’s future by making its mission an integral part of your estate plan.
Share your intention to give and create a plan for your loved ones today. The information we provide is meant to provide an overview. Planned giving comes in many forms.
You can provide a future gift to The Church of the Atonement by including a bequest provision in your will or revocable trust. The Church of the Atonement receives the gift and uses it for the purposes you designate, and your gift benefits the church just as you intended it to today.
The tax benefits for bequests are assets remain in your control during your lifetime and the bequest can be modified if circumstances change; there is no upper limit on the estate tax deductions that can be taken for charitable bequests.
Charitable Gift Annuities & Charitable Remainder Trusts
Because of the nature of these charitable donations and their financial requirements, The Church of the Atonement Endowment Guild encourages you to work with your legal and financial advisors to establish these arrangements.
Appreciated assets, such as stocks and securities, provide you with the ability to make a donation to The Church of the Atonement and to receive additional tax benefits. We recommend seeking advice from a tax professional as to the benefits.
How it works: You transfer securities to the Church of the Atonement. The church then sells your securities and uses the proceeds for its programs. You can designate your gifts to a specific fund or purpose at Atonement. You have the option of giving a significant gift now or fund a life-income gift to benefit the church later.
The tax benefits to stocks and securities are receiving gift credit and an immediate income tax deduction on the market value rather than the amount originally paid; you do not pay capital gains tax on the securities you donate.
You can help ensure Atonement’s future with the gift of life insurance. You can transfer ownership of a paid-up life insurance policy to The Church of the Atonement, which can be cashed now or maintained in a benefit later.
The tax benefits are receiving gift credit and an immediate income tax deduction for the cash surrender value of the policy; in some cases, you can use the cash value in your policy to fund a life-income gift, such as a deferred gift annuity; you can make a significant gift to The Church of the Atonement, without adversely affecting your cash flow.
Retirement Benefit Plans
Donating your retirement assets is a great way to make a charitable gift because it avoids the double taxation of income and estate taxes that can diminish the plan’s value to your heirs. Some choose to give the most-taxed asset in their estate to Atonement and leave the more favorably taxed property to heirs. The beneficiary can be changed in the event circumstances change.
How it works: You name the Church of the Atonement as the beneficiary of your IRA, 401(k), or another qualified plan. After your lifetime, the residue of your plan passes to the Church of the Atonement tax-free.
The tax benefits are you escape both the income and estate tax levied on the residue left in your retirement account; continue to take withdrawals during your lifetime.
The examples and information provided are for illustrative and informative purposes only and should not be considered tax or legal advice. Please consult with your tax or legal advisor about proceeding with your gift plan.